Vetting ideas
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Vetting Product Ideas ASH MAURYA @ashmaurya http://www.ashmaurya.com
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Transcript of Vetting ideas
Vetting Product Ideas
ASH MAURYA@ashmaurya
http://www.ashmaurya.com
Everyone gets hit by ideas. Most people ignore them. Entrepreneurs act on them.
An idea can consume years of your life.
Most startups fail.
A better, faster way for vetting ideas so you don’t waste time, money, and effort.
Life’s too short to build something nobody wants.
What is Running Lean
Customer Development +
Lean Startup +
Bootstrapping
Get out of the building.
- Steve Blank
Customer Development
Startups that succeed are those that manage to iterateenough times before running out of resources.
- Eric Ries
Lean Startup
Right Action, Right Time.
- Bijoy Goswami
Bootstrapping
Most Plan As don’t work.
Not a better Plan A but a path to a plan that works before running out of resources.
Running LeanRoadmap
Document your Plan A1
Reasonably smart people can rationalize anythingbut entrepreneurs are especially gifted at this.
Business Model versus Business Plan
Business Model versus Business Plan
A document investors make you write that they don’t read
Business Model versus Business Plan
A single diagram of your business
Problem
Top 3 problems
Solution
Top 3 features
Unique Value Proposition
Single, clear, compelling message that states why you are different and worth buying
Unique Value Proposition
Single, clear, compelling message that states why you are different and worth buying
Unfair Advantage
Can’t be easily copied or bought
Customer Segments
Target customers
Problem
Top 3 problems
Key Metrics
Key activities you measure
Unique Value Proposition
Single, clear, compelling message that states why you are different and worth buying
Unique Value Proposition
Single, clear, compelling message that states why you are different and worth buying Channels
Path to customers
Customer Segments
Target customers
Cost Structure
Customer Acquisition CostsDistribution CostsHostingPeople, etc.
Cost Structure
Customer Acquisition CostsDistribution CostsHostingPeople, etc.
Cost Structure
Customer Acquisition CostsDistribution CostsHostingPeople, etc.
Revenue Streams
Revenue ModelLife Time ValueRevenue Gross Margin
Revenue Streams
Revenue ModelLife Time ValueRevenue Gross Margin
Revenue Streams
Revenue ModelLife Time ValueRevenue Gross Margin
Lean Canvas is adapted from The Business Model Canvas (http://www.businessmodelgeneration.com) and is licensed under the Creative Commons Attribution-Share Alike 3.0 Un-ported License.
PRODUCT MARKET
Problem Solution Unique Value Proposition
Unique Value Proposition
Unfair Advantage
Customer Segments
Problem
Key Metrics
Unique Value Proposition
Unique Value Proposition
Channels
Customer Segments
Cost StructureCost StructureCost Structure Revenue StreamsRevenue StreamsRevenue Streams
Your “product” is NOT the product
Problem Solution Unique Value Proposition
Unique Value Proposition
Unfair Advantage
Customer Segments
Problem
Key Metrics
Unique Value Proposition
Unique Value Proposition
Channels
Customer Segments
Cost StructureCost StructureCost Structure Revenue StreamsRevenue StreamsRevenue Streams
Your “business model” IS the product
Brainstorm possible models
Time
Prioritize where to start
Time
1. Customer Pain Level2. Ease of Reach3. Price/Gross Margin4. Market Size
Identify the riskiest parts of the model by stage and type2
Identify the riskiest parts of your model
Time
3 Stages of a Startup
Problem/Solution Fit
Product/Market Fit
Scale
Stage 1 Stage 2 Stage 3
3 Stages of a Startup
Problem/Solution Fit
Product/Market Fit
Scale
Do I have a problem worth solving?
3 Stages of a Startup
Have I built something people want?
Problem/Solution Fit
Product/Market Fit
Scale
3 Stages of a Startup
How do I accelerate growth?
Problem/Solution Fit
Product/Market Fit
Scale
Do you have a problem worth solving?
Problem Solution Unique Value PropositionUnique Value Proposition
Unfair Advantage
Customer Segments
Problem
Key Metrics
Unique Value PropositionUnique Value Proposition
Channels
Customer Segments
Cost StructureCost StructureCost Structure Revenue StreamsRevenue StreamsRevenue Streams
Lean Canvas is adapted from The Business Model Canvas (http://www.businessmodelgeneration.com) and is licensed under the Creative Commons Attribution-Share Alike 3.0 Un-ported License.
1
Problem Solution Unique Value PropositionUnique Value Proposition
Unfair Advantage
Customer Segments
Problem
Key Metrics
Unique Value PropositionUnique Value Proposition
Channels
Customer Segments
Cost StructureCost StructureCost Structure Revenue StreamsRevenue StreamsRevenue Streams
Lean Canvas is adapted from The Business Model Canvas (http://www.businessmodelgeneration.com) and is licensed under the Creative Commons Attribution-Share Alike 3.0 Un-ported License.
