Presentation on how to got from MVP to product market fit. Its as given at StartMIT, a course that introduces members of the MIT community to the elements of entrepreneurship via professionals from the industry.

1. Testing Key Hypothesis With
Your MVP
Joe Kinsella
Entrepreneur | Technologist | Product Strategist

2. About Me
Web joekinsella.me
Email joe.kinsella@gmail.com
Phone (781) 315-6023
Twitter @joekinsella

3. My Story

4. Why (Most) Startup Fails?
Product Market
Fit

5. Types of Innovation
Breakthrough Innovation Sustaining Innovation
Disruptive Innovation
Research
Well
Defined
Not
Well
Defined
Problem
Not Well Defined Well Defined
Solution
Adapted from Harvard Business Review article by Greg Satell

6. Lean Process To Building Your Business
Build
Measure
Learn
Ideas
Code
Data

7. What Is A Minimum Viable Product?
• Minimal features that target
specific user / need
• Must deliver real value
• Used when non-product
options no longer available
• Often used to gain critical
validated learning
• Can be durable or disposable
Usability
Reliability
Scalability
Functionality
Configurability
MVP
Product

8. Types of Experiments
• Customer interviews
• Failed startup interviews
• Landing page / fake product
• Ask for commitment
• Commitment ask
• Concierge service
• Research
• Use competitor products
• Paper prototype
• MVP
• Lead / traffic generation
• Ad campaign

9. Example: Concierge Experiment
Identify critical hypothesis to test
Can you solve meaningful cost challenges for
businesses through repeatable process that
could be automated?
1
Design experiment to test
Deliver concierge cost management service to
5 small/medium tech businesses using the
public cloud at scale.
2
3 Run experiment
Worked closely with VPEs/CTOs to understand
their cost challenges and deliver actionable
recommendations. Wrote & used scripts in
background to collect & analyze data.
4 Assess results / validate assumptions
Service provided meaningful value to
participating companies. Proved ability to
automate collection, analysis & presentation of
recommendations.
Cansolvecloud
cost issuesvia
repeatable
process

10. Tips to Creating Experiments
• Keep it simple – Strive for least cost
experiment
• Focus on critical – There are always more
hypotheses to test than test
• Define with rigor – Define clear hypotheses &
criteria for validating / invalidating
• Eliminate your bias – Strive to eliminate
confirmation bias; you can be worst enemy
• Use advisors – Relying on advice / feedback
from external advisors can maximize results

11. Types of Pivots
• Zoom-in
• Zoom-out
• Customer segment
• Customer need
• Platform
• Business architecture
• Value capture
• Engine of growth
• Channel
• Technology
From The Lean Startup by Eric Ries

12. Telescoping versus Pivoting
Market
Strategy
Problem
Value

13. When To Build MVP
“If you’re not embarrassed
by the first version of your
product, you’ve launched
too late.”
–Reid Hoffman

14. Example Experimenting with MVP
Identify critical hypothesis to test
Mid-sized SaaS companies with rapid cloud
spend will spend $50K/year for software solution
to optimize cost.
1
Design experiment to test
Setup sales call with 2-5 target prospective
customers. Try to sell MVP for $50K/year. Upon
failure, gather clear list of missing features to
close deal.
2
3 Run experiment
Networked to two companies that fit profile.
Setup & executed sales calls. Took two calls to
get to decision.
4
Assess results
In this example, experiment failed in unexpected
positive ways – proof that all validated learning is
good.

15. Finding Your Early Customers
Has a problem
Is aware of problem
Actively looking for solution
Put together partial solution
Has or can acquire budget
1
2
3
4
5
From Four Steps to the Epiphany by Steven Blank
Earlyvangelist

16. Expanding Your MVP via Agile

17. Mistakes To Avoid
• Not talking to enough or right customers
• Allowing confirmation bias to alter results
• Building product too soon
• Not focusing on the M in the MVP
• Pivoting too early
• Pivoting too late
• Not managing cycle time
• Being overly secretive with ideas

18. Recommended Reading

19. Q&A

20. Appendix

21. Lean Process To Building Your MVP
Learn

22. Expanding Your MVP
• Define a lightweight agile process
to support continued iteration
• Key attributes of successful early
process
• Customer-driven
• Transparent
• Empowering
• Meritocracy
• Agility over predictability

23. Different Types of Products
Time
Performance
From The Innovator’s Dilemma by Clayton Christensen