Taking Ideas to Business using MVPs
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The document discusses the essential elements for transforming ideas into viable businesses, focusing on customer needs, monetization strategies, and execution risks. It highlights the iterative process of developing Minimum Viable Products (MVPs) as a customer-centric approach, illustrated by the evolution of Redbus from software development to a ticket sales channel. Manish Singhal, the author, shares his expertise and experiences in entrepreneurship and business development.
Taking Ideas to Business using MVPs
- 1. Taking Ideas to Business via MVPs Manish Singhal, Chief Saarthi Saarthi Integrated Consulting LLP www.saarthiconsulting.com © Copyright Saarthi Integrated Consul5ng LLP. All rights reserved
- 2. What makes a business? © Copyright Saarthi Integrated Consul5ng LLP. All rights reserved
- 3. Customer Need Unless the idea addresses an apparent or latent need/pain point for a customer, it cannot be turned into a business. © Copyright Saarthi Integrated Consul5ng LLP. All rights reserved
- 4. Ability to Monetize There has to be a clear, simple and easy way to monetize your service/ product either directly by users or indirectly (by advertisers etc) © Copyright Saarthi Integrated Consul5ng LLP. All rights reserved
- 5. Risks for an idea to become a Business Execution – Building Your Product / Service Adoption - Relevance to the Customer Need in context of other options available Monetization – Relevant enough for the customer to pay © Copyright Saarthi Integrated Consul5ng LLP. All rights reserved
- 6. Can we minimize these Risks? © Copyright Saarthi Integrated Consul5ng LLP. All rights reserved
- 7. RedBus – First Product 2005: Based on a personal experience, Phani realized the in-efficiency in booking bus tickets Customer Need • Bus traveler should be able to find a seat across multiple bus lines easily • Bus operators can be more efficient in filling their seats using a software which does so 2006: Developed a software for the bus operators to pool in the vacant seats © Copyright Saarthi Integrated Consul5ng LLP. All rights reserved
- 8. Linear Model of Business – Product Centric Approach © Copyright Saarthi Integrated Consul5ng LLP. All rights reserved
- 9. No takers! Not even for free! © Copyright Saarthi Integrated Consul5ng LLP. All rights reserved
- 10. RedBus – The second take Mid 2006: Got Mentoring from TiE and launched a market survey Found that bus operators are only interested in selling tickets Tested the idea with taking 5 tickets from an operator and selling them personally Late 2006: Pivoted the idea from selling software to becoming a sales channel for tickets! © Copyright Saarthi Integrated Consul5ng LLP. All rights reserved
- 11. Iterative Model of Business – Customer Centric Approach Customer Discovery Business Valida5on Customer Valida5on © Copyright Saarthi Integrated Consul5ng LLP. All rights reserved
- 12. Building a customer centric business is nothing but building a series of well targeted MVPs © Copyright Saarthi Integrated Consul5ng LLP. All rights reserved
- 13. MVP - Goals Bare minimum representation of your product which will test fundamental business hypotheses Is Customer Need being met? If so, to what extent? Will the customers be interested in using the product against other options available? Will they pay for it? © Copyright Saarthi Integrated Consul5ng LLP. All rights reserved
- 14. “Your Store, Your TV, Your Ads” 2010 October November December • Idea! • Func5onal • Market ready • Survey prototype prototype • Business plan • IT BHU • Pilot – Khivraj incuba5on Bajaj 2011 January Feb/Mar May-‐June • SOH Instore • Jugaad H/w to • Remote Delivery • Pilot – Lifestyle demo • Web based control • Demo – Maru5/ • Paying customers • Legal Opinion Hyundai © Copyright Saarthi Integrated Consul5ng LLP. All rights reserved
- 15. Manish Singhal Key Skills – Business Catalyst, Ideation, Technology, Management, Operations Several years of experience in start-ups as well as established companies like Sling Media, Ittiam Systems & Motorola On the jury and mentor panel for several business plan competitions e.g. Power Of Ideas (Economic Times), White Knight (IIMK), Eureka (IIT Mumbai) Contributed to MPEG-4 standard as a member of MPEG committee. Hold two patents on video technology Mentor / Business Coach for Tech based businesses. On Advisory board of Freshersworld.com & Moontara Technovations B Tech Electrical Engineering IIT Kanpur 1992 @manish_saarthi http://in.linkedin.com/in/smanishsinghal © Copyright Saarthi Integrated Consul5ng LLP. All rights reserved
- 16. Q&A ? © Copyright Saarthi Integrated Consul5ng LLP. All rights reserved
- 17. Thank You! manish@saarthiconsulting.com www.saarthiconsulting.com www.facebook.com/saarthiconsulting © Copyright Saarthi Integrated Consul5ng LLP. All rights reserved