CDI Founder Workshop Session 8 - Minimum Viable Concept (Fall 2016)
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CDI Founder Workshop Session 8 - Minimum Viable Concept - Jeremiah Gardner (https://www.linkedin.com/in/jeremiahgardner) Time/ Date- Dec 13th, 6p-8p In this session, Jeremiah Gardner (Principal @ Moves The Needle, Author of The Lean Brand, Startup Mentor & Investor) will help you answer the most critical questions when it comes to your early startup journey – What problem do we solve? For whom? How? You'll get "uncomfortably narrow" in answering these questions in an interactive, "learning by doing" session. Homework- Read this: https://steveblank.com/2013/07/22/an-mvp-is-not-a-cheaper-product-its-about-smart-learning/ Watch this: https://creativemornings.com/talks/jeremiah-gardner/1 https://www.youtube.com/watch?v=q9MdT4pMqwg Questions Answered: Am I an entrepreneur, entrepreneurial, or employable? What problem am I really trying to solve? Who, specifically, has that problem? What do I need to test next?
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CDI Founder Workshop Session 8 - Minimum Viable Concept (Fall 2016)
- 2. @JeremiahGardner We’ve advised the innovation practices of: • Author, The Lean Brand • Principal, Moves The Needle • Startup Mentor, Investor & Advisor • Co-founded deckhub.co & redbottle Hello! 8
- 6. © All Rights Reserved @JeremiahGardner STARTUP NARRATIVE got my logo & business cards this is gonna be huge! pitch, pitch, pitch gotta hire that CTO business plan of course I’m right eureka! an idea grandma loved it funding! success! success!
- 7. © All Rights Reserved @JeremiahGardner REAL STARTUP JOURNEY empathy wow, I understand really!? another opportunity nope! hit a wall nope! hit a wall learn more! iterate big signal on the right path
- 8. Confused about it’s product Confused about it’s customers = Confused about how to make $ STARTUP
- 9. Sees the world differently Chooses to take action = Assumes they’re wrong FOUNDER
- 12. © All Rights Reserved @JeremiahGardner FOUNDER METRICS IT’S PERSONAL What does success look like to you?
- 13. © All Rights Reserved @JeremiahGardner FOUNDER MINDSET ENTREPRENEURIAL mindset founder ENTREPRENEUR addict SERIAL ENTREPRENEUR
- 14. © All Rights Reserved @JeremiahGardner THREE E’S OF ENTREPRENEURSHIP EMPATHY Shifting your view to become customer-centric. EXPERIMENTATION Generating new learning. EVIDENCE Making decisions based on what’s actually learned.
- 16. © All Rights Reserved @JeremiahGardner FINDING YOUR MARKET
- 17. © All Rights Reserved @JeremiahGardner Oculus @ Work An startup team gained 3 key insights through their customer interviews: • People who work on distributed teams have a hard time collaborating • Using analog tools is a struggle • Pain was evident as a major lack of productivity
- 18. © All Rights Reserved @JeremiahGardner CUSTOMER ZOOM EXAMPLE unique attributes part of a distributed team techie: other online collab tools (slack, webex, etc.) works with analog tools (stickies, sharpies, etc) hangs out on techcrunch, lifehacker reddit setting up meeting with team and trying to use tools has written articles on techcrunch about collab Freddie Castle behaviors zoom What’s his work environment like? Does he use online collaboration tools? Does he use offline tools? How does he look for new tools? Always the guy to setup hangout and slack. How does he cope with the pain? Picture Name Job Title (if applicable)
- 19. © All Rights Reserved @JeremiahGardner wants to be more productive as a team meetings will be shorter and higher impact Execs will notice his leadership no way to translate analog to digital high cost to physically be with team hates existing conference calls /video you’ll have productive remote team meetings and build better solutions faster PROBLEM ZOOM EXAMPLE desired outcomes pains & problems zoom How will solving problem affect the life of customer? Is there a significant time or cost impact? Is there a bigger emotional or aspirational win? What stops the customer from behaving differently now? What obstacles need to be overcome? What are limitations of workaround? We promise “______” We hope the outcome will be “______”
- 20. © All Rights Reserved @JeremiahGardner BRAINSTORMING RULES Defer judgmentQuantity > Quality Document everything One idea per Post-it “What if?” / “And then…” The crazier the better
- 21. © All Rights Reserved @JeremiahGardner GETTING TO MVP MVP An MVP (Minimum Viable Product) is the first attempt to deliver the value you promise to your customers. An MVP is a threshold, not just the first version of your product.
- 23. © All Rights Reserved @JeremiahGardner assumptions “Something taken for granted or accepted as true without proof” • Opinions vs. Facts • Say vs. Do • Evidence vs. Ideas (Hint: What you think is fact, is likely an assumption)
- 26. © All Rights Reserved @JeremiahGardner hypothesis If we do X, Y% of people will behave in way Z. X = Business Activity Y% = Target Metric Z = Customers’ Behavior
- 27. © All Rights Reserved @JeremiahGardner OPERATING IN THE UNKNOWN
- 28. © All Rights Reserved @JeremiahGardner WHERE TO START?