How To Launch Your MVP In 30 Days

How To Launch An MVP In 30 Days
Harry Alford
Humble Ventures
h

How To Launch An MVP In 30 Days | December 2019
A minimum viable product (MVP) is a product
with just enough features to gain insight about
the product and its future.
If you're trying to launch a tech-enabled startup
or build a mobile application to solve a problem
that matters, the lean startup methodology is an
ideal resource for any entrepreneur.
It’s imperative to run lean because your initial
vision is built largely on untested assumptions.
In this guideline, you’ll learn what entrepreneurs
should consider doing before launching an MVP
in a timely and cost-effective fashion.
Source: https://en.wikipedia.org/wiki/Minimum_viable_product

Agenda
• Opportunity / Problem
• Team
• Business Model
• Minimum Viable Product
• Funding
• Case Study

Opportunity / Problem
An opportunity is a potentially favorable condition in which a
startup can capitalize on a changing trend or an increasing
demand for a product by a demographic that has yet to be
recognized by its competitors.
Source: https://blog.leanstack.com/love-the-problem-not-your-solution-65cfbfb1916b

Source: https://en.wikipedia.org/wiki/Total_addressable_market
Target Market Represents Early Adopters

Important Questions For Exploring Market
Opportunity
• Are you able to identify a problem that matters?
• Have you conducted secondary and primary research?
• How big is the market you’re solving for?
• Can you quantify it?
• Can you offer more than general industry data?

Team
Evaluate whether you can build and launch this MVP solo
or if you need a Co-Founder to be successful. A good
Co-Founder or teammate is someone who compliments
your strengths. This could be someone who understands:
• How to build technologies.
• The human factors behind those problems, why they
exist, what it takes to ﬁx them and how to shape the
experience.
• How to sell to the people whose problems are being
solved - and never stops selling.

Important Questions For Validating Team Fit
● Should I start this on my own?
● Can we order a pizza together in under 15 minutes?
● Do they have deep domain expertise?
● Is there cultural contribution?
● Are they reliable and determined problem solvers?

Business Model
A business model is a company’s strategy for generating
revenue and making a proﬁt from business operations.
Source: http://startupmanagement.org/2013/06/02/forget-the-product-start-focusing-on-the-model-2/t

Common Business Models
● Software as a Service (SaaS)
● Marketplace
● Hardware
● eCommerce
● Business to Business
● Consumer transactional / Consumer audience

Important Questions For Generating
Sustainable Revenue
● Is the product generating value for the user or customer?
● Can you translate these insights into outputs?
○ Does value = revenue, repeat usage, saving of time or
cost, etc…?
● What Is your pricing structure?
● Are there other revenue streams?
● What are your ﬁxed and variable costs?

Minimum Viable Product (MVP)
A version of a new product, which allows a team to collect
the maximum amount of validated learning about
customers with the least effort.
Source: http://blogs.nature.com/tradesecrets/2011/12/20/minimum_viable_products_in_biotecht

Methods To Develop MVP
● Interviews
● Actionable metrics
● Split testing
● Build-Measure-Learn
● Lean Canvas
Source: https://startupdevkit.com/how-to-build-a-minimum-viable-product/lean-startup-feedback-loop-287x300/

Important Questions For Satisfying Early
Customers
● Are there existing alternatives to your solution?
● What is your unique value proposition?
● Do you have an unfair advantage?
● Which key metrics are you tracking?
● How do you measure success?
● What is your path to customers and who are they?
● How many features do you need at MVP launch to gain
insight about the product and its future?

Funding
• When cash is a constraint to growth, then capital can be a
good thing especially from alternative sources of capital.
• However, depending on stage, outside funding like
venture capital could put a timeline on your business and
limit ﬂexibility.
• Determine when bootstrapping or creative capitalization
makes sense: Venture capital isn’t always a requirement
for scaling or exiting a successful startup.

Fundraising Strategy:
If you decide that venture or venture-like capital is right for
your businesses:
● Develop a relationship with investors whether they be
corporations, VCs, equity crowdfunding platforms, etc...
● Go to networking events
● Engage on Twitter
● Talk to other entrepreneurs
● Read...A LOT!

