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Testing Key Hypothesis With Your MVP

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Testing Key Hypothesis With Your MVP

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Presentation on how to got from MVP to product market fit. Its as given at StartMIT, a course that introduces members of the MIT community to the elements of entrepreneurship via professionals from the industry.

Presentation on how to got from MVP to product market fit. Its as given at StartMIT, a course that introduces members of the MIT community to the elements of entrepreneurship via professionals from the industry.

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Testing Key Hypothesis With Your MVP

  1. 1. Testing Key Hypothesis With Your MVP Joe Kinsella Entrepreneur | Technologist | Product Strategist
  2. 2. About Me Web joekinsella.me Email joe.kinsella@gmail.com Phone (781) 315-6023 Twitter @joekinsella
  3. 3. My Story
  4. 4. Why (Most) Startup Fails? Product Market Fit
  5. 5. Types of Innovation Breakthrough Innovation Sustaining Innovation Disruptive Innovation Research Well Defined Not Well Defined Problem Not Well Defined Well Defined Solution Adapted from Harvard Business Review article by Greg Satell
  6. 6. Lean Process To Building Your Business Build Measure Learn Ideas Code Data
  7. 7. What Is A Minimum Viable Product? • Minimal features that target specific user / need • Must deliver real value • Used when non-product options no longer available • Often used to gain critical validated learning • Can be durable or disposable Usability Reliability Scalability Functionality Configurability MVP Product
  8. 8. Types of Experiments • Customer interviews • Failed startup interviews • Landing page / fake product • Ask for commitment • Commitment ask • Concierge service • Research • Use competitor products • Paper prototype • MVP • Lead / traffic generation • Ad campaign
  9. 9. Example: Concierge Experiment Identify critical hypothesis to test Can you solve meaningful cost challenges for businesses through repeatable process that could be automated? 1 Design experiment to test Deliver concierge cost management service to 5 small/medium tech businesses using the public cloud at scale. 2 3 Run experiment Worked closely with VPEs/CTOs to understand their cost challenges and deliver actionable recommendations. Wrote & used scripts in background to collect & analyze data. 4 Assess results / validate assumptions Service provided meaningful value to participating companies. Proved ability to automate collection, analysis & presentation of recommendations. Cansolvecloud cost issuesvia repeatable process
  10. 10. Tips to Creating Experiments • Keep it simple – Strive for least cost experiment • Focus on critical – There are always more hypotheses to test than test • Define with rigor – Define clear hypotheses & criteria for validating / invalidating • Eliminate your bias – Strive to eliminate confirmation bias; you can be worst enemy • Use advisors – Relying on advice / feedback from external advisors can maximize results
  11. 11. Types of Pivots • Zoom-in • Zoom-out • Customer segment • Customer need • Platform • Business architecture • Value capture • Engine of growth • Channel • Technology From The Lean Startup by Eric Ries
  12. 12. Telescoping versus Pivoting Market Strategy Problem Value
  13. 13. When To Build MVP “If you’re not embarrassed by the first version of your product, you’ve launched too late.” –Reid Hoffman
  14. 14. Example Experimenting with MVP Identify critical hypothesis to test Mid-sized SaaS companies with rapid cloud spend will spend $50K/year for software solution to optimize cost. 1 Design experiment to test Setup sales call with 2-5 target prospective customers. Try to sell MVP for $50K/year. Upon failure, gather clear list of missing features to close deal. 2 3 Run experiment Networked to two companies that fit profile. Setup & executed sales calls. Took two calls to get to decision. 4 Assess results In this example, experiment failed in unexpected positive ways – proof that all validated learning is good.
  15. 15. Finding Your Early Customers Has a problem Is aware of problem Actively looking for solution Put together partial solution Has or can acquire budget 1 2 3 4 5 From Four Steps to the Epiphany by Steven Blank Earlyvangelist
  16. 16. Expanding Your MVP via Agile
  17. 17. Mistakes To Avoid • Not talking to enough or right customers • Allowing confirmation bias to alter results • Building product too soon • Not focusing on the M in the MVP • Pivoting too early • Pivoting too late • Not managing cycle time • Being overly secretive with ideas
  18. 18. Recommended Reading
  19. 19. Q&A
  20. 20. Appendix
  21. 21. Lean Process To Building Your MVP Learn
  22. 22. Expanding Your MVP • Define a lightweight agile process to support continued iteration • Key attributes of successful early process • Customer-driven • Transparent • Empowering • Meritocracy • Agility over predictability
  23. 23. Different Types of Products Time Performance From The Innovator’s Dilemma by Clayton Christensen

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