Art of Product Management for IoT Startups
Product Management is a complex and essential practice traversing multiple cross-functional areas within the company. While it is a well known practice in various well established product companies, most Product Management aspects are still adhoc within a startup, largely decided by the founders and the leadership teams, some based on gut, others based on fact-check with very few data points. Startups are challenged to find the product-market fit early on and there is small room for errors. Hence, a thorough but low-touch Product Management toolkit and framework would be extremely essential for startups. For IoT companies, it becomes much more complex with both hardware and software, where product management essentials have been very different. Another aspect is the customization you have to do for customers - where do you draw the line? How would you build the product and handle the customization, so that it can be provided easily to other customers with minimal efforts? In this session, Hans-Bernd Kittlaus and Haragopal Mangipudi, the pioneers of International Software Product Management Association (ISPMA), joined us for an engaging discussion on the above. They alse shared the Low-Touch Product Management Toolkit/Framework that would be applicable to most of the startups in our IoTForum community. We were joined by 2 of our Founders from IoTForum - Deva and Ganesh, to ask Hara and Hans the hard questions, relevant cases etc.
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Art of Product Management for IoT Startups
- 2. ..would rather have questions that can’t be answered than answers that can’t be questioned -Richard Feynman* *unconfirmed source rule for mutual learning..
- 4. how to get to the ‘state of practice’ for IoT Startups • Do IoT startups need Product Management? • What are the PM Challenges in IoT startups? • Does a framework help improve the odds? • Have you tried any framework before?
- 8. Lean ISPMA framework for startups* Early Stage Startup Startup in Stabilisation Growth Stage Startup
- 9. Strategic Management Product Strategy Product Planning Development Marketing Sales and Fulfillment Delivery Services and Support Corporate Strategy Positioning and Product Definition Product Life-Cycle Management Engineering Management Marketing Planning Sales Planning Service Planning and Preparation Portfolio Management Delivery Model and Service Strategy Roadmapping Project Management Customer Analysis Channel Preparation Service Provisioning Innovation Management Business Case and Costing Release Planning Project Requirements Engineering Opportunity Management Customer Relationship Management Technical Support Talent Management Pricing Product Requirements Engineering User Experience Design Marketing Mix Optimisation Operational Sales Marketing Support Market Analysis Ecosystem Management Quality Management Product Launches Operational Distribution Sales Support Product Analysis Legal and IPR Management Operational Marketing Performance and Risk Management Participation Core SPM Orchestration Lean SPM framework* for IoT startups
- 10. Strategic Management Product Strategy Product Planning Development Marketing Sales and Fulfillment Delivery Services and Support Corporate Strategy Positioning and Product Definition Product Life-Cycle Management Engineering Management Marketing Planning Sales Planning Service Planning and Preparation Portfolio Management Delivery Model and Service Strategy Roadmapping Project Management Customer Analysis Channel Preparation Service Provisioning Innovation Management Business Case and Costing Release Planning Project Requirements Engineering Opportunity Management Customer Relationship Management Technical Support Talent Management Pricing Product Requirements Engineering User Experience Design Marketing Mix Optimisation Operational Sales Marketing Support Market Analysis Ecosystem Management Quality Management Product Launches Operational Distribution Sales Support Product Analysis Legal and IPR Management Operational Marketing Performance and Risk Management Participation Core SPM Orchestration Early stage heatmap – sample
- 11. SPM methods and framework for software startups Crital Focus Area Methods SPM Framework mapping Problems -Solution fit Lean Canvas Market and Product Analysis Feature - Benefits Value Canvas Roadmapping Requirements Engineering, Competition Analysis Petal Diagram Market Analysis Market Porter's five forces Market Analysis Business Ecosystem Business Model Canvas Ecosystem Monetization / Pricing Price-Value Heirarchy Pricing Customer Segements Customer Life Cycle Customer Analysis Product-market fit MVP Market and Product Analysis Retention and Acquisition NPS Customer Analysis / Customer Relationship Management Product RoadMap / Project Management Standard tools Roadmaping Requirements Engineering,
- 12. Not all startups are the same .. Next Steps.. ü Lean SPM workshop for founders - BYOBC& ü Identify the Mentoring needs ü Shared Product Management Oversight? *Steve Blank’s IRL model &Bring Your Own Business Case
- 13. THANK YOU