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Winter Xcelerate Workshop



How To Build Your MVP
       for startup success

                               Abby Fichtner
                               Hacker Chick
                        Harvard Innovation Lab

         http://HackerChick.com
your
             startup
                               isn’t a
    business
                       it’s a
                              hobby
Xcelerate - @HackerChick            @Justin_Wilcox
your startup
        hobby                            business
                              fun
                           obsession
                           cost lots $

Xcelerate - @HackerChick                     @Justin_Wilcox
your startup
        hobby                            business
                           fun cost
                   opportunity
                         obsession
                      $150K salary
                           cost lots $

Xcelerate - @HackerChick                     @Justin_Wilcox
your startup
        hobby                            business
                              fun
                           obsession
                                          profit $
                           cost lots $

Xcelerate - @HackerChick                      @Justin_Wilcox
is your              startup
                                going to be
    business or
                           a   hobby ?
Xcelerate - @HackerChick
MVP Goal


          VISION           REALITY


Xcelerate - @HackerChick
Xcelerate - @HackerChick
Xcelerate - @HackerChick
Xcelerate - @HackerChick   Andrew Mason, CEO of Groupon (NY Tech Meetup)
you‘re way too
                                     dumb
   to figure out whether your
              idea         is
                                 good
Xcelerate - @HackerChick        Andrew Mason, CEO of Groupon (NY Tech Meetup)
(MVP)
    Minimum Viable Product



Xcelerate - @HackerChick
MVP
What’s the smallest thing I can do…


   business
                           vs
                                hobby ?
Xcelerate - @HackerChick
Xcelerate - @HackerChick
Xcelerate - @HackerChick
COOL?

Xcelerate - @HackerChick
Step #1
        Find a
                           problem
                                 worth solving



Xcelerate - @HackerChick
We had an idea for a new product.
         We went off & built it, put it on our website.




Xcelerate - @HackerChick
We had an idea for a new product.
         We went off & built it, put it on our website.

        not a single person clicked thru




Xcelerate - @HackerChick
We had an idea for a new product.
         We went off & built it, put it on our website.

        not a single person clicked thru



          What did we learn
             from that?
Xcelerate - @HackerChick
We had an idea for a new product.
         We went off & built it, put it on our website.

        not a single person clicked thru



          Was there a faster
          way to learn that?
Xcelerate - @HackerChick
Xcelerate - @HackerChick
Xcelerate - @HackerChick
Xcelerate - @HackerChick
Xcelerate - @HackerChick
Xcelerate - @HackerChick
[MVP Tool] Landing Pages




Xcelerate - @HackerChick
Xcelerate - @HackerChick
Xcelerate - @HackerChick
Xcelerate - @HackerChick
Crowd Testing
                           $5      1.4%

                           $10     1.7%

                            sample: 5,549


Xcelerate - @HackerChick                    @Justin_Wilcox, Bounce pre-orders
[MVP Tool] KickStarter




Xcelerate - @HackerChick
Xcelerate - @HackerChick
[MVP Tool] Video




Xcelerate - @HackerChick
Know where your
                           target audience
                                              hangs out

  & speak to them in an
                            authentic way

Xcelerate - @HackerChick            @drewhouston, Startup Lessons Learned 2010
VC: “There are a million cloud
                      storage startups!”

     Drew: “Do you use any of them?”

      VC: “No”

      Drew: “…”
Xcelerate - @HackerChick              @drewhouston, Startup Lessons Learned 2010
Photo Sharing App
                                  Recipe App

                           Discover Local Events
      Group Travel Planning

                               Facebook for
      <happy people/smart kids/psychos/dogs/travel agents/astronauts…>

Xcelerate - @HackerChick
Photo Sharing App
                                  Recipe App

                           Discover Local Events
      Group Travel Planning

                               Facebook for
      <happy people/smart kids/psychos/dogs/travel agents/astronauts…>

Xcelerate - @HackerChick
[MVP Tool] Business Model Canvas




Xcelerate - @HackerChick   http://LeanCanvas.com
Brainstorm
      Customer                   Problem
     anyone who cooks            can’t find recipes




Xcelerate - @HackerChick
Brainstorm
      Customer                   Problem
     anyone who cooks            can’t find recipes

     amateur gourmet chefs       want to make fabulous food
                                 for friends & family




Xcelerate - @HackerChick
Brainstorm
      Customer                   Problem
     anyone who cooks            can’t find recipes

     amateur gourmet chefs       want to make fabulous food
                                 for friends & family

     dieters                     need to lose weight




Xcelerate - @HackerChick
Brainstorm
      Customer                    Problem
     anyone who cooks             can’t find recipes

     amateur gourmet chefs        want to make fabulous food
                                  for friends & family
                     in college
     dieters
                  ^               need to lose weight




Xcelerate - @HackerChick
Xcelerate - @HackerChick
Xcelerate - @HackerChick
Xcelerate - @HackerChick
Xcelerate - @HackerChick
[MVP Tool]
         Customer Interview



Xcelerate - @HackerChick
Xcelerate - @HackerChick
What are the Top 3
                      Problems?




Xcelerate - @HackerChick
How are they solving those
        problems today?




Xcelerate - @HackerChick
Step #2
        Find a
                           solution
                                  that resonates



Xcelerate - @HackerChick
[MVP Tool] Concierge Service
                            (AKA Wizard of Oz)




Xcelerate - -@HackerChick
 Xcelerate @HackerChick
Xcelerate - @HackerChick
Concierge Test


Xcelerate - @HackerChick
Xcelerate - @HackerChick
Xcelerate - -@HackerChick
 Xcelerate @HackerChick
remember to…

         demosolutions with

      target customers

                           before
                                    you build
Xcelerate - @HackerChick
Xcelerate - @HackerChick
[MVP Tool] Mashup




Xcelerate - @HackerChick
Step #3…n-1



Xcelerate - @HackerChick
Problem/Solution Fit



Xcelerate - @HackerChick
Step #n
                           launch!
                           when you have a

      quantum of utility
Xcelerate - @HackerChick                     @paulg, Y Combinator
prioritize for…
                               speed
                           &


 excitement
Xcelerate - @HackerChick           @paulg, Y Combinator
but don’t be…




Xcelerate - @HackerChick
but don’t be…

                           too   minimal




Xcelerate - @HackerChick
Some MVP Tools
  1. Business Model Canvas
  2. Customer Interviews
  3. Landing Pages
  4. Kickstarter
  5. Videos
  6. Concierge Service
  7. Existing Tools Mashup
       (WordPress, Wufoo, Google Forms, etc.)
  8. Your imagination

Xcelerate - @HackerChick
Learn More
                   Eric Ries
                   @EricRies
                   http://startuplessonslearned.com/


                   Steve Blank
                   @sgblank
                   http://steveblank.com/


                   Ash Maurya
                    @ashmaurya
                    http://ashmaurya.com/

                                              Abby Fichtner

Xcelerate - @HackerChick

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How to Build Your MVP