Download - New Venture Crash Course UVA ILab Q4'15
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
1/171
Copyright 2014 Cowan Publishing
New VentureCrashCourse
COWAN+
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
2/171
Copyright 2014 Cowan Publishing
ALEX COWANAlexanderCowan.com
@cowanSF
ABOUT ME
Entrepreneur (5x)Intrapreneur (1x)
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
3/171
Copyright 2014 Cowan Publishing
ALEX COWANAlexanderCowan.com
@cowanSF
ABOUT ME
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
4/171
Copyright 2014 Cowan Publishing
ABOUT ME
www.alexandercowan.com
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
5/171
Copyright 2014 Cowan Publishing
Personas
ITS A PROCESS
Some techniques are more effective than others.
But they all require substantial, consistent exertion.
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
6/171
Copyright 2014 COWAN+
SCALE-FRIENDLY VS. INNOVATION-FRIENDLY
ScaleFriendly
Innovation
Friendly
$ !?
? ! ? ? ?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
7/171
Copyright 2014 Cowan Publishing
OLD SCHOOL VS. NEW SCHOOL
Output vs. OutcomeScaling vs. Learning
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
8/171
Copyright 2014 Cowan Publishing
OLD SCHOOL VS. NEW SCHOOL
Learn FirstScale Second
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
9/171
Copyright 2014 Cowan Publishing
THINK SEE
FEEL DO
PERSONAS
Who?
X
PROBLEMSCENARIOS &ALTERNATIVES
What?
VALUEPROPOSITIONS& ASSUMPTIONS
What if?
!
USERSTORIES &PROTOTYPES
How?
Scale?
Pivot?
PRODUCT &PROMOTION
/
CUSTOMERDISCOVERY &EXPERIMENTS
Tell me?
BY THE NUMBERS
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
10/171
Copyright 2014 Cowan Publishing
BY THE NUMBERS (IN REVERSE)
!USERSTORIES &PROTOTYPES
Did the implementationdeliver on the story?
PRODUCT &PROMOTION
/
CUSTOMERDISCOVERY &EXPERIMENTS
How did thecustomer/userreact?
VALUEPROPOSITIONS& ASSUMPTIONS
!
Was theimplementedstory relevant tothe proposition?
X
PROBLEMSCENARIOS &ALTERNATIVES
Is problemrelevant? Is thepropositionbetter vs.alternatives?
THINK SEE
FEEL DO
PERSONAS
Do weunderstand thisperson? Whatmakes themtick?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
11/171
Copyright 2014 Cowan Publishing
PROBLEMSCENARIOS &ALTERNATIVES
What?
BY THE NUMBERS
PERSONAS
Who?
VALUEPROPOSITIONS
What if?
THINK SEE
FEEL DOX !
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
12/171
Copyright 2014 Cowan Publishing
ALEX COWANAlexanderCowan.com
@cowanSF
WHY IS DESIGN THINKING HARD?
Design Thinking
Now
Survival
Then
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
13/171
Copyright 2014 Cowan Publishing
Empathy Creativity
DESIGN THINKING
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
14/171
Copyright 2014 Cowan Publishing
ALEX COWANAlexanderCowan.com
@cowanSF
DESIGN THINKING- APPLICATIONS
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
15/171
Copyright 2014 Cowan Publishing
Entry1
Urinate as they go2
Edges preferred3
Speedy4
PB > cheese5
Empathy
DESIGN THINKING- APPLICATIONS
ALEX COWANAlexanderCowan.com
@cowanSF
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
16/171
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
17/171
Copyright 2014 Cowan Publishing
DESIGN THINKING- PERSONAS
Personas Problem ScenariosAlternatives
Your Value Propositions
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
18/171
Copyright 2014 Cowan Publishing
DESIGN THINKING- PERSONAS
ALEX COWANAlexanderCowan.com
@cowanSF
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
19/171
Copyright 2014 Cowan Publishing
DESIGN THINKING- PERSONAS
ALEX COWANAlexanderCowan.com
@cowanSF
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
20/171
Copyright 2014 Cowan Publishing
NOT A GOOD PERSONA
Women
Age 28-45
Has kids Socialize with other moms
Online with Facebook
86% said theyd like to be moreorganized
70% said theyd use anapplication that organizes them
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
21/171
Copyright 2014 Cowan Publishing
Women
Age 28-45
Has kids Socialize with other moms
Online with Facebook
86% said theyd like to be moreorganized
70% said theyd use anapplication that organizes them
NOT A GOOD PERSONA
Bullet points are almostnever vivid or detailed
Stock photo- not real
This is a hugepopulation- not exact
These responses are fake
actionable- survey responseslike this are unreliable
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
22/171
Copyright 2014 Cowan Publishing
THE ART OF CUSTOMER DISCOVERY
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
23/171
Copyright 2014 Cowan Publishing
02 DIAGNOSING USER NEEDS & PROBLEMS
The twin anti-poles of design failure
Doing preciselywhat the user asks
Assuming you know whatsbest and ignoring the user
!"#$%
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
24/171
Copyright 2014 Cowan Publishing
A BETTER PERSONA
Mary is a mom by choice. She had a successful career in accounting,
but welcomed the opportunity to be a stay at home mom. She loves it.
But its not like having kids purged her creative, social instincts. She
wants to connect, she wants to learn, she wants to interact. Being a
mom is a job and she wants to do it well. That means corresponding
with other moms on child education and keeping track of what works.
She posts to Facebook at least twice a week and responds to other
moms items more often than that.
She has a few blogs and publications she reads regularly
Mary the Mom
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
25/171
Copyright 2014 Cowan Publishing
A BETTER PERSONA
the use of a first name helpsw/ vividness (a little)
these full sentences look like agood start towards something
vivid and detailed
this is a real photo of arelevant person taken with an
iPhone in the real world
Mary is a mom by choice. She had a successful career in accounting,
but welcomed the opportunity to be a stay at home mom. She loves it.
But its not like having kids purged her creative, social instincts. She
wants to connect, she wants to learn, she wants to interact. Being a
mom is a job and she wants to do it well. That means corresponding
with other moms on child education and keeping track of what works.
She posts to Facebook at least twice a week and responds to other
moms items more often than that.
She has a few blogs and publications she reads regularly
Mary the Mom
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
26/171
Copyright 2014 Cowan Publishing
VA
RI
ED
ivid The personashould makeanyone who readsit feel like theyveactually met thisperson.
ALEX COWANAlexanderCowan.com
@cowanSF
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
27/171
Copyright 2014 Cowan Publishing
VA
RI
ED
ivid
ALEX COWANAlexanderCowan.com
@cowanSF
If the personadoesnt inform
how you sell stuffand build stuff,why bother?
ctionable
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
28/171
Copyright 2014 Cowan Publishing
VA
RI
ED
ivid
ALEX COWANAlexanderCowan.com
@cowanSF
eal Good personasarent created incubicles. Gowhere the persona
is and observe.
ctionable
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
29/171
Copyright 2014 Cowan Publishing
VA
RI
ED
ivid
ALEX COWANAlexanderCowan.com
@cowanSF
eal
ctionableMake sure youcan identify andtarget these
personas, or youwont be able tofind a use forthem.
dentifiable
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
30/171
Copyright 2014 Cowan Publishing
VA
RI
ED
ivid
ALEX COWANAlexanderCowan.com
@cowanSF
eal
ctionable
dentifiable
Everyone is notyour customer.
