2 steps to making your mvp a success with Poornima
Presentation At Startup Product Talks at Marketo in San Mateo on May 15, 2013 Too often companies spend a lot of time fixated on perfecting their prototype. After putting in a lot of effort to build it, they launch, but are left wondering why users aren't using their product! In this talk I'll cover the two most critical steps companies overlook, which can save them from wasted efforts and lead them to a successful launch. About Poornima Vijavashanker Poornima Vijayashanker graduated from Duke University with degrees in Electrical and Computer Engineering and Computer Science. After graduating she headed out to Silicon Valley, where she first worked for Synopsys as an R&D Engineer, and started working towards a Masters in CS at Stanford. She left her Masters to join Mint.com in 2006 as the second employee, and stayed until its Intuit Acquisition for $170M in late 2009. After a 6 year yoga practice, in January 2010, she left Mint.com to start BizeeBee.com. BizeeBee was inspired by a Poornima's passion for yoga, and wanting to help fitness studios and instructors across the world leverage technology to make it easier to run their businesses. She is currently BizeeBee's CEO and Founder. Aside from being a coder, entrepreneur, speaker, startup advisor, and mentor to junior engineers, Poornima is the founder of Femgineer.com, an avid traveler, foodie, and a competitive Bikram yogini. @poornima www.linkedin.com/in/poornima Startup Product Startup Product is a movement for product excellence through cross-discipline collaboration and holistic product perspective. There is a lifecycle that every product, startup, idea and project passes through to be realized. Focusing on where the product is in its lifecycle enables a conversation that brings us all together on what will serve the product most to arrive at product/market fit, sustain growth and generate revenue streams. Site: http://startupproduct.com Blog: http://startupproduct.wordpress.com Meetings: http://www.meetup.com/StartupProductTalks/ Bring Startup Product Talks and Summit to your community! http://www.meetup.com/StartupProduct Newsletter: http://bit.ly/WtN2oY Twitter: http://www.twitter.com/startupproduct
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2 steps to making your mvp a success with Poornima
- 1. Poornima Vijayashanker, @poornima, poornima@femgineer.com 2 Steps to Making Your MVP a Success 1
- 2. INTRODUCTION ‣ Duke University - Electrical Engineer & Computer Science ‣ R&D Engineer @ Synopsys ‣ Founding Engineer @ Mint.com ‣ Founder & CEO @ BizeeBee ‣ Founder of Femgineer.com POORNIMA VIJAYASHANKER 2 2
- 3. ‣ Causes of Failure ‣ Step 1: Simple Value Proposition ‣ Step 2: Identify Early Adopter ‣ What if you’ve already failed?! 3AGENDA 3
- 4. 2 STEPS TO MAKING YOUR MVP A SUCCESS “Our app has been downloaded 10,000 times!” 4 “We have 1M users!” “We were featured on TechCrunch.” “I’m looking for a technical co-founder to build my product.” “I’m focused on fundraising right now...” 4
- 5. 2 STEPS TO MAKING YOUR MVP A SUCCESS Some time passes... 5 5
- 6. 2 STEPS TO MAKING YOUR MVP A SUCCESS 6 6
- 7. 2 STEPS TO MAKING YOUR MVP A SUCCESS Keep building! 7 7
- 8. 2 STEPS TO MAKING YOUR MVP A SUCCESS 8 8
- 9. 2 STEPS TO MAKING YOUR MVP A SUCCESS 9 What happened? 9
- 10. “Value in a startup is validating learning not creation of stuff.” - Eric Ries, Lean Startup 102 STEPS TO MAKING YOUR MVP A SUCCESS 10
- 11. Purpose of an MVP. 112 STEPS TO MAKING YOUR MVP A SUCCESS 11
- 12. Validate early adopters and value proposition. 122 STEPS TO MAKING YOUR MVP A SUCCESS 12
- 13. MVP Fails 1. Don’t know who you’re early adopter is? 2. Don’t have a simple value proposition. 132 STEPS TO MAKING YOUR MVP A SUCCESS 13
- 14. 2 STEPS TO MAKING YOUR MVP A SUCCESS 14 14
- 15. Resist the urge to build! 152 STEPS TO MAKING YOUR MVP A SUCCESS 15
- 16. Concierge MVP. 162 STEPS TO MAKING YOUR MVP A SUCCESS 16
- 17. 2 STEPS TO MAKING YOUR MVP A SUCCESS CONCIERGE MVP 17 ‣ An experiment is a product ‣ Questions ‣ Do consumers recognize they have the problem you are trying to solve? ‣ If there was a solution, would they buy it? ‣ Would they buy it from you? ‣ Can you build the solution for that problem? ‣ How can you build a simple version? 17
