how to build_a_successful_mvp_lean-302

Building a Successful MVP

What You Will Learn

• What is an MVP?

• What are the different types of MVPs?

• What does the MVP actually test?

• Examples of “good” MVPs

• Individual Assessments

What is an MVP?

“The minimum amount of effort you have

to do to complete exactly one turn of the

Build-Measure-Learn feedback loop.”- Eric Ries

Don’t Be Misled…

MVP ≠ a functioning product

In Simpler Terms

MVP = Experiment

(Think: Minimum Viable Experiment)

Goals of MVP

• Maximum validated learning with

minimum effort.

• Minimum opportunity cost.

• Rapid testing and iteration.

When do MVPs Get Created?

1. Problem or Solution Hypothesis

2. Make a Prediction

3. Outline Assumptions

4. Identify Riskiest Assumption

5. Define Success Criterion

✔

Riskiest Assumption

Where do I Begin?

• Not all MVPs are created equal.

• MVP most appropriate…

i. For your business model

ii. Both minimum and viable

iii. Learn whether it succeeds or fails

Types of MVPs

1. Problem Exploration

2. Product Pitch

3. Concierge

(in order of increasing opportunity cost)

Validation

1. Success criterion.

2. “Signal.”

3. “Foaming at the mouth.”

Early Adopters

“Foaming at the Mouth” means:

1. Have the problem

2. Aware they have the problem

3. Searched for a solution

4. Hacked a solution

5. Paid for a solution

Problem Exploration

An interaction focused on customer’s

problems to understand past behavior

and urgency.

Problem Exploration

Opportunity Cost: Very Low

Examples of Problem Exploration

1. Scene of the Customer

Highest geographic density of your

customer use case.

Examples of Problem Exploration

2. Doppelganger

Someone already executing on your

idea.

Examples of Problem Exploration

3. Conversation Starter

Getting your customer’s attention and

activating their imagination.

Examples of Problem Exploration

4. Menu of Features

Fake features to ascertain which ones

the customer is most interested in.

Product Pitch

Exchange of product for some form of

currency: time, money, or work.

Tests the Riskiest Assumption

associated with your Solution

Hypothesis.

Product Pitch

Opportunity Cost: Very Low Low

Examples of Product Pitch

1. Decreasing Discount

Decrease the discount over time for new

sales.

Think: Invalidation = discount rejected

Examples of Product Pitch

2. Innovator

Learn innovators’ tactics and see if you

can productize them into a solution.

Examples of Product Pitch

3. Better Alternative

Get the customers of the existing market

leader.

Examples of Product Pitch

4. Meta

Have your customer design the first

version of your product.

Concierge

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.

Concierge

Opportunity Cost: Medium

Examples of Concierge

1. One Use Case

Making your product function for only a

single use case.

Examples of Concierge

2. Real Life Simulation

Illusion of backend functionality or

infrastructure.

Think: Validation = Reason to Build Out

Interactive

What MVPs have you already created?

Remember…

Focus on testing your

Riskiest Assumption

Thanks

ryan@leanstartupmachine.com

@ryanmaccarrigan