startup essentials - building mvps
TRANSCRIPT
Building MVPsJordan Valdma, API & Global Partnerships @ TransferWise
Twitter: @JordanValdma
For Founders Institute, Chisinau 2017
Minimum Viable Product
Minimum Viable Product is that version of a new product
which allows a team to collect the maximum amount of validated learning
about customers with the least effort.
Eric Ries
KPI Examples
Monthly New or Active Users
● MoM (Month over month growth)
● If growth is accelerating
KPI Examples
Conversion funnel
● % of people converted● Measure the dropouts
image via Google search
KPI Examples
Net Promoter Score
● How likely are you to recommend this product?
Image via vertafore.com
What vs Why
Quantitative data usually tells you what,
not necessarily why - talk to your customers.
You are not your customer.
Pivoting
“a structural course correction to test a new fundamental hypothesis about a product, strategy [or] engine of growth.” The Lean Startup
White iterating involves small changes like altering a product price, pivoting involves substantial changes like identifying a better target market.
Pivoting & team
Startups that pivot once or twice raise 2.5x more money, have 3.6x better user growth,
and are 52% less likely to scale prematurely than startups that pivot more than 2 times or not at all.
● 2-3 founders seems optimal
Source - Startup Genome Report