86. The Lean Startup - Minimum Viable Product + FREE CHEAT SHEET // Grab your FREE Cheat Sheet: http://bit.ly/lean-startup-cheatsheet
Last time: the trap of *doing* too much. Today: the trap of *learning* too little.
If you missed either of the two previous episodes, START HERE: https://www.youtube.com/watch?v=oR3I9mEioxA&list=PLngnoZX8cAn_vCE1plk4xhTWfJfvKEWs8
I’ve been looking forward to this episode. We’re finally made it to the shining star of the “Lean” firmament: the Minimum Viable Product.
You’ll find no dry descriptions here: we’ll jump straight in and look at the Three Greatest MVPs of All Time (according to... me!), featuring:
- 2:19 Zappos
- 3:20 Dropbox
- 4:39 Buffer
Keep your eyes peeled for things we might, err, ‘borrow’.
Music: 260809 Funky Nurykabe: ccmixter.org/files/jlbrock44/29186
Previously… Our Lean Startup investigation took us from “I have a cunning plan” to “It's a trap!” Today… Validated Learning And the Minimum Viable Product Remember, remember -------- Do you remember the morning of the 24th of June 2016 How about 9th of November 2016 They stick out for my mind as the mornings I woke up to surprising - shocking - results of public votes: the UK’s so-called Brexit vote the US Presidential Election The results were not quite what we had been led to believe. How had the pollsters got it so wrong And, what you may ask, has this to do with the task in hand Over the last two episodes, we've been looking at creating a “course-of-some-kind”. And doing so in LEAN fashion. (That’s Lean as in “The Lean Startup”- the book by Eric Ries.) Traps ---- Last time, we talked about falling into a trap: the trap of jumping on with both feet and going straight to the build phase. “People love to build!” We’d do well to avoid this trap by starting, instead, by learning about the market. About the customer. One or two of you suggested we started… with a survey. The thought occurred to me too. Remember this mind map Well here's the first version. Gorgeous isn't it. Oh. And what's this over here In big fat letters. Survey! Validated Learning ------ In the world of The Lean Startup, it’s a given that people, just can't be trusted. People have a habit of saying one thing … and doing another. Eric Ries - author of The Lean Startup - puts it like this: “We must learn what customers really want, not what they say they want or what we think they should want.” Sure, a survey would result in learning of some kind. But Lean holds us to a higher standard. Not just learning, but what Ries describes as VALIDATED learning. The mechanism, the enabler - for this validated learning - is the now-famous Minimum Viable Product. Rather than bore you with a definition of Minimum Viable Product, I'd like to show you my three favourite MVPs. Keep your eyes peeled for ideas we can, you know, BORROW for our “Course of Some Kind” . Zappos --- It's 1999. Co-founder Nick Swinmurn wanted to build an online store for shoes. But would people use it Here's how he went about finding out. He popped down to lis local shoe shops he went into the shops and... ... I sh!t you not... he PHOTOGRAPHED PAIRS OF SHOES! The photos were uploaded to a super-simple website. If someone clicked on the button to buy a pair Nick would pop down to the store and... BUY THE SHOES! Zero infrastructure. Zero inventory. Minimal - definitely Viable - This time it's not even up for discussion. Most definitely: real customers; real money changing hands; real shoes! Zappos went on to do quite well: it was acquired by Amazon in 2009 for a cool $1.2 billion. Dropbox ------ Dropbox, as I'm sure you know, is a file synchronisation service. Edit a file on your desktop... ... and seconds later its updated on all of your other devices. Rewind to the early days. The team - entirely composed of techies - had the basic synchronisation working. That was the easy bit. The hard bit was going to be to achieve the same trick on pretty well every platform: Mac, Windows, iPhone, etc. Given that the team was all techies, you'd have put money on them diving straight in. But CEO Drew Houston did something surprising. He made a video. The video - just three minutes long - demonstrated the synch process end to end. But it was more than just a demo: it was full of techie in-jokes... designed to appeal to early adopters. It worked like a charm In Drew's words: “It drove hundreds of thousands of people to the website. Our beta waiting list went from 5,000 people to 75,000 people literally overnight. It totally blew us away.” Minimal - Yes Viable - Not a product that could be used, but a product that could be demonstrated. Dropbox went on to do q