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MVP/Experiments talk at SVA IxD program

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from a talk I gave for the School of Visual Arts IxD program's Entrepreneurial Design class

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MVP/Experiments talk at SVA IxD program

  1. 1. Experiments & MVPs Giff Constable Jan 2012
  2. 2. who am I? partner @ Proof early stage specialist skillset generalist 16 years of startups 2 years as a fine artist co-organizer, lean startup meetuphttp://proof-nyc.com http://giffconstable.com
  3. 3. reducing wastethings people dont want or needthings that have no business potential The core of lean startup
  4. 4. how to reduce waste?validate early and oftenget the formula right before you scale The core of lean startup
  5. 5. not just for startupsfor any innovative project The core of lean startup
  6. 6. “lean startup” goes beyond talking to customersIts about running experiments
  7. 7. Running Experiments1. have a hypothesis to test2. brainstorm a few different tests, offline andoffline3. try to break the tests into even smaller unitsof work4. choose a test and set a goal5. run the test (try to hit the goal)6. review results and make a decision (a. confirmedbelief; b. iterate test; c. iterate business)
  8. 8. Examples manual delivery(aka “wizard of oz”)
  9. 9. Examples “concierge”(i.e. be the software)
  10. 10. Examples pre-sales(with LOI, discounts)
  11. 11. Examples landing page(with calls to action)
  12. 12. Examples video
  13. 13. Examplespaper testingfake features
  14. 14. and of course...working software
  15. 15. a minimal viable product is not a point release it’s a rolling series of iterations
  16. 16. a minimal viable product is for learning, not launching find product optimize promote market fit conversion** for enterprise-focused startups, replace with “find your repeatable sales process”
  17. 17. the best experiments digital *or* analog creative focused measured as small as possible btw “as small as possible” != “small”
  18. 18. lead with vision use experiments to reality check against the marketvision is essential -- you can’t A/B test your way to greatness
  19. 19. experiments are often not definitiveand results have to be balanced against vision and judgementbut that doesn’t mean we should stick our heads in the sand I don’t buy knee-jerk excuses to avoid this stuff
  20. 20. Business Assumptions Exercise can be found at http://giffconstable.com
  21. 21. I believe that my customers have a need to________________________________________.keep it concise! Customer-Needs Assumption
  22. 22. This need can be solved with _________________________________________________________. Solution Assumption
  23. 23. My initial customers will be _________________________________________________________.describe the person(s) Initial Customer Assumption
  24. 24. The #1 value a client wants to get out of myservice is: ________________________.The client can also get these additional benefits:___________________ and __________________. Value Proposition Assumptions
  25. 25. I will acquire the majority of my users/customersthrough _______________________ and________________________. Marketing Assumptions
  26. 26. I will make money by ________________________________________________________________. Business Model Assumption
  27. 27. My primary competition will be ______________and ______________.We will beat them in the market due to__________________ and __________________. Competition Assumptions
  28. 28. My biggest product risk is ___________________.We will solve this through __________________________________________________. Product Risk Assumptions
  29. 29. What assumptions does my business hold, that ifproven wrong, could cause the business to fail?1._______________________________________.2._______________________________________.3._______________________________________.4._______________________________________.5._______________________________________. Critical Risk Assumptions
  30. 30. Prioritize your assumptions High Risk prioritize hereKnown Unknown Low Risk
  31. 31. Running Experiments1. have a hypothesis to test2. brainstorm a few different tests, offline andoffline3. try to break the tests into even smaller unitsof work4. choose a test and set a goal5. run the test (try to hit the goal)6. review results and make a decision (a. confirmedbelief; b. iterate test; c. iterate business)
  32. 32. Thank Youemail:giff@proof-nyc.comtwitter: giffconstableblog: http://giffconstable.comsite: http://proof-nyc.com

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