Make sure thepersonas aredistinct so you canapply relevant
focus.xact
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
31/171
Copyright 2014 Cowan Publishing
VA
RI
ED
ivid
eal
ctionable
dentifiable
xactetailed
People arecomplicated and
so good personasare usually prettysubstantial.
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
32/171
Copyright 2014 Cowan Publishing
EXERCISE- PERSONA CREATION
Mary the Working Mom
Susan the Stay-at-Home Mom
Douglas the Dad
Nathan the Nanny
Ivan the Infant
List at least 3 personas
(4 min)
use 1 index card/persona
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
33/171
Copyright 2014 Cowan Publishing
A LITTLE GAME FOR BETTER PERSONA DISCOVERY
Day in the Lifewe look at a few photos for a given persona
you make some guesses about them
there are no right answers BUT
there is a right process: observe and infer
OBJECTIVE: get a feel for whats real; start to create something vivid
(not a full picture, just snippets)
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
34/171
Copyright 2014 Cowan Publishing
OUR CAST
Miguel theMid-Mellenial
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
35/171
Copyright 2014 Cowan Publishing
WAKE UP!
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
36/171
Copyright 2014 Cowan Publishing
BREAKFAST & HEAD TO WORK
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
37/171
Copyright 2014 Cowan Publishing
AT WORK
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
38/171
Copyright 2014 Cowan Publishing
AFTER WORK
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
39/171
Copyright 2014 Cowan Publishing
PRE-BED
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
40/171
Copyright 2014 Cowan Publishing
GEAR
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
41/171
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
42/171
Copyright 2014 Cowan Publishing
ABOUT MIGUEL THE MID-MILLENIAL
Whats his favorite kind of music?
Band/composer?
Where did he buy his last pair of shoes?
What movie did he last see?
What did he drink with dinner last night?
If he had a dog, what kind?
Whats his favorite magazine?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
43/171
Copyright 2014 Cowan Publishing
OUR CAST
Sally theSingle Mom
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
44/171
Copyright 2014 Cowan Publishing
WAKE UP!
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
45/171
Copyright 2014 Cowan Publishing
WAKE UP!
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
46/171
Copyright 2014 Cowan Publishing
GEARING UP FOR THE DAY
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
47/171
Copyright 2014 Cowan Publishing
AT WORK
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
48/171
Copyright 2014 Cowan Publishing
AFTER WORK
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
49/171
Copyright 2014 Cowan Publishing
PRE-BED
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
50/171
Copyright 2014 Cowan Publishing
BED
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
51/171
Copyright 2014 Cowan Publishing
GEAR
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
52/171
Copyright 2014 Cowan Publishing
IF I HAD 3 EXTRA HOURS
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
53/171
Copyright 2014 Cowan Publishing
ABOUT SALLY THE SINGLE MOM
Whats her favorite kind of music?
Band/composer?
Where did she buy her last pair of shoes?
What movie did she last see?
What did she drink with dinner last night?
If she had a dog, what kind?
Whats her favorite magazine?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
54/171
Copyright 2014 Cowan Publishing
EXERCISE- PERSONA CREATION
Mary the Working Mom (B, U)
Susan the Stay-at-Home Mom (B, U)
Douglas the Dad (U)
Nathan the Nanny (U)
Ivan the Infant (U)
Which are buyers? Users? Both?
Note with a B and/or a U on the Index Card
(1 min)
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
55/171
Copyright 2014 Cowan Publishing
EXERCISE- PERSONA CREATION
(2 min)
Can you think of 5 real examples for each?
Use the back of your index cards
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
56/171
Copyright 2014 Cowan Publishing
EXERCISE- PERSONA CREATION
Which have the most compelling need, desire?
If you could only pitch 1 persona type, which? Sort top to bottom
(1 min)
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
57/171
Copyright 2014 Cowan Publishing
DISCOVERY & LEARNING: THINK-SEE-FEEL-DO
ALEX COWANAlexanderCowan.com
@cowanSF
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
58/171
Copyright 2014 Cowan Publishing
EXERCISE- PERSONA CREATION (6 MIN)
For your top person, complete Think-See-Feel-Do
Thinks:Helen thinks the hiring process should be so much better- more systematic, fewer bad hires. Professionaldevelopment is something theyve identified that they want to do better, but the functional managers arent engagedenough to get the whole thing started.
Sees: Helen is at the tail end of every bad hire and sees the damage it does to the employee and company, alike.Helen sees that online learning has rocketed forward in the last few years. If someone wants to learn a specific skill,theres a number of high quality options online, many of them free. They just need a way to help employees organizeselect into these courses.
Feels: Helen feels like crap whenever they have to let someone go. She hates it. The employee hates it. The managerhates it. Its incredibly destructive and de-motivating for everyone involved. Helen would love to be more involved,more included in functional skills evaluation and improvement. Shes love to have a success story to talk about. MostHR departments dont do a whole lot in this area.
Does: Helens relatively responsive to new ideas, particularly if someone knowledgeable is willing to come in and talkabout it. If she likes it, shell bring it to the functional managers, who are usually the ultimate decision makers sincewithout their support she cant get the system online and working. Post-sale, Helen will help keep the programorganized, moving, and otherwise on the functional managers radar. All this is predicated on Helen being equippedwith the right messages, facts, and best practices to make the purchase and use of Enable Quiz effective.
EXAMPLE: HELEN THE HR MANAGER
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
59/171
Copyright 2014 Cowan Publishing
DISCOVERY & LEARNING: THINK-SEE-FEEL-DO
ALEX COWANAlexanderCowan.com
@cowanSF
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
60/171
Copyright 2014 Cowan Publishing
ALEX COWANAlexanderCowan.com
@cowanSF
XPROBLEM SCENARIO
DISCOVERY & LEARNING: PROBLEM SCENARIOS
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
61/171
Copyright 2014 Cowan Publishing
ALEX COWANAlexanderCowan.com
@cowanSF
XWhat job(s) are you doing for
the customer?What existing need orbehavior are you fulfilling?
PROBLEM SCENARIO
DISCOVERY & LEARNING: PROBLEM SCENARIOS
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
62/171
Copyright 2014 Cowan Publishing
ALEX COWANAlexanderCowan.com
@cowanSF
?
X
ALTERNATIVE(S)
PROBLEM SCENARIO
DISCOVERY & LEARNING: PROBLEM SCENARIOS
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
63/171
Copyright 2014 Cowan Publishing
ALEX COWANAlexanderCowan.com
@cowanSF
?
