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CDI Founder Workshop Session 8 - Minimum Viable Concept (Fall 2016)
The document outlines a workshop led by Jeremiah Gardner focused on the entrepreneurial journey, highlighting key concepts such as the minimum viable product (MVP), understanding customer needs, and the founder's mindset. It emphasizes the importance of empathy, experimentation, and evidence in entrepreneurship while using case studies like Zoom to illustrate challenges in collaboration for distributed teams. Overall, it serves as a guide for startups to navigate the complexities of launching and iterating on their products.
CDI Founder Workshop Session 8 - Minimum Viable Concept (Fall 2016)
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- 2. @JeremiahGardner We’ve advised theinnovation practices of: • Author, The Lean Brand • Principal, Moves The Needle • Startup Mentor, Investor & Advisor • Co-founded deckhub.co & redbottle Hello! 8
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- 6. © All RightsReserved @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 RightsReserved @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’sproduct Confused about it’s customers = Confused about how to make $ STARTUP
- 9. Sees the worlddifferently Chooses to take action = Assumes they’re wrong FOUNDER
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- 12. © All RightsReserved @JeremiahGardner FOUNDER METRICS IT’S PERSONAL What does success look like to you?
- 13. © All RightsReserved @JeremiahGardner FOUNDER MINDSET ENTREPRENEURIAL mindset founder ENTREPRENEUR addict SERIAL ENTREPRENEUR
- 14. © All RightsReserved @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.
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- 16. © All RightsReserved @JeremiahGardner FINDING YOUR MARKET
- 17. © All RightsReserved @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 RightsReserved @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 RightsReserved @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 RightsReserved @JeremiahGardner BRAINSTORMING RULES Defer judgmentQuantity > Quality Document everything One idea per Post-it “What if?” / “And then…” The crazier the better
- 21. © All RightsReserved @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.
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- 23. © All RightsReserved @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)
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- 26. © All RightsReserved @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 RightsReserved @JeremiahGardner OPERATING IN THE UNKNOWN
- 28. © All RightsReserved @JeremiahGardner WHERE TO START?
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