An MVP Is Not The Smallest Collection Of Features You Can Deliver
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An MVP Is Not The Smallest Collection Of Features You Can Deliver

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My presentation at Lean Startup Machine Washington DC, May 31-June 2, on what is an MVP. It also discusses a specific type of MVP, called concierge MVP, and provides a real-life example.

My presentation at Lean Startup Machine Washington DC, May 31-June 2, on what is an MVP. It also discusses a specific type of MVP, called concierge MVP, and provides a real-life example.

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An MVP Is Not The Smallest Collection Of Features You Can Deliver An MVP Is Not The Smallest Collection Of Features You Can Deliver Presentation Transcript

  • © Shardul Mehta 2013 http://streetsmartproductmanager.com This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. Minimum Viable Product (MVP) Lean Startup Machine DC Shardul Mehta May 31, 2014
  • © Shardul Mehta 2013 http://streetsmartproductmanager.com This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. Hi. I’m Shardul. VP Product Management and Product Marketing 1 @shardulmehta http://www.linkedin.com/in/shardulmehta http://streetsmartproductmanager.comshardulmehta@gmail.com
  • © Shardul Mehta 2013 http://streetsmartproductmanager.com This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. What’s an MVP? 2
  • © Shardul Mehta 2013 http://streetsmartproductmanager.com This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. Not a buzzword 3 Lazy thinking • You don’t sound cool • It doesn’t make you “lean”
  • © Shardul Mehta 2013 http://streetsmartproductmanager.com This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. What is not an MVP • Version 1.0 • Beta • “First market launch” • Soft launch • “First customer ship” • Smallest collection of features you can deliver • A half-baked product • A buggy product • A landing page • Smoke test • Mockup • Prototype 4
  • © Shardul Mehta 2013 http://streetsmartproductmanager.com This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. Not about product delivery 5 Say wha…? But it is about delivering product
  • © Shardul Mehta 2013 http://streetsmartproductmanager.com This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. It’s about validated learning 6 So customers’ problems are squarely at the center, not our solution
  • © Shardul Mehta 2013 http://streetsmartproductmanager.com This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. Reality check Customers don’t care about your solution. They care about solving their problems. 7
  • © Shardul Mehta 2013 http://streetsmartproductmanager.com This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. Fundamental truth Your solution, while interesting, is irrelevant. 8
  • © Shardul Mehta 2013 http://streetsmartproductmanager.com This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. Whoa… mind bender? 9
  • © Shardul Mehta 2013 http://streetsmartproductmanager.com This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. Not really • Think problems – Not solutions • Think learning – Test your assumptions • Think hypotheses – Be deliberate about learning 10
  • © Shardul Mehta 2013 http://streetsmartproductmanager.com This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. So what is an MVP? 11
  • © Shardul Mehta 2013 http://streetsmartproductmanager.com This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. 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 12
  • © Shardul Mehta 2013 http://streetsmartproductmanager.com This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. MVP, despite its name, is not about creating minimal products… In fact, MVP is quite annoying, because it imposes extra overhead. We have to manage to learn something from our first product iteration. In a lot of cases, this requires a lot of energy invested in talking to customers or metrics or analytics. The definition’s use of the words maximum and minimum means it is decidedly not formulaic. It requires judgment to figure out, for any given context, what MVP makes sense. - Eric Ries 13
  • © Shardul Mehta 2013 http://streetsmartproductmanager.com This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. MVP breakdown 14 Product • Useful • Deliver real value • Tangible ✗Landing page ✗Smoke test ✗Mockup, prototype Viable • Solve real world problems • What will customers “pay” for? ✗Half-baked, buggy ✗Smallest collection of features ✗Don’t ship s**t! Minimum • The absolute necessary features needed day 1 to solve customers’ top problems ✗Version 1.0 ✗“Beta” ✗First market launch
  • © Shardul Mehta 2013 http://streetsmartproductmanager.com This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. Key concepts • Maximum amount of validated learning • Be systematic about identifying riskiest assumptions • Formulate testable falsifiable hypotheses • Use MVP to prove or disprove your hypotheses 15
  • © Shardul Mehta 2013 http://streetsmartproductmanager.com This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. Concierge MVP • “Manual” version of your ultimate solution • Short-term solution to gain critical insights on your customers – They’re needs  what do they actually care about? – They’re actual behaviors  what will they actually pay for? • Short-term solution to gain critical insights on your solution – Most important elements your solution will need (features) – Most important benefits your solution provides (value proposition) – In terms of importance to the customer (not you) 16
  • © Shardul Mehta 2013 http://streetsmartproductmanager.com This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. Online Payment Forms 17 Concierge MVP • Manually-coded HTML forms to take payments • Almost 100 built!  Most common types of payment forms desired  What’s most important to them in a form  Frequency of changes  Reporting  Potential early adopters! Learnings MVP • Code put through rigorous UAT • Sales preparedness Learnings  Buyer vs. User personas  Sales model  Pricing  Value prop & competitive positioning  Generate revenue  $0.5 million payments  Target customer segment  Messaging, positioning  Usage  New problems/opportu nities to validate  Timeframe: 4 months
  • © Shardul Mehta 2013 http://streetsmartproductmanager.com This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. Q&A 18 @shardulmehta http://www.linkedin.com/in/shardulmehta http://streetsmartproductmanager.comshardulmehta@gmail.com
  • © Shardul Mehta 2013 http://streetsmartproductmanager.com This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. Important Stuff! 19 This material is licensed to you under the Creative Commons Attribution-ShareAlike 3.0 Unported License. View the license at http://creativecommons.org/licenses/by-sa/3.0/