X
If they currently usespreadsheets, watch them
use it and get a copy of it.If they currently put notes on thefamily fridge, ask about it,photograph it.
ALTERNATIVE(S)
PROBLEM SCENARIO
DISCOVERY & LEARNING: PROBLEM SCENARIOS
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
64/171
Copyright 2014 Cowan Publishing
X
DISCOVERY & LEARNING: PROBLEM SCENARIOS
Hiring technical talent is difficult.
(Too Detailed, A Feature vs. a Product/Venture)
Hiring technical talent is difficult.
(Too Broad, Abstract)
Screening technical talent is difficult.
(Probably About Right)
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
65/171
Copyright 2014 Cowan Publishing
DOUBLE DIAMOND MODEL OF DESIGNFinding the Right
PROBLEMFinding the Right
SOLUTION
time
alternatives
divergence convergence divergence convergence
source: adapted from The Design of Everyday Things
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
66/171
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
67/171
Copyright 2014 Cowan Publishing
ALEX COWANAlexanderCowan.com
@cowanSF
YOUR VALUE PROPOSITIONS !
ALTERNATIVE(S) ?
PROBLEM SCENARIO X
DISCOVERY & LEARNING: PROBLEM SCENARIOS
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
68/171
Copyright 2014 Cowan Publishing
ALEX COWANAlexanderCowan.com
@cowanSF
X
Are they better enough than thealternative(s)?
!
?
YOUR VALUE PROPOSITIONS
ALTERNATIVE(S)
PROBLEM SCENARIO
DISCOVERY & LEARNING: PROBLEM SCENARIOS
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
69/171
Copyright 2014 Cowan Publishing
EXERCISE- VALUE PROPOSITIONS
Add Value Propositions toyour top Problem Scenario +Alternative Pairs
YOUR VALUEPROPOSITIONS!
ALTERNATIVE(S)?
PROBLEM SCENARIOX
(3 min.)
Problem: Helen the HR Manager doesn't
have a software engineering background, soit's hard for her to screen engineeringcandidates. She ends up sending Frank theFunctional Manager too many unqualifiedcandidates.
Alternative: She calls references and mostlyends up taking their word for it.
Value Proposition: New ability for meaningfulscreening of technical candidates, increasing% of successful hires and lowering Frank theFunctional Manager's workload on recruiting.
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
70/171
Copyright 2014 Cowan Publishing
EXERCISE- VALUE PROPOSITIONS
Prioritize your value propositions-if you could only pitch one, which?After that? Etc.
(2 min.)
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
71/171
Copyright 2014 Cowan Publishing
and they have a certainPROBLEMS(S)
where theyre currently usingcertain ALTERNATIVE(S)
and I have a VALUEPROPOSITIONthats better enoughthan the alternatives to cause thepersona to act (purchase, use, etc.).
A certain PERSONAexists
AND NOW THE PRODUCT HYPOTHESIS
!
?
X
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
72/171
Copyright 2014 Cowan Publishing
EXERCISE: YOUR PRODUCT HYPOTHESIS
and they have a certainPROBLEMS S
where theyre currently usingcertain ALTERNATIVE(S)
and I have a VALUE
PROPOSITIONthats betterenough than the alternatives tocause the persona to act(purchase, use, etc.).
A certain PERSONAexistsHR and functional managers are in charge oftechnical hires
and they struggle to effectively screen fortechnical skill sets, making the hiring processslower and more labor intensive andproducing worse outcomes than they shouldreasonably expect.
Currently they implement a patchwork ofcalling references and asking a few probingquestions.
By offering an easy, affordable, lightweighttechnical quizzing solution, Enable Quiz canacquire and retain these customer personas,delivering material value. (4 min.)
Enable Quiz example:
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
73/171
Copyright 2014 Cowan Publishing
THE BUSINESS MODEL CANVAS
!"#$&'() #$*#+,-$,. /-.,( 0", 1(,20#3, 1'44'-$500(#6/0#'-78"2(, 5*#), 9:;
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
74/171
Copyright 2014 Cowan Publishing
SEGMENT TO VALUE PROPOSITION MAPPING
!"#$&'() #$*#+,-$,. /-.,( 0", 1(,20#3, 1'44'-$500(#6/0#'-78"2(, 5*#), 9:;
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
75/171
Copyright 2014 Cowan Publishing
PEER PRESENTATIONS PREP!
(4 min.)
For [target customer] who [statement of the need or opportunity], the[product name] is a [product category] that [statement of key benefit/key reason to buy]. Unlike [primary alternative], our product [statementof primary differentiation].
For [hiring managers] who [need to evaluate technical talent], [EnableQuiz] is a [talent assessment system] that [allows for quick and easyassessment of topical understanding in key engineering topics]. Unlike[formal certifications or ad hoc questions], our product [allows forlightweight but consistent assessments of technical talent].
EXAMPLE
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
76/171
Copyright 2014 Cowan Publishing
As
Presenter
As
Audience1) What is this? (Use positioningstatement)2) Who is the persona? What kind of shoesdo they wear?3) What problem scenario(s) are youlooking at? What alternatives does thepersona use now?4) Whats your value proposition?5) Whats your product hypothesis?6) What do you need to learn more about?
- Focus on the process; avoid editorial- Ask a lot of questions- Think about it like an investor
EXERCISE: PEER PRESENTATION
(5 min./ each)
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
77/171
Copyright 2014 Cowan Publishing
STORYBOARDING: ORIGINS
copyright Fred Moore & Disney Pictures
ALEX COWANAlexanderCowan.com
@cowanSF
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
78/171
Copyright 2014 Cowan Publishing
Personas
STORYBOARDING EXAMPLE
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
79/171
Copyright 2014 Cowan Publishing
Personas
STORYBOARDING EXAMPLE
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
80/171
Copyright 2014 Cowan PublishingCopyright 2014 Cowan Publishing
ENABLE QUIZ: EXAMPLE PROBLEM SCENARIOS
X
Helen the HR Manager
Its hard for me to screen ontechnical skill sets and I end up
sending Frank unqualifiedrecruits.
Frank the Functional Manager
I have limited time and I dontwant to be a jerk. Its hard to
screen for all the relevanttechnical skill sets.
PERSONA
PROBLEM
SCENARIO
- Call references
- Take their word for it
- A few probing questions
- Take their word for it?ALTERNATIVE(S)
!VALUEPROPOSITIONSNew ability for meaningfulscreening of technicalcandidates, increasing % ofsuccessful hires and loweringFranks workload on recruiting.
Less time doing interviews, andbetter hires sooner.
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
81/171
Copyright 2014 Cowan Publishing
STORYBOARDING A PROBLEM SCENARIO
AFTER
BEFORE
BEFORE
(using the
Alternative)
AFTER
(with the Value
Proposition)
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
82/171
Copyright 2014 Cowan Publishing
STORYBOARDING A PROBLEM SCENARIO
Before
After
Trigger?
How does theproblem scenarioinitiate?
Action?
How is thealternativeexecuted?
Reward?
How well is thepersona gratified?
