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Stage 2: Validating Your Business ModelLesson 2: Creating a Minimum Viable Product

workshop agenda01 Review02 Learning Objectives03 Examples of MVPs04 Create your MVP05 Workshop your MVP06 Key learnings and next steps

01review

Customer Discovery Process1. State your assumptions/hypotheses2. Test your assumption/hypotheses3. Test your product concept4. Evaluate; next steps

Debrief customer interviews

01 How many customer interviews did you do? With who?

02 What did they say?

03 What did you learn?

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How has your thinking evolved around key assumptions / hypotheses around risks:• PRODUCT RISK: What are you solving? (problem)

• How might customers perceive the your problem(s) compared with how you thought of them?

• MARKET RISK: Who is the competition? (existing alternatives)• How do customers solve these problems today?

• CUSTOMER RISK: Who has the pain? (customer segments)• Is this a viable customer segment?

Maurya, Running Lean, p. 83, 84

Debrief customer interviews

Customer Discovery in Context

value proposition, product/service the company offers (along with its benefits to customers) – Steve Blank

http://www.peterjthomson.com/value-proposition-canvas-questions/

https://steveblank.com/2015/05/06/build-measure-learn-throw-things-against-the-wall-and-see-if-they-work/

Or, something else where coding not

needed

02learning objectives

What is a Minimum Viable Product?

by the end of lesson 2 you will

– Understand the concept of a Minimum Viable Product (MVP)

– Create a plan to make your own MVP– Get feedback from your peers on your MVP

MVP: What? Why?A Minimum Viable Product is that version of a new

product which allows a team to collect the maximum amount of validated learning about customers with

the least effort. - Ries

A Minimum Viable Product is the smallest thing you can build that

delivers customer value (and as a bonus captures some of that value

back). - Maurya

Simplest thing you can show to customers to get the most learning at that point in time -- Blank.

MVP videosYour MVP should only do one thing – April 6, 2016:http://bit.ly/1Nb5cwL

Chris Castig http://learn.onemonth.com/mvpRapid Prototyping Google Glass with Tom Chi (first 5 minutes)http://blog.ted.com/google-glass-prototyped-using-binder-clips-and-clay/

• Feature set for MVP• Validated learning• Pivots

Problem worth solving? Built something people want? How accelerate growth?

Ideal time to raise funding Concept Source: Blank Four Stages

to the Epiphany; Maurya, Running LeanImage Source: Startitup

03Examples of MVPs• low fidelity• high fidelity

04Workshop your MVP

What we will be doing• 5 minutes to think about and note

down possible MVP• Take turns presenting to class – class

will brainstorm and give feedback on your MVP ideas.

• What is the value proposition in your business model?

• What is a way you can ‘hack’ or ‘bootleg’ just this aspect of in the most basic way possible?

• What are you testing for? Does this test that?

MVP considerations

https://dschool.stanford.edu/groups/k12/wiki/196f3/Brainstorming_Rules.html

1 Does this test the core concept of their business model?

2 Can he/she do this cheaply?3 Any other way they could approach this?

Questions for the Group

05summary and next steps

05 questions• What is a startup?• What is the difference between idea and

hypothesis?• What is a minimum viable product (MVP)?• What is the importance of the MVP?• How does an MVP evolve or change?

05Summary and Next Steps

• What is the one thing you can do to start making your minimum viable product happen by next class?

• Lesson 3??

questions?

review material for next session

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