10 Things Done Wrong Innovation

In: Business and Management

Submitted By mrtgrpcn
Words 1529
Pages 7
10

...so you don’t have to. by: tara ‘missrogue’ hunt

things I’ve done wrong

who am I and why I’m qualified to talk about this stuff:
• co-founder + CEO Buyosphere.com • been raising $$ for >1yr • raised $200k F&F • believed the hype • lived in SF for 4yrs • made a crapload of mistakes already • serial entrepreneur (but first startup)

1.

focused on the ‘big picture’ too much

the original* pitch deck
*since 2008 when I put this deck together, I’ve done 75+ versions...

“The hard part is to figure out the fewest possible features that could possibly accomplish your company’s goals.” Eric Ries

The advantages of Minimum Viable Product (MVP)

1.test your assumptions 2.minimal wasted time/energy 3.iterative based on real customer needs

The trouble with Minimum Viable Product (MVP)

1.it has to be viable 2.it has to be viable 3.it has to be viable

key: build something your customers can use.

what we did wrong: kept focusing on (our idea of) the final product and building minimum components of it rather than thinking about what our customers could really use.

we were wandering lost in the sea of aimless builds with no data and no reason

unfortunately, it took us a year and $200k to figure this out. fortunately, we’ve figured it out.

3 ways to figure out MVP
1. Think about the problem you want to solve and ask yourself: “Could I accomplish this on an email list?” Try it. On an email list. OR think about how people solve it currently. Can you hack that? 2. Talk to as many of your intended customers as possible and ask them for little things they really need. Build something that keeps coming up from these conversations in a weekend. 3. No audience? No problem to solve? Twitter, for instance, didn’t start out to solve a problem, but they launched a pretty minimal product. It was engaging because it was super simple to use.…...

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