Minimum Viable Product MVP Lean Startup Machine DC

Minimum Viable Product (MVP) Lean Startup Machine DC Shardul Mehta May 31, 2014 © Shardul Mehta 2013 http: //streetsmartproductmanager. com This work by Shardul Mehta is licensed under the Creative Commons Attribution-Share. Alike 3. 0 Unported License. To view a copy of this license, visit http: //creativecommons. org/licenses/by-sa/3. 0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.

Hi. I’m Shardul. VP Product Management and Product Marketing shardulmehta@gmail. com http: //streetsmartproductmanager. com @shardulmehta http: //www. linkedin. com/in/shardulmehta © Shardul Mehta 2013 http: //streetsmartproductmanager. com This work by Shardul Mehta is licensed under the Creative Commons Attribution-Share. Alike 3. 0 Unported License. To view a copy of this license, visit http: //creativecommons. org/licenses/by-sa/3. 0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. 1

What’s an MVP? © Shardul Mehta 2013 http: //streetsmartproductmanager. com This work by Shardul Mehta is licensed under the Creative Commons Attribution-Share. Alike 3. 0 Unported License. To view a copy of this license, visit http: //creativecommons. org/licenses/by-sa/3. 0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. 2

Not a buzzword Lazy thinking • You don’t sound cool • It doesn’t make you “lean” © Shardul Mehta 2013 http: //streetsmartproductmanager. com This work by Shardul Mehta is licensed under the Creative Commons Attribution-Share. Alike 3. 0 Unported License. To view a copy of this license, visit http: //creativecommons. org/licenses/by-sa/3. 0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. 3

What is not an MVP • Version 1. 0 • A half-baked product • Beta • A buggy product • “First market launch” • A landing page • Soft launch • Smoke test • “First customer ship” • Mockup • Smallest collection of features you can deliver • Prototype © Shardul Mehta 2013 http: //streetsmartproductmanager. com This work by Shardul Mehta is licensed under the Creative Commons Attribution-Share. Alike 3. 0 Unported License. To view a copy of this license, visit http: //creativecommons. org/licenses/by-sa/3. 0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. 4

Not about product delivery But it is about delivering product Say wha…? © Shardul Mehta 2013 http: //streetsmartproductmanager. com This work by Shardul Mehta is licensed under the Creative Commons Attribution-Share. Alike 3. 0 Unported License. To view a copy of this license, visit http: //creativecommons. org/licenses/by-sa/3. 0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. 5

It’s about validated learning So customers’ problems are squarely at the center, not our solution © Shardul Mehta 2013 http: //streetsmartproductmanager. com This work by Shardul Mehta is licensed under the Creative Commons Attribution-Share. Alike 3. 0 Unported License. To view a copy of this license, visit http: //creativecommons. org/licenses/by-sa/3. 0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. 6

Reality check Customers don’t care about your solution. They care about solving their problems. © Shardul Mehta 2013 http: //streetsmartproductmanager. com This work by Shardul Mehta is licensed under the Creative Commons Attribution-Share. Alike 3. 0 Unported License. To view a copy of this license, visit http: //creativecommons. org/licenses/by-sa/3. 0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. 7

Fundamental truth Your solution, while interesting, is irrelevant. © Shardul Mehta 2013 http: //streetsmartproductmanager. com This work by Shardul Mehta is licensed under the Creative Commons Attribution-Share. Alike 3. 0 Unported License. To view a copy of this license, visit http: //creativecommons. org/licenses/by-sa/3. 0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. 8

Whoa… mind bender? © Shardul Mehta 2013 http: //streetsmartproductmanager. com This work by Shardul Mehta is licensed under the Creative Commons Attribution-Share. Alike 3. 0 Unported License. To view a copy of this license, visit http: //creativecommons. org/licenses/by-sa/3. 0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. 9

Not really • Think problems – Not solutions • Think learning – Test your assumptions • Think hypotheses – Be deliberate about learning © Shardul Mehta 2013 http: //streetsmartproductmanager. com This work by Shardul Mehta is licensed under the Creative Commons Attribution-Share. Alike 3. 0 Unported License. To view a copy of this license, visit http: //creativecommons. org/licenses/by-sa/3. 0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. 10

So what is an MVP? © Shardul Mehta 2013 http: //streetsmartproductmanager. com This work by Shardul Mehta is licensed under the Creative Commons Attribution-Share. Alike 3. 0 Unported License. To view a copy of this license, visit http: //creativecommons. org/licenses/by-sa/3. 0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. 11

That version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort. - Eric Ries © Shardul Mehta 2013 http: //streetsmartproductmanager. com This work by Shardul Mehta is licensed under the Creative Commons Attribution-Share. Alike 3. 0 Unported License. To view a copy of this license, visit http: //creativecommons. org/licenses/by-sa/3. 0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. 12