+
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
83/171
Copyright 2014 Cowan Publishing
STORYBOARDING A PROBLEM SCENARIO
}}}1 Panel
StoryboardArea
NotesArea
Optionalnotes here tosupplement your storyboard
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
84/171
Copyright 2014 Cowan Publishing
EXERCISE: BEFORE AND AFTER BOARDS
Using the squares, create a before and then afterstoryboard- 3 panels each
BEFORE
(using theAlternative)
AFTER
(with the ValueProposition) (10 min.)
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
85/171
Copyright 2014 Cowan Publishing
DESIGN THINKING- USING PERSONAS
Personas Problem ScenariosAlternatives
Your Value Propositions
SELLINGSTUFF
Whos buying?
Where?
Why?
Who are weselling to?
Where do wereach them?
With what
proposition?
MAKINGSTUFF
What does theuser actuall do?What does theuser most want?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
86/171
Copyright 2014 Cowan Publishing
4 TYPES OF LEAN HYPOTHESES
ALEX COWANAlexanderCowan.com
@cowanSF
PERSONAHYPOTHESIS
PROBLEMHYPOTHESIS
VALUEHYPOTHESIS
CUSTOMER CREATIONHYPOTHESIS
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
87/171
Copyright 2014 Cowan Publishing
PERSONA HYPOTHESIS
ALEX COWANAlexanderCowan.com
@cowanSF
Does this person exist?Can you identify them?Do you understand them really well?
What do they think-see-feel-do in your area?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
88/171
Copyright 2014 Cowan Publishing
PROBLEM HYPOTHESIS
ALEX COWANAlexanderCowan.com
@cowanSF
Have you identified a discrete problem/need?How important is it to the target persona(s)?What alternatives do they use today? How?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
89/171
Copyright 2014 Cowan Publishing
VALUE HYPOTHESIS
ALEX COWANAlexanderCowan.com
@cowanSF
How much better than the best alternative is yourproduct?
How obvious is that to the customer?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
90/171
Copyright 2014 Cowan Publishing
VALUE HYPOTHESIS
ALEX COWANAlexanderCowan.com
@cowanSF
We tried a few things with AdWords and landing
pages, but the results werent great.
What happens when you try thesame thing out in the realworld? Search is a good way toconnect with existing demandbut not necessarily learn about
its fundamentals.
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
91/171
Copyright 2014 Cowan Publishing
CUSTOMER CREATION HYPOTHESIS
ALEX COWANAlexanderCowan.com
@cowanSF
How will you get the customers: attention, interest,desire, action, onboarding, retention?
How will you know if its working?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
92/171
Copyright 2014 Cowan Publishing
CUSTOMER CREATION HYPOTHESIS
ALEX COWANAlexanderCowan.com
@cowanSF
Most of these results are prettydefinitive.
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
93/171
Copyright 2014 Cowan Publishing
THINK SEE
FEEL DO
PERSONAS
Who?
X
PROBLEMSCENARIOS &ALTERNATIVES
What?
VALUEPROPOSITIONS& ASSUMPTIONS
What if?
!
USERSTORIES &PROTOTYPES
How?
Scale?
Pivot?
PRODUCT &PROMOTION
/
CUSTOMERDISCOVERY &EXPERIMENTS
Tell me?
THE VENTURE DESIGN PROCESS
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
94/171
Copyright 2014 Cowan Publishing
ALEX COWANAlexanderCowan.com
@cowanSF
THE FULL STACK PRODUCT PERSON
Specialties
DESIGN
&
UX
UNIXSYSADMIN
RUBY
PYTON
JAVA
PHP
...
ENTERPRISESALES
...
SEO
ANALYTICS
...
...
...
TechnicalLiteracy
ARCHITECTUREFUNDAMENTALS
App. & PlatformIntegration
ROLES &SYSTEMS
In a TechnicalTeam
FoundationConcepts LEANDESIGNTHINKING CUSTOMERDEV. AGILE
SOFTWAREFUNDAMENTALS
Model-View-Controller
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
95/171
Copyright 2014 Cowan Publishing
ALEX COWANAlexanderCowan.com
@cowanSF
THE FULL STACK PRODUCT PERSON
Specialties
TechnicalLiteracy
FoundationConcepts LEAN
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
96/171
Copyright 2014 Cowan Publishing
THE STARTUP: THEN AND NOW
Five Year
Plan
Then
!"#$$$#$$$
$
"#$$$#$$$
&$#$$$#$$$
&"#$$$#$$$
'$#$$$#$$$
'"#$$$#$$$
($#$$$#$$$
("#$$$#$$$
)$#$$$#$$$
)"#$$$#$$$
'$&' '$&( '$&) '$&" '$&* '$&+ '$&, '$&- '$'$
./0/12/
345/16/
3789:;
Lean
Management
Now
6.a PIVOT
experiments
disprovehypothesis
01 IDEA!
02 HYPOTHESIS
03 EXPERIMENTAL DESIGN
04 EXPERIMENTATION
05 PIVOT OR PERSEVERE?
6.b PERSEVERE
i
i
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
97/171
Copyright 2014 Cowan Publishing
OLD SCHOOL VS. NEW SCHOOL
OLDSCHOOL
NEWSCHOOL
$ !?
? ! ? ? ?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
98/171
Copyright 2014 Cowan Publishing
EVIDENCE-BASED INNOVATION VIA LEAN STARTUP
Do I have real evidence from my buyerthat this is compelling?
01 IDEA!
What are the key assumptions requiredto make this business work?
02 HYPOTHESIS
How do I definitely prove or disprove theassumptions with a minimum of timeand effort?
03 EXPERIMENTAL DESIG N
04 EXPE RIM ENTATION
Am I reacting or am I focused onvalidating my pivotal assumptions?
Pivot or persevere?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
99/171
Copyright 2014 Cowan Publishing
EVIDENCE-BASED INNOVATION VIA LEAN STARTUP
Do I have real evidence from my buyerthat this is compelling?
01 IDEA!
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
100/171
Copyright 2014 Cowan Publishing
IDEATION & DESIGN THINKING
ALEX COWANAlexanderCowan.com
@cowanSF
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
101/171
Copyright 2014 Cowan Publishing
IDEATION & DESIGN THINKING
ALEX COWANAlexanderCowan.com
@cowanSF
PROBLEM SCENARIO X
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
102/171
Copyright 2014 Cowan Publishing
IDEATION & DESIGN THINKING
ALEX COWANAlexanderCowan.com
@cowanSF
PROBLEM SCENARIO XWhat job(s) are you doing for thecustomer?
What existing need or behaviorare you fulfilling?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
103/171
Copyright 2014 Cowan Publishing
IDEATION & DESIGN THINKING
ALEX COWANAlexanderCowan.com
@cowanSF
ALTERNATIVE(S) ?
PROBLEM SCENARIO X
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
104/171
Copyright 2014 Cowan Publishing
IDEATION & DESIGN THINKING
ALEX COWANAlexanderCowan.com
@cowanSF
ALTERNATIVE(S) ?
