Idea to MVP

IDEA TO MVP!There are many a slips between the cup and the lips.

Presenter: Tarun Gaur

CEO, tringapps, Inc.

You have an Idea!Where does it come from?

Idea to ProductIdea isn’t worth sh*t …

… it’s the product that sells.

Product to MarketProducts are sold to customers.

CustomersIf you don’t know who is your customer,

take your idea, roll it and …

The MessageWhat is in it for them?

VALIDATE THE IDEAIt is important to validate your idea before you invest

time and energy into building a product.

What problem are you trying to solve?

If you can’t clearly state the problem your product or service solves, you may not have a successful idea!

Have others tried to solve the same problem?Have they succeeded? or failed? Do you know why?

What benefits does your idea provide?

Can you list 3 tangible benefits for the customers?

Have you tried converting your idea into features?

Software is a collection of features, not ideas!

Can your idea be easily copied?

Are there other players who are similar or solve the same problem in a different way?

Do you understand the market?

How big is your market? Who will buy your idea?

Have you reached out to your potential customers?

Have you tried to get some feedback from your potential customers?

Can you build the product?

Do you need help? What kind of help?

Are you a lone wolf or you have a team?

Teams that are funded, 82% of startups have 2 co-founders and an average team size of 4 people

Why should the investor invest in your idea?

Can your idea make money?

YOU NEED A PLAN Let’s assume Your idea is powerful,

You have validated it and have decided

to take the plunge!

Idea

People Technology

Process

Plan to get all ducks in a row!

Idea

People

Get the right people on your startup bus!

IdeaTechnology

Choose the right technology, validate with experts

Idea

Process

Startups have nimble processes; first things first!

WHAT DO YOU SELL?Startups sell something!

What does your startup sell?

A Product A Solution A Service

Let’s say your startup sells a product

Define the

product

Develop the damn

thing

Gotta support your

sh*t

Product Definition

Product Development

Product Support

STAGE 1Idea to a Feature List

A Software is a collection of features!

Idea FeaturesScratchpads,

Napkins, Mindmaps,

Hazy thoughts

Personas, Requirements,

Sketches, Wireframes,

Visual Designs

Don’t forget the personas!

You can use the empathy map to understand customer behavior

Personas help you understand your customers!

The customer behavior

Understanding your customer is what stands between your product and the market share

STAGE 2Prioritize the feature list

You are up against time!

Understand the difference between must have, should have and nice to have features.

It is important to prioritize the feature list

Round 1: Impact Analysis on a feature

• Empowers the customer • Enhances the experience • Will make money • Is a business or technology enabler • Is required for compliance

Round 2: prioritize the personas

Relate each feature with a persona, you may be able to refine the feature list further!

If you know your customers, you can relate them to features.

STAGE 3Get some test audience involved

Encourage a debate

Share opinions, take feedback, conduct surveys

Show your findings to a group of experts

STAGE 4Design a Concept or a prototype

You may be good, but are you an entrepreneur?

You need to convert the requirements into a tangible product, you need someone who can create a concept out of a storyline

Go find a designer, if you are not one yourself; unless you are stoopid

Get an awesome designer onboard

• A Concept • The Wireframes • A Visual Design • Typography • A Prototype

Hmm .. maybe you can raise money here

This is where startup accelerators, angel investors, seed funds may consider investing in you if they see a serious team in place!

You have a product concept in place. You have hit a major milestone!

STAGE 5: TECHStart product development

Work buckets of related features

Do not hesitate to release half baked work to your test audience. Getting feedback early and regularly is very important.

Decide the product release model early on, and stick to it!

Don’t forget the server side!

You don’t want to be in a position where your product fails because it can’t scale.

Go with the cloud!

Don’t forget the server side!

• Secure by default • OAuth: Get the Subscriber information • Know your data • Earn the trust badges • Analytics should not be an afterthought

STAGE 5: BIZCustomer Acquisition Strategy

Entrepreneur wears multiple hats

This helps you refine your message and pivot on features

Think customer acquisition early on!

Build vs Buy

You need value added services to augment your core product. Start making choices and think - build vs buy

Your core product is in development!

STAGE 6: TECHPackage and Release

The distribution channels

Technical LAUNCH CHECKLISTS help.

You have to package the product, go live!

If you have launched successfully

Is it an MVP? Thats a different question!

You have a product!

STAGE 6: BIZLifetime value of the customer

Forget the MVP

Focus on acquiring the customer, hopefully you already have a strategy in place.

Engage, Engage, Engage

Minimum Viable Product

Understanding early adopters, hence the term - minimum viable product

The customer decides if you have a minimum viable product or not.

Lifetime value of a customer

The Investors will ask how many of them you have got, how often do they come to you? How many dollars can you earn from each one of them?

Your product may be free today, but at some stage you have to monetize.

STAGE 7Keep building, Raise Capital

Keep building

• You are an entrepreneur, your job is to build a business, not an MVP

• Refine your product • Refine your business model • Refine your go to market strategy • Pivot where ever required

What do VCs look for?

• A good technical team • Some management experience (optional) • Market opportunity • Number of subscribers • An exit strategy

Tips for raising money

• Raising money is 6 month exercise • Get introductions • Refine your pitch • Don’t go to random VCs • Look for smart money

INDIA STARTUP IGNITERSWe need YOU to participate, let’s

collectively help fellow entrepreneurs

to build cool startups!

India Startup Igniters

Soon you will see meetups titled, Call for Help!

Call for help! meetups.

QUESTIONS