Building a successful MVP

Building a successful MVP

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

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Christian Kählig

December 01, 2012
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  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