PROBLEM SCENARIO X
If they currently use spreadsheets, watch
them use it and get a copy of it.
If they currently put notes on the familyfridge, ask about it, photograph it.
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
105/171
Copyright 2014 Cowan Publishing
IDEATION & DESIGN THINKING
ALEX COWANAlexanderCowan.com
@cowanSF
YOUR VALUE PROPOSITIONS !
ALTERNATIVE(S) ?
PROBLEM SCENARIO X
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
106/171
Copyright 2014 Cowan Publishing
IDEATION & DESIGN THINKING
ALEX COWANAlexanderCowan.com
@cowanSF
YOUR VALUE PROPOSITIONS !
ALTERNATIVE(S) ?
PROBLEM SCENARIO X
Are they better enough than thealternative(s)?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
107/171
Copyright 2014 Cowan Publishing
YOUR PRODUCT HYPOTHESIS
ALEX COWANAlexanderCowan.com
@cowanSF
X and they have certainPROBLEMS S
? where theyre currently usingcertain ALTERNATIVE(S)
! and we have a VALUE
PROPOSITIONthats betterenough than the alternatives tocause the persona to act(purchase, use, etc.).
A certain PERSONAexists
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
108/171
Copyright 2014 Cowan Publishing
EXERCISE: YOUR VENTURE HYPOTHESIS
and they have a certainPROBLEMS S
where theyre currently usingcertain ALTERNATIVE(S)
and I have a VALUE
PROPOSITIONthats betterenough than the alternatives tocause the persona to act(purchase, use, etc.).
A certain PERSONAexistsHR and functional managers are in charge oftechnical hires
and they struggle to effectively screen fortechnical skill sets, making the hiring processslower and more labor intensive andproducing worse outcomes than they should
reasonably expect.
Currently they implement a patchwork ofcalling references and asking a few probingquestions.
By offering an easy, affordable, lightweighttechnical quizzing solution, Enable Quiz canacquire and retain these customer personas,delivering material value. (4 min.)
Enable Quiz example:
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
109/171
Copyright 2014 Cowan Publishing
EVIDENCE-BASED INNOVATION VIA LEAN STARTUP
Do I have real evidence from my buyerthat this is compelling?
01 IDEA!
What are the key assumptions requiredto make this business work?
02 HYPOTHESIS
How do I definitely prove or disprove theassumptions with a minimum of timeand effort?
03 EXPERIMENTAL DESIG N
04 EXPE RIM ENTATION
Am I reacting or am I focused onvalidating my pivotal assumptions?
Pivot or persevere?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
110/171
Copyright 2014 Cowan Publishing
EVIDENCE-BASED INNOVATION VIA LEAN STARTUP
What are the key assumptions requiredto make this business work?
02 HYPOTHESIS
How do I definitely prove or disprove theassumptions with a minimum of timeand effort?
03 EXPERIMENTAL DESIG N
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
111/171
Copyright 2014 Cowan Publishing
ASSUMPTIONS: ORGANIZED AND PRIORITIZED
Priority Key Assumption Needs Proving? Experimentation
1[A key assumption about thebusiness]
[Whether it needsproving
[Experiment toprove or disprove]
1
Hiring managers wouldprefer a lightweight quiz app
over calling references andad hoc probing.
Yes
* Customer interviews on problemscenario
* Value testing through minimumviable product
2Managers want to be able toadd their questions as well
Yes* Show prototypes with choices* Test in beta
2 Parents have smart phones No n/a
Focus on strategic,pivotal assumptions
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
112/171
Copyright 2014 Cowan Publishing
FOCUS AND THE LEAN STARTUP
Crossing ts
Dotting is
Doesnt matter unless ithelps prove (or disprove)
your pivotal assumptions
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
113/171
Copyright 2014 Cowan Publishing
FOCUS AND THE LEAN STARTUP
Subjectall your
activities +metrics tothat litmus
test.
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
114/171
Copyright 2014 Cowan Publishing
4 TYPES OF LEAN HYPOTHESES
PERSONAHYPOTHESIS
ALEX COWANAlexanderCowan.com
@cowanSF
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
115/171
Copyright 2014 Cowan Publishing
4 TYPES OF LEAN HYPOTHESES
PERSONAHYPOTHESIS
PROBLEMHYPOTHESIS
ALEX COWANAlexanderCowan.com
@cowanSF
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
116/171
Copyright 2014 Cowan Publishing
4 TYPES OF LEAN HYPOTHESES
PERSONAHYPOTHESIS
PROBLEMHYPOTHESIS
VALUEHYPOTHESIS
ALEX COWANAlexanderCowan.com
@cowanSF
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
117/171
Copyright 2014 Cowan Publishing
4 TYPES OF LEAN HYPOTHESES
PERSONAHYPOTHESIS
PROBLEMHYPOTHESIS
VALUEHYPOTHESIS
CUSTOMER CREATIONHYPOTHESIS
ALEX COWANAlexanderCowan.com
@cowanSF
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
118/171
Copyright 2014 Cowan Publishing
4 TYPES OF LEAN HYPOTHESES
PERSONAHYPOTHESIS
ALEX COWANAlexanderCowan.com
@cowanSF
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
119/171
Copyright 2014 Cowan Publishing
PERSONA HYPOTHESIS- CHECKLIST
Hypothesis Experiment
! This persona exists (in non-trivialnumbers) and you can identify them.
- Can you think of 5-10 examples?- Can you set up discovery interviews with them?- Can you connect with them in the market at large?
! You understand this persona well. - What kind of shoes do they wear?- Are you hearing, seeing the same things across your discovery
interviews?! Do you understand what they Think in
your area of interest?
- What do you they mention as important? Difficult? Rewarding?- Do they see the work (or habit) as you do?- What would they like to do better? To be better?
! Do you understand what they See inyour area of interest?
- Where do they get their information? Peers? Publications?- How do they decide whats OK? Whats aspirational?
! How do they Feel about your area ofinterest?
- What are their triggers for this area? Motivations?- What rewards do they seek? How do they view past actions?
! Do you understand what they Do in yourarea of interest?
- What do you actually observe them doing?- How can you directly or indirectly validate thats what they do?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
120/171
Copyright 2014 Cowan Publishing
PERSONA HYPOTHESIS- OUTPUTS & PIVOTS
Common Pivots1) Re-segmentation (more granular)
2) Revision of area of interest/problem space3) Strategic pivot
Template: bit.ly/personast
Outputs
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
121/171
Copyright 2014 Cowan Publishing
EARLY MARKET VS. LATER MARKET
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
122/171
Copyright 2014 Cowan Publishing
EARLY MARKET VS. LATER MARKET
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
123/171
Copyright 2014 Cowan Publishing
EXERCISE: WHOS YOUR EARLY MARKET?
1) How do they differ within your existing persona definitions?
Example: At Enable Quiz, theyre startups doing lots of hiring
2) How will you locate them?
Example: At Enable Quiz, theyll read tech rags to see who just got funded.
