Idea Validation

How do you know your idea doesn’t suck?

Validation

• Make a minimal viable product and get out to test and validate your idea• Is anyone interested in our product?• What features do customers care about?• What features are missing? • What features aren’t necessary?

•We take the data , we learn from customers and constantly revise the product .

Minimum Viable Product

• The minimum viable product (MVP) is “the version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.”

• This can be:• A prototype• A design mockup• A video describing your product.

• The MVP is different for every startup. What works for one company may not be viable

enough for another.

• It’s not about doing the least amount of work necessary, it’s about doing the least amount of work necessary to test your

hypothesis. For some industries this may require a lot of work.

The Mini Collection

The Full Collection

Why MVP ?

• The goal of the MVP is to test fundamental business hypotheses and help entrepreneurs begin the

learning process as quickly as possible.

• In Lean StartUp lingo these hypotheses are called leap of faith

assumptions

Landing Pages

• A landing page is a web page where visitors “land” after clicking a link. A landing page should quickly communicate what your product/service is about.

• Anipals, a social network for pet owners, created a landing page to give potential users a preview

Crowd funding

• Crowd funding lets you know that people are willing to pay for your product

• Pebble created a Kickstarter that also served as its pre-order form

Raised 10 million Dollars!!

Testing• You can use testing to

validate specific features or price points

• Bounce, a calendar mobile app, used A/B

testing to test out different price points.

• At $10 1.7% purchased• At $5 1.4 % purchased

Videos

• A video should explain what the product does and why people should care.

• Dropbox created a basic video that explained their product and uploaded it to Hacker News.

• Got critical feedback from potential customers• 70,000 signups for their email list

Talk to the People

• Sometimes taking to people is the best way to validate your product.• Talk to as many as you can.• Talk Smart - The Mom Test.

When you ask your Mom …

What is actually happening…

That’s how you do it…