Building a successful MVP

My presentation at the 1st German Lean Startup Machine event in Munich: "Building a successful MVP".

Transcript

1. @ideasenabled | ideasenabled.com | LinkedIn Building a successful MVP Christian Kählig Managing Partner, Ideas Enabled GmbH Accelerated Innovation Development
2. © 2012 Ideas Enabled GmbH 2 Startups 3 yrs Consulting 7 yrs Corporate 6 yrs Accelerating Innovation WestWing Chuisy Coaching People Method Tools Business & Computer Science Lean Startup Research (eBook) & Practice 2010 Exec MBA in Innovation & Business Creation 2011 2012 1996 Me
3. © 2012 Ideas Enabled GmbH What you will learn today What is it? What types? What to test? Samples & tactics Individual assessments MVP
4. © 2012 Ideas Enabled GmbH Start with the right questions in mind
5. © 2012 Ideas Enabled GmbH 5 The big question: should it be built?                                                                         Source: www.blacksocks.com Blacksocks App matches your socks
6. © 2012 Ideas Enabled GmbH 6 Ensure you can answer 3 basic questions Do you have a problem worth solving? Is the problem really big enough? How do you know? The Lean Startup approach helps you with that
7. © 2012 Ideas Enabled GmbH 7 Accelerated learning Content source: (c) Eric Ries - startuplessonslearned.com IDEAS DATA PRODUCT MEASURE LEARN BUILD Minimize the total time through the loop The principles are simple, following them is hard
8. © 2012 Ideas Enabled GmbH 8 Learn before you build MEASURE IDEAS DATA PRODUCT Content source: Modified, based on (c) Eric Ries - startuplessonslearned.com Experiments What learning? What measure? What to build? LEARN BUILD
9. © 2012 Ideas Enabled GmbH The MVP defined
10. © 2012 Ideas Enabled GmbH 10 The MVP: a prototype optimized for learning The minimum amount of effort you have to do to complete exactly one turn of the Build-Measure-Learn feedback loop. - Eric Ries -
11. © 2012 Ideas Enabled GmbH 11 Three main drivers Learning Speed Cost
12. © 2012 Ideas Enabled GmbH 12 Validated Learning through experiments Minimum viable product > actionable > timeboxed > additive experiment > falsifiable
13. © 2012 Ideas Enabled GmbH 13 Validated Learning Meets success criterion “Signal” “Foaming at the mouth”
14. © 2012 Ideas Enabled GmbH When to start testing
15. © 2012 Ideas Enabled GmbH Customer Problem Assumption Assumption Assumption Assumption Assumption Assumption Riskiest Assumption Different Customer Same Problem 15 Source: Lean Startup Machine (CC License) Method Minimum Success
16. © 2012 Ideas Enabled GmbH Types of MVP
17. © 2012 Ideas Enabled GmbH 17 There is no one-size-fits-all MVP Tailored to your business model Optimized for learning Minimum and viable
18. © 2012 Ideas Enabled GmbH 18 The LSM recommends three types of MVP MVP Stages Focus Exploration Pitch Concierge Problem Solution Experience Opportunity Cost Tactics Customer Scene Doppelganger Conversation Menu Decreasing Discount Innovator Better Alternative Meta One Use Case Real life simulation
19. © 2012 Ideas Enabled GmbH Problem EXPLORATION
20. © 2012 Ideas Enabled GmbH 20 Early adopter has 3 typical characteristics Confirms the problem Actively looks for workarounds or solutions Forgives early stage issues
21. © 2012 Ideas Enabled GmbH 21 Problem exploration defined An interaction focused on the customer’s problems to understand past behavior and urgency. - LSM -
22. © 2012 Ideas Enabled GmbH 22 Scene of the customer Image source: unknown
23. © 2012 Ideas Enabled GmbH 23 Doppelganger Check your competition: Customers? Paying? Roadblocks? Image sources: (Obama) (c) the guardian.co.uk, Photo: Reuters; (Merkel) (c) Radio Hamburg
24. © 2012 Ideas Enabled GmbH 24 Conversation starter Early Adopter Dating Image source: (c) CafePress - http://www.cafepress.com/abyss2hope.60724392#
25. © 2012 Ideas Enabled GmbH 25 Menu of features Fake Features Image source: (c) The Wave’s Winter Feature Menu
26. © 2012 Ideas Enabled GmbH Solution PITCH
27. © 2012 Ideas Enabled GmbH 27 Solution pitch defined Pitch Customer Currency Solution for the Customer Entrepreneur @ t $ w ( ) Source: Lean Startup Machine (CC License)
28. © 2012 Ideas Enabled GmbH 28 Decreasing Discount Discount Time New sales 1st sale Invalidation Discount rejected ...
29. © 2012 Ideas Enabled GmbH 29 Productize Innovator & Early Adopter tactics Innovator / Early Adopter + + Workaround / Solution Part 1 Part 2 ...
30. © 2012 Ideas Enabled GmbH 30 Better Alternative Market Leader Solution Customer Entrepreneur +
31. © 2012 Ideas Enabled GmbH 31 Meta Magic Wand Solution Early Adopter Listen to the customer but don’t necessarily do what they say
32. © 2012 Ideas Enabled GmbH CONCIERGE
33. © 2012 Ideas Enabled GmbH 33 Concierge defined The Turk Image sources: (1) Chessgames.com; (2) (c) Karl Gottlieb von Windisch’s 1783 book; (3) TwistedPhysics.com
34. © 2012 Ideas Enabled GmbH 34 Manually delivering on the solution, as a service to the customer, to see if the delivery matches the customer’s expectations and makes them happy. - LSM - Concierge defined
35. © 2012 Ideas Enabled GmbH 35 One use case Solution
36. © 2012 Ideas Enabled GmbH 36 Real life simulation Image source: Road to Virtual Reality blog (roadtovr.com)
37. © 2012 Ideas Enabled GmbH Make sure you have a PROBLEM worth solving! Start with testing your riskiest assumption
38. © 2012 Ideas Enabled GmbH Try to reach PROBLEM / SOLUTION FIT Start with testing your riskiest assumption related to the solution
39. @ideasenabled | ideasenabled.com | LinkedIn Get the 1st completed research study on The Lean Startup approach at eBook facebook.com/ideasenabled Accelerated Innovation Development Paperback