how to build a viable product people want
DESCRIPTION
A great product is not just based on a great idea, it is sustainable. So after you close your first round of financing, don't be tempted to think that business model has been validated. Funding is only validation of an idea and an entrepreneur. Therefore, your first task is to begin proving your idea has a viable business model, and from there build your product, communicate with your customers and iterate on building something meaningful to them.TRANSCRIPT
How to Build a Great ProductByrne Reese, ToyTalk
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__________is not enough.a great product
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__________is not enough.amazing technology
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__________is not enough.having deep pockets
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__________is not enough.a historic visionary
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How to Build a Viable ProductPeople Want
Byrne Reese, ToyTalk
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a great idea may get you funding
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funding is not validation
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step one
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test your hypotheses
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minimum viable product
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minimum viable product
you don’t need a
to begin testing
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Deconstruct Your Business Model
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Deconstruct Your Business Model
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Who is your customer?
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Who is your customer? What value are you
providing them?
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Who is your customer? What value are you
providing them? How much will they pay?
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Who is your customer? What value are you
providing them? How much will they pay?
How will you reach them?
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KNOW the problem you are solving
Who is your customer? What value are you
providing them? How much will they pay?
How will you reach them?
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It’s science!Thursday, November 3, 11
step two
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productstart building a
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product
JUPITERJupiter is really massive. The mass of Jupiter is 318 times the mass of the Earth. In fact, Jupiter has 2.5 times the mass of all the other planets in the Solar System combined.
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minimum product
MERCURYMercury is the planet nearest to the sun. It has a diameter of 3,031 miles, about two-fifths the Earth's diameter. Because of Mercury's size and nearness to the brightly shining sun, the planet is often hard to see from Earth without a telescope. The ancient Romans named it Mercury in honor of the swift messenger of their Gods. Mercury has no moons.
viable
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minimum viable product
EARTHThe only planet in the Solar System known to support life.
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minimum viable product
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≠minimum viable product
minimum product
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≠minimum viable product
scalable product
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≠minimum viable product
code
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step three
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Iterate. Iterate. Iterate.
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Staying on Track
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People think focus means saying “yes” to the thing you’ve got to focus on. But that’s not what it means at all. It means saying no to the hundred other good ideas that there are.
- Steve Jobs
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cool vs awesome
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inspiring
awe•someawe
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inspiring an overwhelming feeling of reverence or admiration, produced by that which is grand, extremely powerful, or sublime.
awe•some
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communicate with your customers
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talk to your customers
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listen to your customers
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communicate with your customers
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commune
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community
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embrace the pivot
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?
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Go Big, or Go HomeThursday, November 3, 11