Logistics
- Quiz is next class… but that’s a week away!
- Quiz will be on the concepts we have covered so far
- Today is quiz prep.
- I recommend studying in study groups
- Questions will be definitional and scenario based reasoning
- We will have arrangements for accommodations
- This is a 40 minute quiz
Pre/Re-View Lean Startup Concepts
What is an MVP?
- What different types of MVP can you think up?
- What might some MVPs be for our project?
- Which one would you create first? Why?
What is a concierge MVP?
- Could you apply that idea to our project? How?
- And would that have any benefits?
- Can you think of one for your product?
What is the role of hypotheses within the lean startup model?
- What are some different kinds or examples of hypotheses that you can come up with for our project?
- How positive do you feel about whether our project would be successful?
What is the Value Hypothesis, specifically?
- Why is it important?
- What are some possible value hypotheses for our project?
- How could you test them?
What is a Growth Hypothesis, specifically?
- Why is it important?
- What are some possible Growth hypotheses for our project?
- How could you test them?
What is a leap of faith hypothesis?
- Do all products have a leap of faith hypothesis?
- Does our project have a leap of faith hypothesis?
What are some of the ways to validate hypotheses?
- What are some ways to validate them for our project?
- Why do you do that?
- What are some specific experiments?
- What happens if you don’t validate your hypothesis?
What does RIES mean by “getting out of the building?”
- Why is this super important?
- For our project give some specific concepts for getting out of the building that you could implement.
What is the engine of growth?
- Can there be more than one engine of growth?
- Does it stay constant from the start?
- What are some ideas for our project’s engine(s)?
Why would products with high network effects also often have a high switching cost?
- What is a network effect?
- Would our project have high switching costs?
- Does it have a network effect working for it?
- Could you figure out way to give it high switching costs?
It’s not whether we can build a product, it’s whether we SHOULD build the product.
- How can you avoid building a product nobody wants?
- How can you apply this to our project?
Competition and competitive analysis is still important
- Who would the competition be for our project?
- Does it have any?
- Is it a natural extension of something that already exists?
- Or do you think it’s a brand new niche that will grow on its own?
Scenario
I have been publishing a newsletter covering Gaming and the Unity Ecosystem in depth. I publish an article once a week. I charge $10.00 per month or $50 for a year. In the last three months I have collected the following metrics:
- July:
- 900 Subscribers
- 50 new Subscribers
- 40 non renewals
- August:
- 910 Subscribers
- 100 new subscrivers
- 90 non renewals
- September:
- 920 Subscribers
- 90 new subscribers
- 80 non renewals
Questions all about the above scenario
- Work on this interactively with your neighbor. Learn from, each other!
- In this example, What is the churn rate for July?
- Continuing the same example, What engine of growth am I using?
- Which of those metrics are vanity and which ones are actionable?
- Suggest two actions that you can take to improve your growth. Briefly explain why those two and what they would be.
- Propose 2 hypotheses for the following problem: “I want to increase the number of subscribers to my newsletter”
- What is the MVP that you would use to test your hypothesis?
- What is the metric that you would use to measure the success of your MVP?
Review the answers
Thank you. Questions?
(random Image from picsum.photos)