Lean Startup Dojo: MVP

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  • You’re selling the vision and delivering the minimum feature set to visionaries not everyone.

Transcript

  • 1. Lean Startup: Minimum Viable Products December 1, 2010 Rich Collins & Patrick Vlaskovits with input from Eric Ries
  • 2. Today’s Agenda
    • What is an MVP?
    • Why do we use them?
    • MVP Myths
    • Examples
    • Exercises
  • 3. Similar Ideas: Quantum of Utility
    • “ We advise startups to launch when they've added a quantum of utility : when there is at least some set of users who would be excited to hear about it, because they can now do something they couldn't do before.”
    • -Paul Graham
  • 4. Similar Ideas: Minimum Feature Set
    • “ The reality is that the minimum feature set is 1) a tactic to reduce wasted engineering hours (code left on the floor) and 2) to get the product in the hands of early visionary customers as soon as possible.”
    • -Steve Blank
  • 5. Definition of MVP
    • “… that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.”
    • -Eric Ries
  • 6. Why MVP?
    • Avoid building things nobody actually wants.
  • 7. Build-Measure-Learn Loop
  • 8. MVP Myths
    • Minimalism may not be the goal.
    • Aesthetics/design may matter.
    • Not “release early, release often”!
    • Not "one and done”
  • 9. Iteration based on Validated Learning
  • 10. Gall’s Law
    • A complex system that works is invariably found to have evolved from a simple system that worked.
    • A complex system designed from scratch never works and cannot be made to work. You have to start over, beginning with a working simple system.
    • **"A simple system may or may not work."
  • 11. Minimum is judgment call. It’s not always cheap.
  • 12. MVP Examples from “Real World”
    • Landing Page Smoke Tests (AdWords, Craigslist, Bill Gates, Dropbox)
    • In-house built solution – Ovia
    • Screenshots & LOIs (Sell the vision)
    • Kickstarter Campaigns
    • Wizard of Oz
    • Links to nowhere (Zynga)
    • Screencasts
    • Infomercial Tests
  • 13. Exercise: Hypotheses
    • Write down all of the hypotheses that you'd like to test with a Minimum Viable Product. Prioritize them from most to least risky to the success of your startup
  • 14. Exercise: Tests
    • For the hypotheses with the highest priority, create some tests that could falsify them.
  • 15. Exercise: MVP Series
    • Consider the possible outcomes of the tests. What follow on tests could you create to gain further insight into the hypotheses.