Session 1 fall 2014
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This document discusses validating business assumptions and building minimum viable products (MVPs). It provides tips for validating assumptions such as defining target groups, what to test, and metrics. An MVP is defined as the simplest product that can be built to test hypotheses with minimal resources. Examples are given of companies like Dropbox, Foursquare, and Groupon that started with basic MVPs like videos or blogs to test ideas before fully developing products. The document advises defining key assumptions and features for an initial MVP to start validating a business concept.
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Session 1 fall 2014
- 2. Today • How to validate your assumptions (presentation + WS) • What is an MVP (presentation + WS)
- 3. How can you validate?
- 4. • Remember: what to validate
- 5. Validate with whom? Source: Steve Blanks
- 8. Validate your idea • Define how you reach your target groups (channels) • Define what you want to test • Define the metric
- 9. What is an MVP • Be able to test a product hypothesis with minimal resources • Accelerate learning • Reduce wasted engineering hours
- 10. The biggest misconception An MVP consists of the minimum set of features deemed necessary for a working software product, with the goal of bringing it to market quickly
- 11. Source: Moz, “7 unlikely recommendations for startups & entrepreneurs”
- 12. The difference • Question A: How can we build the simplest technically feasible product? • Question B: How can we build the simplest product to resonate with early adopters? Source: Mattias Honorato
- 13. Stop overthinking Source: Mattias Honorato
- 14. Some examples • Dropbox — started with a 3 minute video for their MVP, resulting in signups increasing from 5,000 people to 75,000 overnight—all of this in absence of a real product • Foursquare — started from collecting customer feedback using Google Docs • Virgin Air — began with one plane and one route to validate their assumptions, with more planes and routes added as they refined their business • Groupon — started as a WordPress blog with a widget that sent PDF coupons via email
- 15. Define your MVP/EVP • Key assumptions you need to test • Key features to talk to ealyevangelists • Scale down?