3) How will they help you transition to your next segment?
Example: At Enable Quiz, via case studies, references, and incented posts on LinkedIn.
Answer each as best you can: ~ 1 min/each
(4 min.)
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
124/171
Copyright 2014 Cowan Publishing
EXERCISE: PERSONA DISCOVERY QUESTIONS (5 MIN)
Question Form Examples Questions (Enable Quiz)
Tell me about [yourself in the role of the persona]? - Tell me about being an HR manager?- How did you choose that line of work? Why?- What do you most, least like about the job?- What are the hardest, easiest parts of the job?- Ive heard [x]- does that apply to you?
Tell me about [your area of interest]? - Do you do screen new candidates? If not, who?
- Can you tell me about the last time? What was the trigger?- Who else was involved? What was it like?
Tell me your thoughts about [area]? - How should it ideally be done?- How is it actually done? Why?
What do you see in [area]? - Where do you learn whats new? What others do?- Who do you think is doing it right?- How did you make your last decision?
How do you feel about [area]? - What motivates you? What parts of it are most rewarding? Why?Tell me about the last time?
- What would it be like in your perfect world?
What do you do in [area]? - Would you show me your interview guide? Example notes? - Whatthe vetting process was like on the last few candidates?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
125/171
Copyright 2014 Cowan Publishing
KEY TO GOOD PERSONA DISCOVERY
PERSONAHYPOTHESIS
ALEX COWANAlexanderCowan.com
@cowanSF
1) Create a level of person-ability and comfort
2) Acclimate them to the idea that youre not just
wondering about the general picture
3) Assure them by demonstration that youre notselling anything or advocating a point of view
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
126/171
Copyright 2014 Cowan Publishing
4 TYPES OF LEAN HYPOTHESES
PERSONAHYPOTHESIS
PROBLEMHYPOTHESIS
ALEX COWANAlexanderCowan.com
@cowanSF
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
127/171
Copyright 2014 Cowan Publishing
PROBLEM HYPOTHESIS- CHECKLIST
Hypothesis Experiment
! Youve identified at least one discreteproblem (job, desire, etc.)
- Can you describe it in a sentence? Do others get it?- Can you identify current alternatives?
! The problem is important - Do subjects mention it unprompted in discovery interviews?- Do they respond to solicitation (see also value and customer creation
hypotheses)?!
You understand current alternatives - Have you seen them in action?- Do you have artifacts (spreadsheets, photos, posts, notes, whiteboard
scribbles screen shots ?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
128/171
Copyright 2014 Cowan Publishing
EXERCISE: PROBLEM DISCOVERY QUESTIONS
(5 min.)
Question Form Examples Questions (Enable Quiz)
What are the top [5] hardest things about [area ofinterest]?
- What are the top 5 most difficult things about making good techhires? Why?
How do you currently [operate in area of interest- ifyou dont have that yet]? ORHeres what I got on[x]- is that right?
- How do you currently screen for technical skill sets?- Who does what?- How does that work?
Whats [difficult, annoying] about [area of interest]? - Whats difficult about screening technical candidates?- How do you validate they have the right skill set?- How are the actual outcomes? Examples?
What are the top 5 things you want to do betterthis year in [general area of interest]?
- What are the top 5 things you want to do better in technicalrecruiting and hiring?
Why is/isnt [your specific area of interest on thatlist]?
- Why is/isnt screening for technical candidates on that list?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
129/171
Copyright 2014 Cowan Publishing
KEY TO GOOD PROBLEM DISCOVERY
PROBLEMHYPOTHESIS
ALEX COWANAlexanderCowan.com
@cowanSF
1) Avoid prompting, progressing to it only as alast ditch effort
2) Get them in storytelling mode- focus onspecifics and details
3) Focus on just getting them talking- mind thetime but be careful about interrupting for course
corrections
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
130/171
Copyright 2014 Cowan Publishing
EVIDENCE-BASED INNOVATION VIA LEAN STARTUP
Do I have real evidence from my buyerthat this is compelling?
01 IDEA!
What are the key assumptions requiredto make this business work?
02 HYPOTHESIS
How do I definitely prove or disprove the
assumptions with a minimum of timeand effort?
03 EXPERIMENTAL DESIG N
04 EXPE RIM ENTATION
Am I reacting or am I focused onvalidating my pivotal assumptions?
Pivot or persevere?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
131/171
Copyright 2014 Cowan Publishing
EVIDENCE-BASED INNOVATION VIA LEAN STARTUP
04 EXPE RIM ENTATION
Am I reacting or am I focused onvalidating my pivotal assumptions?
Pivot or persevere?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
132/171
Copyright 2014 Cowan Publishing
4 TYPES OF LEAN HYPOTHESES
PERSONAHYPOTHESIS
PROBLEMHYPOTHESIS
VALUEHYPOTHESIS
ALEX COWANAlexanderCowan.com
@cowanSF
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
133/171
Copyright 2014 Cowan Publishing
VALUE HYPOTHESIS- CHECKLIST
Hypothesis Experiment
! Your product is better enough than thealternative to make sales (traffic, etc.)
- You successful execute a (paid?) concierge MVPor- You successfully pre-sell the productor- You successfully drive drive sign-ups online
! Customers will readily perceive this
superiority if you [x]
- (see above)
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
134/171
Copyright 2014 Cowan Publishing
PROBLEM HYPOTHESIS- OUTPUTS & PIVOTS
Outputs Common Pivots1) Pivot from pre-conceived solution/
proposition2) Pivot to new problem area3) Strategic pivot
Template: bit.ly/personast
VALUEPROPOSITION(S)
X
?
!
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
135/171
Copyright 2014 Cowan Publishing
EXERCISE: VALUE DISCOVERY QUESTIONS
(2 min.)
Question Form Examples Questions (Enable Quiz)
How do you decide on and buy [stuff in generalarea of interest]?
- How do you buy [access to recruiting services, resumesearches, HR software, training, prof. ed. books]?
-
Whos involved? Whats the scope of individual discretion?How much did you spend [last period]? - How much do you spend on [items of interest]?
[most of this needs to be obtained through direct experimentation (nextsection); the following are useful but probably not pivotal]
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
136/171
Copyright 2014 Cowan Publishing
TESTING YOUR HYPOTHESIS VIA MVP
M
VP
inimum What is the fastest,cheapest way to
validate orinvalidate thisoption so we giveourselves more
options on futuresuccess?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
137/171
Copyright 2014 Cowan Publishing
TESTING YOUR HYPOTHESIS VIA MVP
M
VPiableWill it give us adefinitive result?What are theactionable metrics?
inimum
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
138/171
Copyright 2014 Cowan Publishing
TESTING YOUR HYPOTHESIS VIA MVP
M
VProduct
Does it reallyrequire actualproduct? Can we
use alternativebrands, channels?
iable
inimum
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
139/171
Copyright 2014 Cowan Publishing
TESTING YOUR HYPOTHESIS VIA MVP
is not necessarily actual software/product(see concierge MVP)
is a first and foremost learning vehicle vs. a project plan
(OK to do those things but alwayssubordinate them to the learning mission)
vs. a product development project
M
VProductiable
inimum
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
140/171
Copyright 2014 Cowan Publishing
THE MVP LITMUS TEST
output !=outcomeIs your MVP driving anextraordinary outcome?
