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SIF Module 3

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Running MVP experiments

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SIF Module 3

  1. 1. MVP Experiments Henrik Scheel Founder & CEO henrik@startupxp.com
  2. 2. HOW TO MEASURE PROGRESS?
  3. 3. MAXIMUM LEARNING with MINIMUM EFFORT
  4. 4. WHAT IS AN MVP? An experiment that allows you to test your riskiest hypothesis with the least effort
  5. 5. WHAT IS AN MVP? An experiment that allows you to test your riskiest hypothesis with the least effort MVP types: Interviews Ad campaign Explainer Video + sign up page Landing page (Pre-sales, sell it before you build it) Crowdfunding Concierge MVP (doing by hand what you will later do using software) Single feature product
  6. 6. Sell it before you build it.. The 3-minute video demonstrated Dropbox’s intended functionality and resulted in signups increasing from 5,000 people to 75,000 overnight — all of this in absence of a real product.
  7. 7. $630,862 $467,167
  8. 8. Fake it until you make it…
  9. 9. #1: (VR for driving school) MVP: V1: Create product description for product. Call 10 driving schools and attempt to setup a meeting where you will come to them to demonstrate the solution. Success criterion: 5/10. If you set an appointment, call to cancel the next day (your technology needs more work) V2: Talk to 20 students who are currently taking their drivers license, ask them for their e-mail if they’d like to test the system. (success: 10/20) #2: App that scans your food and provides nutritional facts. MVP: Go to high end super market, pitch 50 people (in your segment), ask for their e-mail so you can send them a link to your demo app. Success criterion: 20/50. #3; App that’s like match.com but for people trying to get in shape and dieticians MVP V1: Find 10 early adopters, interview them about preferences, you research dieticians and make the match. Check to see how many ultimately hired the dietician, ask dieticians for revenue commission: are they willing to pay you? (success: 8/10) #4 Helping hands app to find qualified helpers to help a senior. MVP: talk to 20 seniors, pitch service, give them your number, check how many calls to get help. Success 5/20. #5 Look Trashy (recycled plastic turned into fashion items. MVP: Create a flyer with 3 designs of bracelets, go to a farmers market/music festival/other place where you can find your early adopters, Sell 10 bracelets at XX USD per bracelet. (use Venmo/Paypal/Cash) ask for people’s address and you’ll send it. *return the money immideately. #6; We are creating a software tool to visualize the effect of their disease, drugs, and lifestyles on their body. MVP: V1 Create a flyer with a clear value proposition, go to farmacies or doctors offices and ask people in your customer segment for their e-mail so you can get them signed up as beta testers. V2: Find 5 doctors who are interested in becoming beta testers.
  10. 10. Designing your MVP experiment What hypothesis do you want to test? (Example: We believe many people want to get in shape, they would like to use a dietician but they can’t find the right person. If we offered an easy way to match these people with the right dietician they would use it. We believe dieticians would pay us if we bring them new clients. Who is your target audience? (customer persona) How and where will you run your experiment? When will you run the experiment? How will you measure success? (e.g. minimum 6 out of 10 people made a purchase) 1: Can we get 10 people to sign up for our dietician matching service? 2: Can we sell 10 bracelets made from recyclable materials at 10 USD per bracelet? 3: Can we get 5 driving schools to sign up for a demo?
  11. 11. PITCHING
  12. 12. Problem Solution Market Business TEAM
  13. 13. Role-play drawing Physical m ock-up Software demo Video PROTOTYPING
  14. 14. DEMO DAY presentation Initial Problem (who/why/how) Original idea Jewish value connection Key assumptions (market + technology risks) Validation process (story about your journey) Pivot/persevere decisions Current startup idea (problem, solution, market business model) Next steps (including the ASK) *peer investors Learning objectives - Opportunity identification - Team work - LEAN Startup process - Stating assumptions - Customer interviewing - Eliminating risk through validated learning
  15. 15. Tasks • Design and run your MVP experiment • Report back to Diana and Henrik how it went • Create a visual representation of your idea (prototype/mockup) • Prepare your 5 minute pitch for the panel in Israel
  16. 16. “Whether you think you can, or you think you can’t - you’re right!” - Henry Ford Henrik Scheel henrik@startupxp.com www.linkedin.com/in/henrikscheel Facebook.com/startupexperience Good luck with your entrepreneurial journey! THANKS J StartupExperience.com/sif

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