12
Problem Solution Unique Value PropositionUnique Value Proposition
Unfair Advantage
Customer Segments
Problem
Key Metrics
Unique Value PropositionUnique Value Proposition
Channels
Customer Segments
Cost StructureCost StructureCost Structure Revenue StreamsRevenue StreamsRevenue Streams
Lean Canvas is adapted from The Business Model Canvas (http://www.businessmodelgeneration.com) and is licensed under the Creative Commons Attribution-Share Alike 3.0 Un-ported License.
123
Select the right tactics that maximize for speed, learning, and focus3
Learning Focus
Speed
Learning Focus
SpeedChasing yourtail
Learning Focus
SpeedChasing yourtail
Run out ofresources
Learning Focus
SpeedChasing yourtail
Run out ofresources
PrematureOptimization
Learning Focus
SpeedChasing yourtail
Run out ofresources
PrematureOptimization
The optimal learning loop
Time
Systematically test your model
Time
Systematically test your model
Time
Systematically test your model
Time
Systematically test your model
Time
...
Systematically test your model
Problem
Channels
Revenue Streams
123
RISKS EXPERIMENT - PROBLEM INTERVIEW
Problem
Channels
Revenue Streams
123
RISKS EXPERIMENT - PROBLEM INTERVIEW
How do customers rank your problems?
Problem
Channels
Revenue Streams
123
Who has the pain? Can you reach them?
RISKS EXPERIMENT - PROBLEM INTERVIEW
How do customers rank your problems?
Problem
Channels
Revenue Streams
123
Who has the pain? Can you reach them?
RISKS EXPERIMENT - PROBLEM INTERVIEW
How do customers rank your problems?
How do they solve these problems today?
Solution
Channels
Revenue Streams
123
RISKS EXPERIMENT - SOLUTION INTERVIEW
Solution
Channels
Revenue Streams
123
RISKS EXPERIMENT - SOLUTION INTERVIEW
Will your solution solve their problem?
Solution
Channels
Revenue Streams
123
How will they find you?
RISKS EXPERIMENT - SOLUTION INTERVIEW
Will your solution solve their problem?
Solution
Channels
Revenue Streams
123
How will they find you?
RISKS EXPERIMENT - SOLUTION INTERVIEW
Will your solution solve their problem?
Will they pay for the solution? If not, who will?
Key Metrics
Channels
Revenue Streams
123
RISKS EXPERIMENT - MVP
Key Metrics
Channels
Revenue Streams
123
RISKS EXPERIMENT - MVP
Have you built something people want?
Key Metrics
Channels
Revenue Streams
123
How will they find you at scale?
RISKS EXPERIMENT - MVP
Have you built something people want?
Key Metrics
Channels
Revenue Streams
123
How will they find you at scale?
RISKS EXPERIMENT - MVP
Have you built something people want?
Are you getting paid?
Running LeanIllustrated
How I Wrote My BookIterated
Time
Blog
How I Wrote My BookIterated
Time
Blog
TeaserPage
How I Wrote My BookIterated
Time
Blog
TeaserPage
How I Wrote My BookIterated
Time
Blog
TeaserPage
FreeWorkshop
How I Wrote My BookIterated
Time
Blog
TeaserPage
FreeWorkshop
PaidWorkshop
How I Wrote My BookIterated
Time
Blog
TeaserPage
FreeWorkshop
PaidWorkshop
Preview Chapter +
Pre-order option
How I Wrote My BookIterated
Time
Blog
TeaserPage
FreeWorkshop
PaidWorkshop
Preview Chapter +
Pre-order option
How I Wrote My BookIterated
Time
Blog
TeaserPage
FreeWorkshop
PaidWorkshop
Preview Chapter +
Pre-order option
2-weekreleases
How I Wrote My BookIterated
Time
Blog
TeaserPage
FreeWorkshop
PaidWorkshop
Preview Chapter +
Pre-order option
2-weekreleases
PublisherInterest
How I Wrote My BookIterated
Time
Blog
TeaserPage
FreeWorkshop
PaidWorkshop
Preview Chapter +
Pre-order option
2-weekreleases
PublisherInterest
How I Wrote My BookIterated
Time
Blog
TeaserPage
FreeWorkshop
PaidWorkshop
Preview Chapter +
Pre-order option
2-weekreleases
PublisherInterest
BookFinished?
How I Wrote My BookIterated
Time
Blog
Blog
TeaserPage
FreeWorkshop
PaidWorkshop
Preview Chapter +
Pre-order option
2-weekreleases
PublisherInterest
BookFinished?
How I Wrote My BookIterated
Time
WorkshopsBlog
Blog
TeaserPage
FreeWorkshop
PaidWorkshop
Preview Chapter +
Pre-order option
2-weekreleases
PublisherInterest
BookFinished?
How I Wrote My BookIterated
Time
Lean Canvas+
USERcycle
WorkshopsBlog
Blog
TeaserPage
FreeWorkshop
PaidWorkshop
Preview Chapter +
Pre-order option
2-weekreleases
PublisherInterest
BookFinished?
How I Wrote My BookIterated
Time
Document your Plan A1Identify the riskiest parts of the model by stage and type2Select the right tactics that maximize for speed, learning, and focus3
Questions?