Or is it a vehicle to create output
as usual?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
141/171
Copyright 2014 Cowan Publishing
CASE STUDY: DROPBOX
OPPORTUNITYUnderlying demand and supportinginfrastructure ready for a great file sharingapp.
CHALLENGEBuilding a great cross-platform app.required VC funding. VCs saw a spacewith lots of existing competitors strugglingto get traction.
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
142/171
Copyright 2014 Cowan Publishing
CASE STUDY: DROPBOX
PersonaTom the Techie- early adopter who works on projects that require swapping a lot of files between ashifting network of collaborators.
ProblemScenario
Its difficult to share files between a network of collaborators, particularly if theyre: big or numerous orchange a lot.
AlternativesMany existing products, but none of them super compelling and widely adopted.Also, custom setups which work but are cumbersome to set up and maintain.
Value Prop.A file sharing service that truly feels transparent to the user across all major platforms- OSX, iOS,Windows, etc.
What Minimum Viable Product (MVP)?
That you can bootstrap?
That doesnt require software at all?
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
143/171
Copyright 2014 Cowan Publishing
THE WIZARD OF OZ MVP
Result: Excellent traction andconversion to sign-ups.
Strong validation signal.
Created a synthetic demotailored for early market(techies), promoted it, and
measured email sign-ups.
Q I
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
144/171
Copyright 2014 Cowan Publishing
EXAMPLE: ENABLE QUIZ
OPPORTUNITYHiring quality technical talent is critical formany companies, but screening for skillsets is time consuming and awkward.
CHALLENGEThe founding team wants to bootstrapwithout external funding so they need tofocus on a specific technical domain, onethat will get them strong early traction.
EXAMPLE ENABLE QUIZ
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
145/171
Copyright 2014 Cowan Publishing
EXAMPLE: ENABLE QUIZ
Persona(s)Helen the HR Manager- responsible for sourcing and screening job candidatesFrank the Functional Manager- hiring manager responsible for acquiring and managing talent
ProblemScenario
Helen: hard to screen for technical skillsFrank: never has enough time for recruiting and doesnt want to be a jerk during interviews
AlternativesHelen: call references, take their word for it (on skills)Frank: ask a few probing questions
Value Prop. A lightweight quizzing app that has Helen can use to do quick, effective screening.
What Minimum Viable Product (MVP) for deciding on the right first topics?
That you can bootstrap?
That doesnt require software at all?
THE PRE SALES MVP
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
146/171
Copyright 2014 Cowan Publishing
THE PRE-SALES MVP
Target Outcome: Informedselection of starter topics (andbaseline on initial conversions).
Ran Google AdWordcampaigns across top rankingtechnical topics, measuring
click through rate and landingpage sign-ups.
CASE STUDY LEONID SYSTEMS
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
147/171
Copyright 2014 Cowan Publishing
CASE STUDY: LEONID SYSTEMS
OPPORTUNITYMajor disruption and new productopportunities among telecom providerswith introduction of voice-over-IP and cloudcommunications.
IT systems need to be rethought.
CHALLENGEAs a one-person startup, Leonid had
actionable ideas but not enough resourcesto execute an end-to-end solution.
CASE STUDY LEONID SYSTEMS
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
148/171
Copyright 2014 Cowan Publishing
CASE STUDY: LEONID SYSTEMS
PersonaChris the CTO- has funding and mandate to transition the business towards hosted services; manybases to cover
ProblemScenario
IT is the most expensive, most risky area when making changes to the business.
Alternatives1) Place large, risky bets on major new system upgrades. 2) Make small incremental updates (but risknot keeping pace).
Value Prop. Leonid will offer modular, integration-friendly applications in two critical areas: 1) services provisioningand 2) end user self-service portals.
What Minimum Viable Product (MVP)?
That you can bootstrap?
That doesnt require software at all?
LEONID MVP FROM CONSULTING TO PRODUCT
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
149/171
Copyright 2014 Cowan Publishing
LEONID MVPs: FROM CONSULTING TO PRODUCT
Started with consulting as aconcierge vehicle to createtactical solutions, evolving to
full-fledged product.
Result: Steady step-wisegrowth with consistently better
understanding of key customerproblem scenarios.
CASE STUDY ZAPPOS
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
150/171
Copyright 2014 Cowan Publishing
CASE STUDY: ZAPPOS
OPPORTUNITYAn observed problem scenario around thedifficulty of finding the right shoe at localretail and a giant (but nascent) market inonline retail (1999).
CHALLENGEConsumers still in the early stages ofadopting and habituating to online retail.Founder (Nick Swinmurn) wanted tobootstrap.
CASE STUDY ZAPPOS
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
151/171
Copyright 2014 Cowan Publishing
CASE STUDY: ZAPPOS
Persona Sam the shoe-hound- knows what he wants but not where to get it.
ProblemScenario
Sam is unable to find the shoe he wants at local retailers, wasting time and getting frustrated.
Alternatives Possibly mail order or wait until hes in a bigger market to go to the store.
Value Prop. Make the shoe Sam wants accessible online and make sure he has a great experience so hell comeback and not have to think about where to find the shoe he wants anymore.
What Minimum Viable Product (MVP)?
That you can bootstrap?
That doesnt require software at all?
CASE STUDY ZAPPOS
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
152/171
Copyright 2014 Cowan Publishing
CASE STUDY: ZAPPOS
Result: It worked and the restis history.
Photographed shoes and putthem online to observewhether anyone bought them.
CASE STUDY: SPRIG
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
153/171
Copyright 2014 Cowan Publishing
CASE STUDY: SPRIG
source: as told to Lean Startup Circle, SF (Jan 2014)
Startup looking for early traction forinvestors: Whole Foods (deli) meets Uber.
OPPORTUNITYLarge opportunity to resegment anddisrupt food prep. and delivery business.Desire to move fast and learn fast.
CHALLENGESome existing competitors and slowfundraising process. Food prep. anddelivery requires infrastructure.
CASE STUDY: SPRIG
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
154/171
Copyright 2014 Cowan Publishing
CASE STUDY: SPRIG
Persona*Paula the Professional- health conscious, short on time, moderate to high income, already usessimilar services like Uber.
ProblemScenario
I want to have a nice, healthy dinner with no hassle and at a price I can afford (like $12).
Alternatives Going to the store or an expensive, take-out, or a slow delivery service (>20 minutes).
Value Prop. A healthy meal like you would order a cab (on Uber): Dinner on Demand Prep Time is 3 Taps Delectable Prices (Sprig Home Page)
What MVP?
That you can bootstrap?
That doesnt require software at all?
