Create a Minimum Viable Product
Managing Member, Alfa Jango
No upcoming sessions scheduled.
$375Find out more!
Lean Startup is a set of processes used by entrepreneurs to iterate on business ideas to quickly find product market fit. The concept has gotten a lot of attention lately and with good reason – if you apply the principles, you’ll accelerate your learning curve and get your business on the path to success. MVP, or Minimum Viable Product, is a test product that’s used to address a core issue and gather insights. Information about whether your product will capture a paying audience is invaluable. In this workshop we’ll dive into MVP to get you laser focused on what not to do as you spend your precious startup time and dollars. We’ll use Lean Startup principles as the backdrop for you to create and test the MVP for your business. Once you truly apply the principles of MVP to your idea, you’ll never look at version one of your product in the same way! We’ll work with you to narrow your focus, create your MVP, and set you and your start-up on your way.
You should have an interest in entrepreneurship and an idea that you’ve been working on - either to create your own startup or to evolve your current organization. A familiarity with basic business fundamentals such as competitive analysis, marketing, customer segmentation, and customer acquisition will help, but isn’t required. You should bring your own laptop.
At the end of this workshop, you will:
- Understand the guiding principles of Lean Startup as a mechanism to guide and create a new business or business unit
- Understand why developing an MVP is so difficult and what can be done to drive progress and foster success
- Present your startup business model and receive feedback from entrepreneurial experts
- Narrow your business focus and ideas to form a Minimum Viable Product
- Create your own minimum viable product/clear outline for what constitutes a minimum viable product
- Understand how to measure, track, and interpret product analytics data
- Understand the process necessary to iterate over and develop your own MVP
- Understand how to use your MVP for customer acquisition and developing product market fit
- The Lean Startup: Why This and Why Now?
- The Art and Science of creating your MVP
- Thinking small, thinking simple, who are you building your MVP for? Customers or investors?
- Present Your Business Model Hypothesis
- Markets and approach, Customers, Channels, Pricing, Assumptions
- Customer Discovery
- Vision, Features & Benefits, Testing Your Business Model Hypotheses
- Customer Perception of the Problem and when to ignore it
- Develop your “Low-Fidelity” Product
- Learning by example
- Reveal your “Low-Fidelity” Product and get feedback and direction
- Narrow your idea and business focus to move fast
- Customer Validation: Get into the field and learn, fail, and learn more
- Is your business repeatable? Is your business scalable?
- Holding up the mirror: how does this really look?
- Is there a market? How can I obtain customers? Where is there perceived value? Perceived demand? Who write the check?
- Measurement and Results: How to learn from your MVP, and use that learning to make important decisions
- Listening, learning, and pivoting
- Incorporating Agile engineering with customer development
- Unveiling your “High-Fidelity” Product
- Validating your business model: Are you single-sided or two-sided?
- Identifying & interacting with Earlyvangelists
- Developing a Sales, Pricing, and Channel Strategy
- Where to go next: options to grow and fund your business