- 18. Concierge MVP validates value proposition. 182 STEPS TO MAKING YOUR MVP A SUCCESS 18
- 19. 2 STEPS TO MAKING YOUR MVP A SUCCESS CASE STUDY #1: FOOD ON THE TABLE 19 ‣ Creates weekly meal plans and grocery lists, and hooks into grocery stores to find best deals for ingredients ‣ Began with a single customer! ‣ Interviewed customers are local super markets. ‣ Signed up 1st customer and dropped off groceries weekly. ‣ Collected $9.95 on each visit! 19
- 20. 2 STEPS TO MAKING YOUR MVP A SUCCESS CASE STUDY #2: FEMGINEER 20 ‣ Blog that became a business ‣ Bootstrapped through customers ‣ Concierge MVP 20
- 21. 2 STEPS TO MAKING YOUR MVP A SUCCESS 21 ‣ Validated concept through a video ‣ Started with brick and mortar stores ‣ Focused on one market: shoes ‣ Simple site with same inventory that was in stores CASE STUDY #3: DROPBOX 21
- 22. Validating early adopters. 222 STEPS TO MAKING YOUR MVP A SUCCESS 22
- 23. 232 STEPS TO MAKING YOUR MVP A SUCCESS 23
- 24. Not the time to focus on growth! 242 STEPS TO MAKING YOUR MVP A SUCCESS 24
- 25. 2 STEPS TO MAKING YOUR MVP A SUCCESS Customers care about a product solving their problems or servicing their needs. 25 25
- 26. Who are your customers? 262 STEPS TO MAKING YOUR MVP A SUCCESS 26
- 27. Start with competitor. 272 STEPS TO MAKING YOUR MVP A SUCCESS 27
- 28. Not just product, but entire experience! 282 STEPS TO MAKING YOUR MVP A SUCCESS 28
- 29. Whittle it down to what competitor offers and who they are offering it to. 292 STEPS TO MAKING YOUR MVP A SUCCESS 29
- 30. 2 STEPS TO MAKING YOUR MVP A SUCCESS 30 Who is neglected segment? What doesn’t competitor ‘get’? What will make this group loyal? Competitors Their value proposition. Who uses their products? Why do they love them? 30
- 31. 2 STEPS TO MAKING YOUR MVP A SUCCESS 31 CASE STUDY #4: MINT vs. 31
- 32. 2 STEPS TO MAKING YOUR MVP A SUCCESS 32 Personal Finance People who care but don’t want to spend time: People who care and spend time: 40+ Affluent20-30 somethings $75k CASE STUDY #4: MINT Don’t buy shrink- wrapped software. Care about security, and seeing entire portfolio. 32
- 33. Doesn’t always have to be a single competitor, could be multiple solutions or change of behavior. 332 STEPS TO MAKING YOUR MVP A SUCCESS 33
- 34. 2 STEPS TO MAKING YOUR MVP A SUCCESS Can you bounce back? 34 34
- 35. 2 STEPS TO MAKING YOUR MVP A SUCCESS CASE STUDY #5: BIZEEBEE 35 ‣ Initially a tool for ALL small business owners ‣ 100+ email signups - no one came back! ‣ I called EVERYONE ‣ No clear early adopter or value proposition ‣ Focused on yoga studios first 35
- 36. 2 STEPS TO MAKING YOUR MVP A SUCCESS CASE STUDY #6: CIRCLE OF FRIENDS 36 ‣ Founded in 2007 ‣ An app for everyone to share content ‣ 10M users! ‣ But less than 20% of circles had activity. ‣ Started digging and found most engaged group: moms! ‣ Went more niche and focused on needs, saw higher engagement. ‣ Acquired by Sugar Inc. in 2012 36
- 37. 2 STEPS TO MAKING YOUR MVP A SUCCESS Will I grow? 37 37
- 38. 2 STEPS TO MAKING YOUR MVP A SUCCESS Eventually! 38 38
- 39. 2 STEPS TO MAKING YOUR MVP A SUCCESS 39 ‣ e-commerce platform ‣ Started with brick and mortar stores ‣ Focused on one market: shoes ‣ Simple site with same inventory that was in stores CASE STUDY #7: ZAPPOS 39
- 40. 2 STEPS TO MAKING YOUR MVP A SUCCESS 40 ‣ marketplace ‣ Started with concierge MVP ‣ Early adopters were people who crashed with friends & family ‣ Simple value proposition to rent a bed, room, or apt for a short stay CASE STUDY #8: AIRBNB 40
- 41. 2 STEPS TO MAKING YOUR MVP A SUCCESS What about quality? 41 41
- 42. 2 STEPS TO MAKING YOUR MVP A SUCCESS Customers care about a product solving their problems or servicing their needs. 42 42
- 43. 2 STEPS TO MAKING YOUR MVP A SUCCESS If design is an issue that will be revealed in testing on early adopters. 43 43
- 44. 2 STEPS TO MAKING YOUR MVP A SUCCESS Throw away your work! 44 44
- 45. ‣ Causes of Failure ‣ Step 1: Simple Value Proposition ‣ Step 2: Identifying Early Adopter ‣ What if you’ve already failed?! 45REVIEW 45
- 46. 46 Group Mentoring! Learn more here. 2 STEPS TO MAKING YOUR MVP A SUCCESS 46
- 47. Q&A 2 STEPS TO MAKING YOUR MVP A SUCCESS 47 47