slides for idea validation
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idea validation : entrepeneurshipTRANSCRIPT
Idea Validation
How do you know your idea doesn’t suck?
Validation
• Make a minimal viable product and get out to test and validate your idea• Is anyone interested in our product?• What features do customers care about?• What features are missing? • What features aren’t necessary?
•We take the data , we learn from customers and constantly revise the product .
Minimum Viable Product
• The minimum viable product (MVP) is “the version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.”
• This can be:• A prototype• A design mockup• A video describing your product.
• The MVP is different for every startup. What works for one company may not be viable
enough for another.
• It’s not about doing the least amount of work necessary, it’s about doing the least amount of work necessary to test your
hypothesis. For some industries this may require a lot of work.
The Mini Collection
The Full Collection
Why MVP ?
• The goal of the MVP is to test fundamental business hypotheses and help entrepreneurs begin the
learning process as quickly as possible.
• In Lean StartUp lingo these hypotheses are called leap of faith
assumptions
Landing Pages
• A landing page is a web page where visitors “land” after clicking a link. A landing page should quickly communicate what your product/service is about.
• Anipals, a social network for pet owners, created a landing page to give potential users a preview
Crowd funding
• Crowd funding lets you know that people are willing to pay for your product
• Pebble created a Kickstarter that also served as its pre-order form
Raised 10 million Dollars!!
Testing• You can use testing to
validate specific features or price points
• Bounce, a calendar mobile app, used A/B
testing to test out different price points.
• At $10 1.7% purchased• At $5 1.4 % purchased
Videos
• A video should explain what the product does and why people should care.
• Dropbox created a basic video that explained their product and uploaded it to Hacker News.
• Got critical feedback from potential customers• 70,000 signups for their email list
Talk to the People
• Sometimes taking to people is the best way to validate your product.• Talk to as many as you can.• Talk Smart - The Mom Test.
When you ask your Mom …
What is actually happening…
That’s how you do it…