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Minimum Viable Product and Pivot

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The presentation is about minimum viable product, what is it, why is it important and how to build it. In the presentation you can find many ideas that will help you with the build, measure and learn loop.

The second part of the presentation is about pivoting. Pivots are fundamental changes in business strategy and very important part of avoiding the big failure without learning or even worse becoming a zombie company.

Published in: Business

Minimum Viable Product and Pivot

  1. 1. MASTER OF STARTUPS SERIES MINIMUM VIABLE PRODUCT AND PIVOT www.geekhouse.si/en
  2. 2. BLAZ KOS • 10+ years working with start-ups • Management of university incubator, technology park and business angel network • Management of two start-up accelerators and co-working space • PODIM Conference – one of the biggest conferences in Alps-Adriatic region • 600+ lectures in CEE • Mentored over 300 start-ups • Two handbooks about startups, 1500+ pages on two blogs I am on a life mission to make the world a more innovative, organized and transparent place to be by helping individuals, organizations and communities achieve their peak potential and an entirely new level of performance.
  3. 3. www.AgileLeanLife.com An entirely new level of personal performance.
  4. 4. A picture is worth a thousand words. A MVP is worth a thousand pictures, sketches, business plans….
  5. 5. The minimum set of features needed to learn from earlyvangelists.
  6. 6. The Minimum Viable Product is the smallest thing you can build that will create the value you‘ve promisted to your market. Nowhere in definition is said how much of that offering has to be real.
  7. 7. Stop thinking about the big picture. Start thinking about CREATING VALUE NOW.
  8. 8. REQUIREMENTS DEVELOPMENT QA RELEASE Some learning Very little learning Most learning
  9. 9. It‘s all about SPEED.
  10. 10. Learn Faster Split Tests Customer Development Five Whys Customer Advisory Board Falsifiable Hypotheses Product Owner Accountability Customer Archetypes Cross-functional Teams Semi-autonomous Teams Smoke Tests Measure Faster Split Tests Continuous Deployment Usability Tests Real-time Monitoring & Alerting Customer Liaison Build Faster Unit Tests Usability Tests Continuous Integration Incremental Deployment Free & Open-Source Cloud Computing Cluster Immune System Just-in-time Scalability Refactoring Developer Sandbox Minimum Viable Product Measure Faster Funnel Analysis Cohort Analysis Net Promoter Score Search Engine Marketing Predictive Monitoring Source: Lean Startup
  11. 11. Video + Subscription Wordpress Blog + PDF
  12. 12. MVP IDEAS • Explainer Video • A Landing Page / WordPress Page • Wizard of Oz / Flinstoning (front-end + manually) • Crowdfunding • Single Feature MVP • E-mail test
  13. 13. • Automagically Websides • Landing Pages • Customer Contact Tools • Surveys • Product Launch Tools • Product Demo Videos • Screencasting • Online Advertising • Mobile marketing • Email marketing • Gamification • Outsourcing • Market research tools • Accelerators • Animations • Forms • Q&A Communities • Blogging platforms • Wireframing tools • Lean Startup tools • Web Drawing Libraries • Website usability • Heat maps • A/B Testing • Cloud Apps • Website design tools • Development tools • Customer Feedback Tools • Startup Advice • Templates •…
  14. 14. • FINDING YOUR TARGET MARKET Generative (Insight) Evaluative (Test) Quantitative (Numbers) Qualitative (Discriptions) Surveys Interviews Contextual Inquiry (Byer & Holzblatt) Mental models (Indi Young) Depth Interviews Starbucks Ethnography Diary Studies Participatory Design (Co-Creation) UsabilityTesting Moderate Card Sorting Wizard of Oz testing DesirabilityToolkit R.I.T. Web Analytics SplitTesting (A/B) Optimizley Multi-variantTesting Remote Card Sorting Clicktale / CrazyEgg Treejack Chalkmark / 5 second test KPI
