LIFESTYLE BUSINESS

ACCELERATOR90 Day Course | Class 2

Product Development Life Cycle

LEAN PRODUCT DEVELOPMENT LIFE CYCLE

IDEAS

MEASURE

BUILD

DATA PRODUCT

LEARN

LEAN PRODUCT DEVELOPMENT LIFE CYCLE

IDEAS

MEASURE

BUILD

DATA PRODUCT

LEARN

TARGET TO SPIN AT YOUR

MAXIMUM SPEED

RESEARCH

TIPS FOR MAXIMIZING SPEED

Fail Fast

Talk directly to end users

Use the Business Model Canvas (High Level Overview of Business Plan)

Minimum Viable Product (MVP)A minimum viable product (MVP) is the the most pared down version of a product that can still be released. An MVP has three key characteristics:

● It has enough value that people are willing to use it or buy it initially

● It demonstrates enough future benefit to retain early adopters

● It provides a feedback loop to guide future development

TIPS CONT.

Primary Research Talk to potential customers, competitors, suppliers and industry experts

● Interviews (either by telephone or face-to-face)

● Surveys (online or by mail)● Questionnaires (online or

by mail)● Focus groups gathering a

sampling of potential clients or customers and getting their direct feedback

TIPS CONT.

Secondary Research

Go online and find data in regards to your market, competition and industry.

Next Class will focus on this

TIPS CONT.

BUSINESS MODEL CANVAS OVERVIEW

24 9

3 18 5

7 6

PROBLEM SOLUTION UNIQUE VALUE PROPOSITION

UNFAIR ADVANTAGE

CUSTOMER SEGMENTS

KEY METRICS CHANNELS

COST STRUCTURE REVENUE STREAMS

The problem to find an unusual tour with the guide in any country

No specific tours in most of the countries and non-tourist countries

Boat tours

Adventure Tours

Tours with Local Guides

Just one click to Go On an Amazing Adventure

A lot of local guides ready to work with us

Young Travelers

Families

Extreme Fans

C RegsDAUARPPULTV

Mass MediaAdWordsBlogSocial NetworksPartners

SalariesMarketingOfficeEquipment

Paid CustomerAdvertising

High-level Concept:

AirBnB for adventure tours

EXAMPLE 1

Early Adopters:People passionate about traveling

Young and Brave

Take Risks

Confident

Existing Alternatives:

Hotel

EXAMPLE 2PROBLEM SOLUTION UNIQUE VALUE

PROPOSITIONUNFAIR ADVANTAGE

CUSTOMER SEGMENTS

KEY METRICS CHANNELS

COST STRUCTURE REVENUE STREAMS

Sharing lots of photos/videos is time consuming.

Don’t know how to share (convert) videos

Afraid they will lose their media because they aren’t backed up

Existing AlternativesEmail, Flikr Pro, SmugMug, Apple, MobileMe, FB

Instant, no updated sharing

Automatic video transcoding

Cloud backups of originals.

The Fastest Way to Share Your Photos and Videos

Community Parents (creators)

Family & friends (viewers)

A- SignupA- Created first galleryR-Shared an album and/or videoR-Invited family & friendsR-Paid after trial

DaycareBirthday PartiesAdWordsFacebookMommy BloggersWord of Mouth

Hosting costs - Heroku (currently ($0)People costs - 40 hrs * $65/hr = $10k mo

30-day trial then $49/yr

High-level Concept:Photo and video sharing without the uploading

CUSTOMER & BENEFICIARY SEGMENTS

What will make them choose you vs. alternatives?

Which customer segments are you serving (is it one or many?)

What are the characteristics of those segments?

What is the main problem you are solving for each segment?

PROBLEM

FINDING YOUR WHY

WHAT IS VALUE PROPOSITION?

Who are you serving and why?

What is unique about your value proposition?

Why should your customers choose you vs. alternative?

What is the real problem you want to solve?

The Empowerment Project

A value proposition is a promise of value to be delivered. It’s the primary reason WHY a prospect should buy from you.

A clear statement that:

Explains how your product solves customers’ problems or improves their situation (relevancy)

Delivers specific benefits (quantified value)

Tells the ideal customer why they should buy from you and not from the competition (unique differentiation).

VALUE PROPOSITION VS MISSION STATEMENT

A mission statement often define “what” a company is & does:

Kiva: We are a non-profit organization with a mission to connect people through lending to alleviate poverty.

Google: To organize the world’s information and make it universally accessible and useful.

Value proposition is created from the customer’s perspective rather than the company’s.

A value proposition defines the reason why a customer would buy your product or services in exchange for

some cost or sacrifice.

JetBlue (Their Why): We bring humanity back to air travel. We do this by offering what we believe to be the best domestic coach product, and giving our customers more value with their purchase. The elements of our value proposition include… high quality service and products and low operating costs.

We are a non-profit organization with a mission to connect people through lending to alleviate poverty. Leveraging the internet and a worldwide network of microfinance institutions, Kiva lets individuals lend as little as $25 to help create opportunity around the world. Learn more about how it works.

Why We Do What We DoWe envision a world where all people- even thE most remote areas of the globe - hold the power to create opportunity for themselves and others

We believe providing safe, affordable access to capital to those in need helps people create better lives for themselves and their families.

Since Kiva was founded in 2005

1,256,460 Kiva Lenders

$667,402,525 in Loans

98.79% Repayment Rate

We Work With:

290 Field Partners

450 Volunteers Around the World85 Different Countries

IN CLASS

Fill Out Lean Canvas Model

Fill out Lean Canvas Model at least 2 more times after interviews

HOMEWORK

Talk to min 3 potential

customers for each segment

Talk to minimum 3 competitors

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