CREATING MVPs. Evidence-based Entrepreneurship. By Eric Koester

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1 CREATING MVPs Evidence-based Entrepreneurship By Eric Koester

2 Welcome to the MVP Series Become an Evidence-Based Entrepreneur Use Data to Make Key Early Startup Decisions Create your first Minimum Viable Product(s)

3 MVP SERIES Sept MVP 101: Lean Entrepreneur: Applying the principles of lean Oct MVP 102: Creating a Minimum Viable Company: Lean Naming, Lean Logoing and Lean Teaming Nov MVP 103: Building your MVP: How to create a product without (or with minimal) technical skills Dec MVP 104: Workshop: Creating MVPs on Web and Mobile

4 Welcome to Evidence Based Entrepreneurship

5 It works The National Science Foundation has been running a 2 year experiment of the effectiveness of this process. The results? Control group - funding rate 18% I-Corps group - funding rate 60%

6 Hi. I m ERIC KOESTER I m an Entrepreneur. I m going to be your Sherpa.

7 GET Let s Started

8 RECAP: MVP 101/2/3 1. History of Lean and Evidence Based Entrepreneurship 2. Idea Generation & Customer Discovery 3. Data-Drive Decisions + The Crowd 4. MVPs, MVPs and More MVPs VIDEO AVAILABLE AT: bit.ly/mvp103wksp

9 Lean Entrepreneurs Our tools: 1. Idea Generation (MVP 101) 2. Customer Discovery (MVP 101) 3. Data-Driven Decision Making (MVP 102) 4. Tapping the Crowd (MVP 102) 5. Minimum Viable Products (MVP 103) 6. Customer Development (MVP 104)

10 MVP MVP Recap 2. How to Test 3. MVP Workshop: Let s Try This Out!

11 Your Concept Inspiration Light Idea Validation Idea Selection Customer Discovery Okay, Let s Go

12 Setting the Stage You ve settled on an initial concept // approach You ve hopefully talked to potential customers You can clearly state the problem You ve researched competing solutions and don t think they cut the mustard You ve got a decent theory about a unique solution You ve got some good feedback from customers that they d buy

13 Business Model Canvas

14 Let s MVP Once you ve gotten confidence that the dogs will eat the dog food you need to start creating MVPs to test. Every Test is a MVP!

15 The Minimum Viable Product The smallest feature set that gets you the most Orders Learning Feedback Failure Customer Discovery Customer Validation Pivot

16 The Minimum Viable Product MVP: Your Test(s) to Learn To Continue On To Pivot (Try Again)

17 Example MVPs Interviews * Reports * Consulting * Blogs * * Facebook Page * AdWords * Existing Tools * Wordpress * Social Media

18 Building It The smallest feature set that gets you the most Orders Learning Feedback Failure

19 What Test Should You Run?

20 Lots of MVPs 1. Interviews 2. Sketches/Mockups 3. Adwords Campaign 4. Explainer Video 5. Competitor Usability Tests 6. Landing Page 7. Existing Tools or Hacks (Etsy, Ebay, Amazon) 8. Concierge MVP 9. Wizard of Oz MVP 10. Blog First / Wordpress 11. List 12. Crowdfunding 13. Other (Gumroad, Social Media, Etc.)

21 Organizing MVPs 1. Coverage: The number of reached customers. (An interview is done with few people, an Ad-Words campaign may reach thousands). 2. Product Fidelity: How similar is the MVP to the end product? (A software prototype has a higher fidelity than a paper mockup). Source: Stefan Roock

22 Organization of MVPs

23 Picking a Strategy Early On: Low Coverage & Low Fidelity Head Nodding: Higher Coverage OR Fidelity Good Results: Flip It Wow, this Might Work: Go Up & Right Where Do You Fit?

24 Get Out of the Building & search for the Model

25 Evidence-based Entrepreneurship HOW TO TEST

26 1 2 3 HUNCH CONFIDENT CERTAIN

27 1. HUNCH You re Looking For Research Experience Close Contacts / Experts Anecdotes Gut Feel GOAL: Your gut is telling you to go for it...

28 You re Looking For People you don t know Understanding of the Problem General Thoughts Enough Feedback to share with your mom or your spouse 2. CONFIDENT GOAL: You are hearing good things...

29 3. CERTAIN You re Looking For Double and Triple Digits of Feedback Repeatable Input Fidelity with the approach Enough insight to tell your grandmother GOAL: You re hearing good things from LOTS of people

30 Why Does This Matter? As you move from a hunch and being confident into wanting certainty (you are quitting your job, bringing on a partner, trying to raise money, etc.), you need to design tests that will deliver that certainty.

31 Evidence-based Entrepreneurship CREATING MVPs

32 Let s Stop Talking About It It s time to design your MVP.

33 1 2 3 WEB MOBILE COMMUNITY

34 Bonus Kickstarter

35 Volunteer?

36 1. WEB MVP So you wanna build a site You don t need a developer Unbounce Godaddy Tumblr Wordpress GOAL: Get something up there fast & simple

37 Volunteer?

38 Case Study Sumo Jerky 9 hours: $3K revenue / $1K profit

39 So you think you need an app Don t build an app (yet) Build a mobile optimized site Try Text Messaging Try Instagram or Snapchat 2. MOBILE MVP GOAL: Get people to act with their phone in their hands

40 Volunteer?

41 Case Study Uber Text me for a ride

42 So you d like to build a place 3. COMMUNITY MVP for likeminded folks Sites don t build communities; communities build sites Try Facebook Try Meetup.com Write Blog Host a conference GOAL: Build a community, not a site

43 Volunteer?

44 Case Study Secret London FB Group to 180,000 members to Startup

45 So you think this could be sold in every Walmart Pre-sales are the new sales Kickstarter Indigogo Quibb Bonus KICK- STARTER GOAL: Design & build your prototype, then start selling it MVP

46 Volunteer?

47 Case Study Pebble Watch $10M in pre-sales without a product

48 So now What?

49 Ready?

50 THANK YOU! Watch the videos Build your MVPs Send me updates

51 ERIC KOESTER

In Everything You Do Is Digital

In Everything You Do Is Digital In 2015 Everything You Do Is Digital There is no more digital marketing. There is only marketing. 5 Barriers to Smart Digital Marketing Barrier 1 The Dizzying Array Facebook, Pinterest, Instagram, Twitter,