The purpose of minimum viable products is to get knowledge and understanding of customers early in the product development cycle. MVPs are the media for your questions about your customers. Depending on your product stage, you will have different questions and MVPs can take different forms and shapes depending on the questions.
Effective use of a Minimum Viable Product -by Pushkar Gaikwad CEO, Enter Tech Solutions / CubicleProjects Entrepreneur at Start-up Chile
Myself Pushkar Gaikwad Chemical Engineer from IIT Bombay 5 Years in Oil & Gas Industry Started working on my startup cubicleprojects.com in May 2013 My experiences taught me planning to minimize risk in a start-up
Cubicle Work Management for Engineering Projects Combines ERP with Project Management Tools In these slides I will share my experience of using Minimum Viable Products (MVP) for early customer validations
Idea Product / Service Customers Competition Capital Team Industry Trends Basically I started with an idea for an Integrated Project Management Platform while working as an Engineer But there were MANY different factors which influenced viability of the IDEA. And each one needed to be tested.
Showstoppers? Getting started No Product / No Customers Often people have a great idea. But give up without any execution. And then 3 years later you see someone else making millions with the same business So if you decide to execute, make sure your product is technically feasible AND SALEABLE. Most start-ups fail because they cant find any buyers.
Risk Assessment Technological feasibility? Do you solve a PRESSING problem? Single dominant player in market? Long enough financial runway? 10X changes approaching?
Customer Development Steve Blank Customer Discovery Customer Validation Customer Creation Building Company MVP
Minimum Viable Product Test customer needs Determine minimum feature set Fix Bugs and Defects (code + workflow) Start making money! MVP is a tool you can use to test certain assumptions about the market. And if the MVP is good you can also monetize it.
MVP for Cubicle 1st Powerpoint Workflow Diagrams 2nd UI designed in Excel 3rd HTML Prototype 4th A functioning demo version in the cloud For Cubicle, we started talking to customers from Day0, using different MVPs parallel to product development to validate whatever we were doing.
Powerpoint Animations Videos with workflow
UI Mock-ups In Excel
Functioning software prototype that can be monetized
Different Tools for MVP Excel Sheets Quick to make, Testing not scalable Powerpoint Presentations Quick to make, Difficult to scale testing Functioning App Prototype Take longer, but Scalable Testing Improve knowledge about customers Improve product structure / features Make some money
MVP for Flying Drones with Cameras Drones Cameras Spectral Maps What should be the MVP ? http://www.linkedin.com/influencer/95015
To summarize Its never too early to talk to customers Basic market research can help a long way Use MVPs and minimize risk
To summarize Its never too early to talk to customers Basic market research can help a long way Use MVPs and minimize risk Build a team Raise money Start your journey !!