UNIspotter - Product development | Entrepreneurship Summit Vienna 2015

TRACK 8: Product Development

Illustrated with UNIspotter

Verena & Christoph

First things first:No, we are not a couple.

2. From idea to product

1. User Feedback

Please download Prototype:

http://invis.io/JY3IZIIUN

Plan gets into contact with first customers.

YOUR GUESS: Which StartUp is it?

Source: Business Plan, 2009

Advice: Check out their plan (google it)

YOUR GUESS: Which StartUp is it?

P.S. How did they finance themselves? $40.000 in credit card debts

Advice: Check out their first pitch deck

WHY?

What’s a StartUp?

«A startup is a temporary organization used to search for a repeatable and

scalable business model.»

„Temporary": a startup's goal is to cease being a startup, to graduate up to being a large business or

to fail and move on to another opportunity.

„Search“: businesses execute known business models (in a mature market) while a startup

searches for an unknown business model - in order to disrupt existing markets or even create new

ones.

Where to start searching?

Verify your assumptions one by one

„I love it“ a.k.a. Customer Bullshit Feedback

The MOM Test

You: «Mom, I have a business idea. Do you have 5 minutes?»

Mom: «Of course, dear.»

You: «You like your iPad and use it a lot?» Mom: «Sure, it’s great.»

You: «Would you buy a cookbook app?» Mom: «I love cookbooks, sounds nice. Does it come with vegan recipes? Or something for christmas?»

Source: The Mom Test, Rob Fitzpatrick

You: «Mom, when have you used your iPad the last time?» «For what?» «Have you ever used it in the kitchen?» «Have you ever bought an app? Which? Why? For how much?» «Do you use your cookbooks?» «Is there anything you dislike about them?» «What was the last cookbook you bought? When? Why?»

AND DON’T STOP.

Verify problems & needs. Build prototypes.

Test if the solution you developed is suitable. Best thing: You can start immediately.

Book Tip: The Lean StartUp

Learn from our mistakeslearningplaces.net

LearningPlaces.net = TripAdvisor for Study Programs

✓ Launched LearningPlaces.net ✓ 10.000 users ✓ 1500 comments on study programs from 30 countries ✓ paying clients (universities)

1) look for new ways to recruit students 2) online presence increasingly important 3) fierce competition with other universities 4) difficult to show USP

online reviews -> skeptical output -> not measurable

Questions

How to stay motivated?

How can I manage my life while working on a startup?

Don’t forget the „Coffee Breaks“When you work remotely it’s more difficult but also talk about personal things…

Picture from Roger -> Birthday Greetings

… like digital birthday wishes to team members

… or bad hair days

Communicate through the ups & downs.

About the good things.

Tell each other when they

did something great.

About doubts you have.

Tell others if doubts about project/team/

yourself.

Two Magic Questions:

1. How long will it take to implement?2. How big is the value for the user?

5th lesson: Prioritize

1st Lesson