MVP, despite its name, is not about creating minimal products… In fact, MVP is quite annoying, because it imposes extra overhead. We have to manage to learn something from our first product iteration. In a lot of cases, this requires a lot of energy invested in talking to customers or metrics or analytics. The definition’s use of the words maximum and minimum means it is decidedly not formulaic. It requires judgment to figure out, for any given context, what MVP makes sense. - Eric Ries © Shardul Mehta 2013 http: //streetsmartproductmanager. com This work by Shardul Mehta is licensed under the Creative Commons Attribution-Share. Alike 3. 0 Unported License. To view a copy of this license, visit http: //creativecommons. org/licenses/by-sa/3. 0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. 13

MVP breakdown Minimum Viable Product • The absolute necessary features needed day 1 to solve customers’ top problems • Solve real world problems ✗Version 1. 0 ✗Half-baked, buggy ✗Landing page ✗“Beta” ✗Smallest collection of features ✗Smoke test ✗First market launch © Shardul Mehta 2013 http: //streetsmartproductmanager. com • What will customers “pay” for? ✗Don’t ship s**t! • Useful • Deliver real value • Tangible ✗Mockup, prototype This work by Shardul Mehta is licensed under the Creative Commons Attribution-Share. Alike 3. 0 Unported License. To view a copy of this license, visit http: //creativecommons. org/licenses/by-sa/3. 0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. 14

Key concepts • Maximum amount of validated learning • Be systematic about identifying riskiest assumptions • Formulate testable falsifiable hypotheses • Use MVP to prove or disprove your hypotheses © Shardul Mehta 2013 http: //streetsmartproductmanager. com This work by Shardul Mehta is licensed under the Creative Commons Attribution-Share. Alike 3. 0 Unported License. To view a copy of this license, visit http: //creativecommons. org/licenses/by-sa/3. 0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. 15

Concierge MVP • “Manual” version of your ultimate solution • Short-term solution to gain critical insights on your customers – They’re needs what do they actually care about? – They’re actual behaviors what will they actually pay for? • Short-term solution to gain critical insights on your solution – Most important elements your solution will need (features) – Most important benefits your solution provides (value proposition) – In terms of importance to the customer (not you) © Shardul Mehta 2013 http: //streetsmartproductmanager. com This work by Shardul Mehta is licensed under the Creative Commons Attribution-Share. Alike 3. 0 Unported License. To view a copy of this license, visit http: //creativecommons. org/licenses/by-sa/3. 0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. 16

Online Payment Forms Concierge MVP ü $0. 5 million payments • Manually-coded HTML forms to take payments • Code put through rigorous UAT ü Target customer segment • Almost 100 built! • Sales preparedness ü Messaging, positioning Learnings ü Usage ü Most common types of payment forms desired ü What’s most important to them in a form ü Frequency of changes ü Reporting ü Potential early adopters! © Shardul Mehta 2013 http: //streetsmartproductmanager. com ü Buyer vs. User personas ü Sales model ü Pricing ü Value prop & competitive positioning ü Generate revenue ü New problems/opportu nities to validate ü Timeframe: 4 months This work by Shardul Mehta is licensed under the Creative Commons Attribution-Share. Alike 3. 0 Unported License. To view a copy of this license, visit http: //creativecommons. org/licenses/by-sa/3. 0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. 17

Reconciliation Concierge MVP Demo MVP • E-guides • Specific hypotheses • Excel macros • Data validation via prototype • Validation from early clients • Customer interviews with mockup • Test other aspects of the product strategy • Remote & in-person training Learnings ü Deep insights into problems ü Deep insights into current workflows ü Deep insights into data © Shardul Mehta 2013 http: //streetsmartproductmanager. com • Roadmap for GA product ü Types of users ü UX design ü Data algorithm ü Early clients This work by Shardul Mehta is licensed under the Creative Commons Attribution-Share. Alike 3. 0 Unported License. To view a copy of this license, visit http: //creativecommons. org/licenses/by-sa/3. 0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. 18

Q&A shardulmehta@gmail. com http: //streetsmartproductmanager. com @shardulmehta http: //www. linkedin. com/in/shardulmehta © Shardul Mehta 2013 http: //streetsmartproductmanager. com This work by Shardul Mehta is licensed under the Creative Commons Attribution-Share. Alike 3. 0 Unported License. To view a copy of this license, visit http: //creativecommons. org/licenses/by-sa/3. 0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. 19

Important Stuff! This material is licensed to you under the Creative Commons Attribution-Share. Alike 3. 0 Unported License. View the license at http: //creativecommons. org/licenses/by-sa/3. 0/ © Shardul Mehta 2013 http: //streetsmartproductmanager. com This work by Shardul Mehta is licensed under the Creative Commons Attribution-Share. Alike 3. 0 Unported License. To view a copy of this license, visit http: //creativecommons. org/licenses/by-sa/3. 0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. 20