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Elevator Pitches • You’re in an elevator. Aus5n’s most important investor steps
through the doors. You realize that you have 30 seconds to talk to explain your project to them.
• You have 15 minutes to prepare and prac5ce. • At the end of 15 minutes, 6 people will be nominated by you
as the best pitchers. They will pitch to the class. • The group will vote on who gives the best pitch. The winner
will receive one free Sperry pen. • Note: this is a compe55on for individuals, not a team
compe55on
Do you have a problem worth solving‽
3 Easy Steps:
• Problem interviews • Build demos • Solu5on interviews
AWW SHOOT, WHAT WERE PROBLEM INTERVIEWS FOR?
Problem Interviews
Objec5ves: 1. Iden5fy your _______ 2. Learn how they currently _______ 3. Talk to customers to understand their ______
before geSng married to a ________. No5ce that we didn’t men5on the product at all.
Problem Interviews
Objec5ves: 1. Iden5fy your early adopters 2. Learn how they currently _______ 3. Talk to customers to understand their ______
before geSng married to a ________. No5ce that we didn’t men5on the product at all.
Problem Interviews
Objec5ves: 1. Iden5fy your early adopters 2. Learn how they currently solve these problems 3. Talk to customers to understand their ______
before geSng married to a ________. No5ce that we didn’t men5on the product at all.
Problem Interviews
Objec5ves: 1. Iden5fy your early adopters 2. Learn how they currently solve these problems 3. Talk to customers to understand their worldview
before geSng married to a solu5on. No5ce that we didn’t men5on the product at all.
AWW SHOOT, WHAT WAS A DEMO FOR‽
Demo
• Is not your ________ • Should look _________ • Should be quick to _______, respond to __________
• Minimize _______—carefully spend the minimum amount of _________
Demo
• Is not your final product • Should look _________ • Should be quick to _______, respond to __________
• Minimize _______—carefully spend the minimum amount of _________
Demo
• Is not your final product • Should look real • Should be quick to _______, respond to __________
• Minimize _______—carefully spend the minimum amount of _________
Demo
• Is not your final product • Should look real • Should be quick to iterate, respond to customer input
• Minimize _______—carefully spend the minimum amount of _________
Demo
• Is not your final product • Should look real • Should be quick to iterate, respond to customer input
• Minimize waste—carefully spend the minimum amount of 5me needed
What will you do with your demo?
• Help customers visualize what your solu5on is • Demonstrate how your product solves their top 2-‐3 problems
• Get more feedback about what features ma^er
• Test pricing
Your
Solu5on interviews
Objec5ves
1. Learn to create solu5on interview scripts 2. Create solu5on interview scripts for your demo 3. Prac5ce your solu5on interview with 2 mentors 4. Show that your team is on track to finish your demo
by Aug 3 (or in 5me to do your interviews) 5. Show that your team will complete 10 interviews by
Aug 3
You must interview 10 people by 5pm on Aug. 3
Exit 5ckets for today:
1. Post your solu5on interview script to reddit 2. Post your demo comple5on schedule to
reddit 3. Post your interview plan to reddit
Will this be funded‽ h^p://www.kickstarter.com/projects/656400238/eyeclick-‐iphone-‐4-‐4s-‐camera-‐remote-‐0
What are the first 5 Lean Canvas answers for this product? 5 minute rapid challenge: You can ask two one-‐sentence ques5ons to a poten5al early adopter of Eye Click. What are the most effec5ve ques5ons to determine if someone would buy this product?
FINALLY, SOLUTION INTERVIEWS
3 Ques5ons
1. What is the minimum feature set needed for launch?
2. How do you iden5fy an early adopter? 3. Will customers pay you for a solu5on?
CINESKATES EXAMPLE
3 Hypotheses 1. What is the minimum feature set needed for launch?
– Tripod that rolls – Holds DSLRs – Compact
2. How do you iden5fy an early adopter? – Owns a DSLR and GorillaPod
3. Will customers pay you for a solu5on? – Verbal commitment to pay $150 for a solu5on
Demo Ques5ons
• <For each problem> Illustrate how you solve the problem using the suppor5ng mockup. Pause amer each one and ask if they have any ques5ons.
• <Repeat for other problems> • So that’s what the tripod looks like right now. We are trying
to priori5ze what to finish and release first and would like to ask you a few more ques5ons.
• What things resonated with you the most? Which could you live without? Are there any addi5onal features you think are missing?
Pricing Ques5ons
• So lets talk about pricing next. • We are envisioning launching Cineskates as a portable rolling tripod.
• Would you pay $150 for a tool like this?
Note: Gauge the customer’s response immediately amer you tell them the price. If they accept the pricing, make a note of whether they hesitated or readily accepted.
Solu5on interviews are done when:
1. Iden5fy the demographics of an early adopter
2. Have a problem that at least 5 interviewees say they must have
3. Can define a minimum feature set—this lets you build a prototype!
4. Have a price the customer is willing to pay
Group Prac5ce
• Create solu5on interview ques5ons for the Demo and Pricing for the Gotham Defender Bike Light
• You have 15 minutes • Interview one other team h^p://www.kickstarter.com/projects/gotham/them-‐resistant-‐bike-‐light-‐by-‐gotham-‐bicycle-‐defen
The real thing.
• Go forth and create your solu5on interview scripts.
• You have 45 minutes. • Finish by doing two prac5ce interviews with mentors.
Exit 5ckets for today:
1. Post your solu5on interview script to reddit
2. Post your demo comple5on schedule to reddit
3. Post your interview plan to reddit
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