  15. 15. Sources and additional resources CUSTOMER DEVELOPMENT • 95 Ways to find your first customers for customer development or your first sale • http://jasonevanish.com/2013/08/11/95-ways-to-find-your-first-customers-for-customer-development-or- your-first-sale/ • Best Cold Calling Script • http://www.quora.com/Customer-Development/When-setting-up-Customer-Development-Interviews- What%E2%80%99s-the-best-Cold-calling-script-you-found-success-with • 12 Tips for Early Customer Development Interviews • http://giffconstable.com/2012/12/12-tips-for-early-customer-development-interviews-revision-3/ • How to Structure (and get the most out of) Customer Development Interviews • http://jasonevanish.com/2012/01/18/how-to-structure-and-get-the-most-out-of-customer-development- interviews/ • The Art of The Customer Development Conversation • http://market-by-numbers.com/2010/09/the-art-of-the-customer-development-conversations/ • Insight Interviews • http://blog.luxr.co/talk-to-the-nice-people/ • Customer Development Interviews • http://www.cindyalvarez.com/communication/customer-development-interviews-how-to-what-you-should- be-learning • Customer Development Interviews: What You should be learning • http://www.cindyalvarez.com/communication/customer-development-interviews-how-to-what-you-should- be-learning
  16. 16. Sources and additional resources • Customer Interviews: Quora • http://www.quora.com/Customer-Development/What-are-your-favorite-methods-for-doing- problem-interviews-during-Customer-Discovery • Getting Back on Customer Development Horse • http://jasonevanish.com/2012/01/18/how-do-you-get-back-on-the-customer-development- horse// • Tips for a better customer interview process • http://blog.kytelabs.com/?p=17 • Bad Customer Development Questions • http://kevindewalt.com/2013/01/21/bad-customer-development-questions-and-how-to-avoid- my-mistakes/ MINIMUM VIABLE PRODUCT • 10 Examples of MVP • http://venturehacks.com/articles/minimum-viable-product-examples • The Ultimate Guide to MVP • http://scalemybusiness.com/the-ultimate-guide-to-minimum-viable-products/
  17. 17. Sources and additional resources MINIMUM VIABLE PRODUCT • Minimum Viable Product Guide • http://www.startuplessonslearned.com/2009/08/minimum-viable-product-guide.html • http://www.startuplessonslearned.com/2009/03/minimum-viable-product.html • How I Build MVP • http://practicetrumpstheory.com/2009/10/how-i-built-my-minimum-viable-product/
  18. 18. PIVOT
  19. 19. • Fundamental change in business strategy • Change directions but stay grounded in: • Vision • Learned facts
  20. 20. When do you pivot? When each additional experiment leads to less progress. You hit local maximum.
  21. 21. DON‘T GET STUCK IN THE LAND OF THE LIVING DEAD. • NO GROWTH • NO DEATH • CONSUMING RESOURCES • NOT MOVING AHEAD TERRIBLE DRAIN OF HUMAN ENERGY
  22. 22. •Big vision •Deep understanding of the problem •Validated learning •Actual falsifiable hypotheses •Metrics and targets •A passion for the pivot
  23. 23.  Zoom-in Pivot  Zoom-out Pivot  Customer Segment Pivot  Customer Need Pivot  Platform Pivot  Business Architecture Pivot  Value Capture Pivot  Engine of Growth Pivot  Channel Pivot  Technology Pivot 10 Source: Eric Ries, The Lean Startup
  24. 24. CUSTOMER VALIDATION Do we understand the industry? Is there a severe problem/pain? Does anybody care at all? Are we building the right product? Will they pay for it? = SALES ROADMAP 1 2 3 4 5 6 Source: Steven Blank
  25. 25. CUSTOMER VALIDATION People Vote With Their Money
  26. 26. (sources and references) Learn More Steve Blank @sgblank http://steveblank.com/ Eric Ries @EricRies http://startuplessonslearned.com/ Ash Maurya @ashmaurya http://ashmaurya.com/ Dave McClure @davemcclure http://davemcclure.com/ Alex Osterwalder @AlexOsterwalder http://alexosterwalder.com Brad Feld @bfeld http://feld.com/

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