finding out the viability of business ideas for web and mobile products
TRANSCRIPT
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30.5.2016 Mikael Vankalo
A Framework for evaluating the viability of business ideas for Web and Mobile products
Case Study 2: OPASCase Study 1: UnHidden
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INTRODUCTION
✤ Portfolio thesis - 18months of lessons learned
✤ Combining interdisciplinary knowledge with two practical case studies
✤ Thesis subject narrowed down to: Evaluating the viability of business idea for Web / Mobile products
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MOTIVATION
✤ To learn more about building a startup
✤ To examine how failure risk for web / mobile products could be decreased
✤ Experimenting if a business idea can be validated without building the whole product
“Up to 92% of Startups fail” - The Startup Genome Report
“42%% of Startups fail because of no market need” - CBInsights
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METHODOLOGY
IDEAS
PRODUCTDATA
BUILD
MEASURE
LEARN
Minimize TOTAL time through the
loop
Knowledge base: PracticalProduct DevelopmentBusiness DevelopmentSoftware Development
Research methods: 2 Case StudiesExperimentsObservationInterviewsAnalytics
Project Management
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THEORY FRAMEWORK
Business Model Canvas
Customer Development
Agile Engineering
Lean Web/Mobile Startup
Lean Canvas
OR UX
Overview of the business model
Used to validate market need and
business logic
Principles for Software
Development
Processes to design and
improve User Experience
ITERATIVE PROCESSES
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LEAN PROCESS
Customer Development Define Problem, Solution &
Customer segments
Minimum Viable Product (MVP)
Initial Market Research
Create a first version of a Business ModelFounders Product Vision
Build MVP’s
Iterate & Pivot
Find Problem / Solution fit
B
M
L
Try to sell the manual solution first
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IDEACase Study 1: UnHidden
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BUSINESS MODELCase Study 1: UnHidden
Draft: PROBLEMSOLUTION
CUSTOMER SEGMENTS
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BUILD
Choose interests Take geotagged photos Browse locations
Case Study 1: UnHidden
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MEASURECase Study 1: UnHidden
Facebook groups
Dedicated forums
Meeting people face-to-face
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LEARN
Invalidated!
Not enough market need = Not a real problem
MVP experiment = Did not manage to sell a single location
to any of the customer segments
8 Sign up’s - Conversion rate from landing page 1,4%
(avg.2,35%)
Priceless personal growth from the project
Fast invalidation of the idea (2 months)
Project cost = 10€ for the domain unhidden.co
Case Study 1: UnHidden
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IDEACase Study 2: OPAS
An app to connect people with different skills for projects
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RESEARCH
Setting up the stage Testing the problem
Introductions - tell briefly about the idea 2min
Rank the problems of the interviewee 2min
Collect customer segment info 1min Explore user worldview, workflow, needs 10min
Qualitative
USER Description of user
Problem rank
When?
Where?
User needs USE CASE Feature List
STUDENT 13
Independent learner,
Don’t like a public profile
1. Build network 2. Find skills 3. Meeting new people
When getting ideas
about a project
Experienced insight when learning new
topics
Contact a person who completed a
similar project
Get information from my other accounts like
LinkedIn.
Sample size: 26 HH students
Case Study 2: OPAS
No 50%
Yes 50%
No 30%
Yes 70%
No 20%
Yes 80%
Would like to create a personal online learning profile focused on skills
Willing to find new people to help with studies
Would like to connect with people online to build up network
Sample size: 52 HH students
Quantitative
Problem ranking
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USER STORIESCase Study 2: OPAS
3 Most occurring Problems based on Qualitative Research turned into User Stories
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BUILDCase Study 2: OPAS
Information Architecture
based on User Stories
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MEASURECase Study 2: OPAS
Google analytics Hotjar analytics
USABILITY TESTING
ANALYTICS
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LEARN
Partially validated!
Found a slight problem for a small segment in a very crowded
marketMVP experiment = Usability test Net Promoter Score 2,66
(1-10) Severe usability issues found
20 Sign up’s - Conversion rate from landing page 9,8%
(avg.2,35%)
Successful IT project together with 12 students
Generated a lead with an established HR company for
collaborationMonetisation still unclear, did
not manage to sell
Case Study 2: OPAS
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CONCLUSIONS
Look for problems that you have yourself that you would love to solveSet up a process of learning from experimenting
Start with simple
Find a way how to test or sell the manual solution before automating
Define at least one root problem before building a solution
Most ideas fail and all require changes so failing fast is better than slow
Avoid premature scaling up
Aim of the process is to learn faster than your competition = right to win
BUSINESS IDEA
PRODUCT