* This is me interpolating/guessing on an item; not part of the Sprig teams explanation.
source: as told to Lean Startup Circle, SF (Jan 2014)
SPRIG MVP & EXPERIMENTATION
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
155/171
Copyright 2014 Cowan Publishing
SPRIG MVP & EXPERIMENTATION
Result: Excellent uptake andvaluable observations on theproposition and customer
journey.
Hire a chef for the day, put theoffer on Eventbrite, emailfriends - concierge MVP.
source: as told to Lean Startup Circle, SF (Jan 2014)
CASE STUDY: PAUL HOWE & ASSOCIATES
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
156/171
Copyright 2014 Cowan Publishing
CASE STUDY: PAUL HOWE & ASSOCIATES
source: as told to Lean Startup Circle, SF (Jan 2013)
OPPORTUNITYFunded startup team rapidly iteratingthrough B2C concepts with lightweightexperimentation.
One idea: Some people would like to knowhow much their stuff is worth.
CHALLENGEIterate to a successful concept while thetime and money permits.
CASE STUDY: PAUL HOWE & ASSOCIATES
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
157/171
Copyright 2014 Cowan Publishing
CASE STUDY: PAUL HOWE & ASSOCIATES
Persona* ?
ProblemScenario
I have a lot of stuff around that I might want to sell and/or Im just generally curious about how much itsworth, how much Ive spent.*
Alternatives Going through credit card statements or receipts.
Value Prop. Its interesting and possibly useful to know how much stuff you have.*
What MVP?
That you can bootstrap?
That doesnt require software at all?
* This is me interpolating/guessing on an item; not part of the teams explanation.
source: as told to Lean Startup Circle, SF (Jan 2013)
CONCIERGE MVP: PAUL HOWE & ASSOCIATES
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
158/171
Copyright 2014 Cowan Publishing
CONCIERGE MVP: PAUL HOWE & ASSOCIATES
Result: They dont care. Time
to move on to the nextconcept.
Get a few sign-ups withaccess to email and bankaccount info. Review by hand
on a concierge basis andcompile a statement for them.Do they care?
source: as told to Lean Startup Circle, SF (Jan 2013)
CASE STUDY: STEALTH PHOTO-SOCIAL STARTUP
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
159/171
Copyright 2014 Cowan Publishing
CASE STUDY: STEALTH PHOTO-SOCIAL STARTUP
OPPORTUNITYLots of exciting things happening in thephoto-social space.
CHALLENGE
The team had several ideas but fewresources.
CASE STUDY: STEALTH PHOTO-SOCIAL STARTUP
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
160/171
Copyright 2014 Cowan Publishing
CASE STUDY: STEALTH PHOTO-SOCIAL STARTUP
PersonaExisting poster of photos. Personas: Martha the Mom, Pat the Party Planner, Teresa the Teen SocialButterfly
ProblemScenario
[I want to do something interesting with my photos so that my social graph rewards me with interest andacclaim]
Alternatives Manually enhance photos, use alternative enhancers/amplifiers like Instagram
Value Prop. [This is something users can do with photos that will generate engaging content for their social graph]
USER JOURNEY: PHOTO-SOCIAL
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
161/171
Copyright 2014 Cowan Publishing
USER JOURNEY: PHOTO-SOCIAL
ASSUMPTIONUsers social networkwill like and share theapps output
What MVP?
That you canbootstrap?
That doesnt requiresoftware at all?
PHOTO-SOCIAL STARTUP: MVP & EXPERIMENTATION
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
162/171
Copyright 2014 Cowan Publishing
PHOTO-SOCIAL STARTUP: MVP & EXPERIMENTATION
MVP
Create the target outputby hand (conciergestyle)
Does anyone care?
ASSUMPTIONUsers social networkwill like and share theapps output
ABOUT MVPS AND PRODUCTS IN GENERAL
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
163/171
Copyright 2014 Cowan Publishing
ABOUT MVP S AND PRODUCTS IN GENERAL
You have to put the magic inthe software.
(Not the other way around)
Concierge and other non-software MVPs can be prettymagical.
Find 100 people that are reallyinto it and you can probablygrow.
EXERCISE: YOUR (CONCIERGE) MVP
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
164/171
Copyright 2014 Cowan Publishing
EXERCISE: YOUR (CONCIERGE) MVP
Component Notes
What is the experience you want to provide? - What are the preconditions and general steps?
What measurable outcome would validateyour value proposition?
- How will you know if its delivering value?- This could be: a) measurably better outcomes b) activitylevels c) follow-on interest
How will you find participants and what arethe core screening/qualification criteria?
- How will you know if the subjects are relevant to yourcore hypothesis?
(5 min.)
LEAN AT LARGE
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
165/171
Copyright 2014 Cowan Publishing
LEAN AT LARGE
Priority Key Assumption Needs Proving? Experimentation
1[A key assumptionabout the business]
[Whether it needsproving
[Experiment toprove or disprove]
1Parents want toorganize the
distribution of
Yes* Post the proposition in ads online
* Measure sign-ups on a landing page
2Parents want to linkallowances to chores
Yes* Show prototypes with choices* Test in beta
2Parents have smartphones
No n/a
PLANNING WITH LEAN AT LARGE
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
166/171
Copyright 2014 Cowan Publishing
PLANNING WITH LEAN AT LARGE
Lets assume.
Then test.
Lets not
argue
PLANNING WITH LEAN AT LARGE
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
167/171
Copyright 2014 Cowan Publishing
PLANNING WITH LEAN AT LARGE
CLASS PRESENTATIONS
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
168/171
Copyright 2014 Cowan Publishing
CLASS PRESENTATIONS
As Presenter
1) What is it? Use pos. statement.2) How are you doing on the personaschecklist?4) The problem scenarios checklist?5) Where/how will you find interview
subjects? Whats your target number?6) Ideas for MVP? Next steps, timing?
As Audience
- Focus on the process; avoideditorial- Ask a lot of questions- Think about it like an investor
(5 min./each)
POINT OF EMPHASIS
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
169/171
Copyright 2014 Cowan Publishing
POINT OF EMPHASIS
You arethe mostimportantpart of the
experiment
Make sureyoure
learning
RECOMMENDED NEXT STEPS
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
170/171
Copyright 2014 Cowan Publishing
RECOMMENDED NEXT STEPS
Homework (details @ bit.ly/hi-ilab)1. Draft a working set of personas
2. Draft a working set of problem scenario-alternative-value proposition trios.
3. Finish a working product hypothesis and positioning statement.
4. Finish a working interview guide to validate your persona and problem hypotheses.5. Complete at least 5 customer interviews.
6. Draft a working set of assumptions
7. Design your experiments and execute.
GOOGLE DOC TEMPLATE: http://bit.ly/venturetemplate
RESOURCES: bit.ly/vdesign
FINI
-
7/21/2019 New Venture Crash Course UVA ILab Q4'15
171/171
FINI
bit.ly/hi-ilabView this deck
bit.ly/vdesignCheck outVenture Design
@cowanSFTwitter!
[email protected] in touch
Use Customer
Discovery Handbook bit.ly/playent