Minimum Viable Product


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Minimum Viable Product

  1. 1. juststuff
  2. 2. Minimum Viable Product
  3. 3. Ideas Products ‟A startup [...] transforms ideas into products [...] thoseproducts are really experiments; the learning about how to build a sustainable business is the outcome of those experiments„
  4. 4. ‟Although we write the loop as Build-Measure-Learn because the activities happen in that order, our planning works in reverse order„• we figure out what we need to learn• use innovation accounting to figure out what we need to measure to know if we are gaining validated learning• and then we figure out what product we need to build to run that experiment and get that measurement
  5. 5. ‟We need to identify hypotheses to test [... we need to find] the leap-of-faith assumptions (value hyphothesis and growth hypothesis)„ ‟The MVP helps entrepreneurs start the process of learning as quickly as possibile. It isnot necessarily the smallest product [...] it is simply thefastest way to get through the Build-Misure-Learn feedback loop with theminimum amount of effort„
  6. 6. ‟First hand understanding of customers„ genchi gembutsu ‟go and see for yourself„
  7. 7. ‟If we do not know who the customer is, we do not know what quality is [...] sometimes MVPsare perceived as low-quality, if so, we should usethis as an opportunity to learn what customers care about„‟remove any feature, process or effort that does not contribute directly to the learning you seek„
  8. 8. ‟Innovation Accounting: a disciplined,systematic approach to figuring out if we’re making progress and discovering if we’re actually achieving validated learning. It works in three steps„1. use an MVP to VISION enstablish real data on where the company is right now2. startups must attempt to tune the engine Pivot: starts the process from baseline toward al over again, the ideal reestablishing a new3. pivot or persevere baseline and the tuning the engine from there
  9. 9. ‟Do I have a problem worth solving?„ ‟While ideas are cheap, acting on them is quite expensive„problem/solution product/market FIT SCALE FIT
  10. 10. ‟A problem worth solving boils down to three questions„ • Is it something customers want? (must-have) • Will they pay for it? If not, who will? (viable) • Can it be solved? (feasible)problem/solution product/market FIT SCALE FIT
  11. 11. ‟From there you derive the minimum feature set toaddress the right set of problems, which is alsoknown as the Minimum Viable Product (MVP)„‟Your MVP shouldaddress not only the topproblems customershave identified as beingimportant to them, butalso the problems thatare worth solving. Bythat definition, you shouldplan to deliver enoughvalue to justify charging„
  12. 12. • Price is part of the product.• Price defines your customers.• Getting paid is the first form of validation.
  13. 13. EffectiveExperiments• maximize for Speed, Learning, and Focus• Identify a Single key metric or Goal• Do the Smallest thing Possible to Learn• Formulate a Falsifiable Hypothesis (A falsifiable hypothesis is a statement that can be clearly proven wrong)
  14. 14. EffectiveExperiments• Validate Qualitatively, Verify Quantitatively (If you have a lot of uncertainty now, you don’t need much data to reduce uncertainty significantly. When you have a lot of certainty already, then you need a lot of data to reduce uncertainty significantly)• make Sure you Can Correlate Results Back to Specific actions• Create accessible Dashboards• Communicate Learning Early and often
  15. 15. pl esex am