1. Dr. Sean Wise, BA LLB MBA PhD
MVP

2. In this module you will learn:
What is a minimum viable product
Where MVP fits in the startup lifecycle
How to define your MVP
7 ways to make your MVP
Principles to follow
How to test your MVP

3. Where are we? Picked a target market
Undertook customer discovery interviews
Built a cusomter persona
Drafted our first Lean Canvas
Identified the largest most inelastic unmet market need
Noodled on a variety of solutions to turn that unmet market need (i.e. opportunity) into a valuable venture

4. Product Market Fit Scale now
Startup Lifecycle
Product Market Fit Scale now
(LTV > COCA)
Problem Solution Fit
You are Here!

5. Lean Startup Stages
You are Here!

6. Customer Development Methodology
You are Here!

8. You are searching for EVIDENCE of Problem / Solution Fit, how will you know you have found it?

10. Problem / Solution Fit
A problem is worth solving if more than 40% of the TestPop identify it as a top 3 issue
You will know you have found it when:
Customers are already hacking their own solution
Pilot Users refuse to give back prototypes
Current solution is 10x more costly, slow, bulky, unsatisfactory

11. What’s Next?

12. What’s an MVP?
A MVP is “that product which has just those features and no more that allows you to ship to early adopters, at least some of whom resonate with (e.g. pay you money for) and provide feedback on”
Doesn’t have to be just money, but must be more than words, must be a measurable action:
Signups
Downloads
Use

13. What is an MVP?
Minimum: MVP contains the core features and everything that isn’t a MUST HAVE is stripped out
Viable: MVP can be built and have opportunity to gain traction
Product: MVP creates value for people

14. Purpose of MVP Maximum learning with minimum effort
MVP is an experiment to turn lean canvas assumptions into validated learnings
Maximum learning with minimum effort
Time and money are scarce
Offers focus and execution
Builds early traction
Crystalizes customer input, helps refine solution and minimize scope creep
The goal of the MVP is to test your understanding of the customer’s problem & see if your solution will prompt him to adopt your solution based on important features alone – Bernard Leong

15. 2 Categories of MVPs Validating MVP Invalidating MVP
solution is worse than the final version
Solution is better than final version
e.g. people will by the ugly version
e.g. doing by hand what will eventually be done by software
Failure is inclusive
Failure means that the business model is doomed
Validates the Business Model
Never hear of these
Single Feature MVP
Concierge MVP

16. 7 Types of MVPs Explainer Video MVP Landing Page MVP Wizard of Oz MVP
Concierge MVP
Piecemeal MVP
Crowdfund MVP
Single Feature MVP
From VLADIMIR BLAGOJEVIC ’s blog

17. Explainer Video MVP
Explainer video is a short video that explains what your product does and why people should buy it
Often a simple, 90 seconds animation

18. Explainer Video MVP Samples

19. Landing Page MVP
A landing page is a web page where visitors “land” after clicking a link from an ad, or another type of a campaign.
The job of a landing page is to quickly communicate the value of your offering, diffuse objections, and call the visitor to action.

20. Landing Page MVP Example

21. Landing Page MVP Example

22. Landing Page MVP Example

23. Wizard of Oz MVP
When you put up a front that like like a real working product, but manually carry out the product functions.
a/k/a Flintstoning is when you use a human-powered method to deliver a user experience that feels automated.

24. Wizard of OZ MVP

25. Concierge MVP
Instead of providing a digital product, you start with a manual service.
A service with the same steps that the digital process will automate.
Won’t scale.

27. Piecemeal MVP The love child of Wizard of Oz and Concierge
You emulate the steps people would go through using your solution but instead of delivering results manually, you emulate them using OTHER PEOPLES tools
e.g. using google maps to MVP AccessNow

28. Single Feature MVP
Only offers the KILLER FEATURE, the one that will lead 80% of users to buy
solves 80% of the problem for 20% of the effort
eg. the first cloud based platforms didn’t have fonts or spellcheck but were widely adopted

29. How to Get Started…
Identify a problem that at least 40% of the TestPop say is inelastic
Investigate how it is being addressed today
Identify why alternatives are unsatisfactory
Ask TestPop what the future state might look like
Ask TestPop how they would solve it if technology was used
Ask for a list of benefits (not features) they would want
Have the TestPop prioritize the list from MUST HAVEs to NICE TO HAVEs
You prioritize the features based on importance, complexity and added value
Ask them to name the one thing that an ugly solution must do to be adopted

30. Key Principles of the MVP
Less is more
The most boring feature is often the most important one
Minimize Friction – always follow the path of least resistance
Focus on closing the loop (i.e. making the sale), go deep not wide
Iterate MVP based on user feedback and user DATA
Pivot if adoption falls below 40%

31. Problem: walking is too slow

32. How to Test your MVP Customer Interviews A/B tests Ad campaigns
Crowdfunding
Blogs, Product Hunt & Reddit
Paper prototyping
Buy now buttons

33. MVP Exercises For each of the following startups, think about
What problem is being solved?
What is the one feature that without, the problem remains unaddressed?
Can that feature be built as a standalone, if not, what else must be build to create an MVP for these startups?

34. What is the MVP for?

35. What is the MVP for?

36. What is the MVP for?

37. In this module you learned:
What is a minimum viable product
How to define your MVP
7 ways to make your MVP
Principles to follow
How to test your MVP

38. End of module 5