Important Questions For Considering Funding
● What are your priorities and do they align with your
partners?
● Have you nailed down product/market ﬁt and
monetization?
● At what pace are you willing to grow?
● Can you continue to bootstrap and be customer-funded,
growing the company while maintaining a majority of
equity?
● What’s the optimal path for your team?
● Do you have an exit strategy?

Case Study: NamaStay
• My assumption is that people
aren’t practicing yoga, and
improving their health, because
they can’t get to a studio.
• A few years ago I recruited a
business school classmate that
complimented my background.
• We assessed that traditional
business have changed as new
business models and technology
are disrupting industries.
• To truly understand marketplace
dynamics and test assumptions,
we launched an on-demand
ﬁtness platform targeting yoga
enthusiasts.

Assess Opportunity: Understand The Forces At Play
(Week 1)
• Increased aggregation of
demand on mobile devices
for ofﬂine services.
• Proliferation of data,
analytics, affordable cloud
storage, universality of social
media and popular use of
smartphones.
• With GPS location-based
technology, independent
workers can quickly respond
to tasks and jobs.
• Smartphone market will reach
a total of 1.39 billion units
shipped in 2019.
Source: https://www.cbinsights.com/on-demand-overview

Conduct Secondary Research: Get Educated On
Growing Segment (Week 1)
Fitness is a particularly interesting industry with regards to
how startups are approaching the sharing economy. The
development of scalable and repeatable on-demand
businesses are frequently launching due to advancements in
technological solutions. Many startups believe they have
found a problem-solution ﬁt in satisfying the personal
training needs of ﬁtness enthusiasts.

Conduct Primary Research: Ideation (Week 2)
• In order to fully understand
market entry in the sharing
economy, we launched
NamaStay.
• NamaStay (Namaste + Stay)
is a two-sided marketplace
connecting users with
certiﬁed yoga instructors.
• At the time, market
opportunity for yoga
instruction was $3.7 billion
and $3.3 billion for personal
instruction.
• Yoga teachers have ﬂexible
schedules and work
part-time.

Data Validates Opportunity To Utilize Excess capacity
Of User’s Homes As Yoga Studios
• I conducted 11 beta trials which included ﬁve teachers and
seven students.
• Following the private sessions, I emailed a survey to both the
teacher and the student. I uncovered a few important details
from the surveys: majority are beginners, 100% would sign up
again, students said they would pay between $50-$80 per
session and loved the personal attention to health issues.
• The teachers said they felt “very comfortable” in the student’s
home, willing to travel 6–10 miles, want to teach more because
majority are part-time and would recommend to other
teachers.

Develop Business Model: Test Assumptions (Week 3)
• Using this information in
addition to the surveys and
overall market data from
secondary research, we
determined the rates of
NamaStay.
• NamaStay charges $80 per
class up to two people which is
62% off a typical private class
and 53% off a typical private
class per client.
• NamaStay takes 12.5% per
client which leaves the teacher
receiving a majority of the pay
with $70.

Launch MVP: Expand Trial To New Customers, Iterate
(Weeks 3–4)

Built And Launched MVP In Just 30 Days
Under $500
• We didn’t need investors, have to sell equity or pay a ton
to start.
• The only expenses were logo design ($299), stock photo
($10), mobile app ($99), domain ($12.99) and landing
page ($60). The total cost coming to $480.99.
• We managed to stay under the $500 ceiling without
spending a dime until we did the research and developed
a business model.

For More Information Contact: start@humble.vc

Want To Dig Deeper? Click Below...
● Market Entry In The Sharing Economy

How To Launch Your MVP In 30 Days

Recommandé

Recommandé

Contenu connexe

Tendances

Tendances (20)

Similaire à How To Launch Your MVP In 30 Days

Similaire à How To Launch Your MVP In 30 Days (20)

Dernier

Dernier (20)

How To Launch Your MVP In 30 Days