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How different Minimum Viable Products helped us understand customers.

Date post: 26-Aug-2014
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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.
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Effective use of a Minimum Viable Product - by Pushkar Gaikwad CEO, Enter Tech Solutions / CubicleProjects Entrepreneur at Start-up Chile
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Page 1: How different Minimum Viable Products helped us understand customers.

Effective use of a Minimum Viable Product

-by Pushkar Gaikwad CEO, Enter Tech Solutions / CubicleProjects Entrepreneur at Start-up Chile

Page 2: How different Minimum Viable Products helped us understand customers.

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

Page 3: How different Minimum Viable Products helped us understand customers.

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

Page 4: How different Minimum Viable Products helped us understand customers.

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.

Page 5: How different Minimum Viable Products helped us understand customers.

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 can’t find any

buyers.

Page 6: How different Minimum Viable Products helped us understand customers.

Risk Assessment

• Technological feasibility?

• Do you solve a PRESSING problem?

• Single dominant player in market?

• Long enough financial runway?

• 10X changes approaching?

Page 7: How different Minimum Viable Products helped us understand customers.

Customer Development – Steve Blank

Customer Discovery

Customer Validation

Customer Creation

Building Company

MVP

Page 8: How different Minimum Viable Products helped us understand customers.

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.

Page 9: How different Minimum Viable Products helped us understand customers.

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.

Page 10: How different Minimum Viable Products helped us understand customers.

Powerpoint

Animations

Videos with

workflow

Page 11: How different Minimum Viable Products helped us understand customers.

UI Mock-ups

In Excel

Page 12: How different Minimum Viable Products helped us understand customers.

Functioning software

prototype that

can be monetized

Page 13: How different Minimum Viable Products helped us understand customers.

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

Page 14: How different Minimum Viable Products helped us understand customers.

MVP for Flying Drones with Cameras

Drones Cameras Spectral Maps

What should be the MVP ?

http://www.linkedin.com/influencer/95015

Page 15: How different Minimum Viable Products helped us understand customers.

To summarize…

It’s never too early to talk to customers

Basic market research can help a long way

Use MVPs and minimize risk

Page 16: How different Minimum Viable Products helped us understand customers.

To summarize…

It’s 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 !!

Page 17: How different Minimum Viable Products helped us understand customers.

www.cubicleprojects.com

Good Luck !!!

[email protected]


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