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Ross Chayka. How to validate your startup/product idea?

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Ross Chayka. How to validate your startup/product idea?

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Ross Chayka. How to validate your startup/product idea?

  1. 1. How to validate startup / product idea? Ross Chayka linkedin.com/in/rchayka fb.com/rostyslav.chayka
  2. 2. Audience ● Startup founders ● Product managers ● Entrepreneurs
  3. 3. About me ● Ross Chayka ● Lviv Startup Club - Founder & CEO ● Lemberg Tech Business School - Founder & CEO ● Associated Coach Practitioner by RCG
  4. 4. About you ● City ● Startup / Product ● Validation challenge
  5. 5. Agenda ● Why validation is so important ? ● 5 validation stages ● Validation for every type of product idea ● Validation metrics ● Work in groups ● 9 most impressive startup pivots ● Validation on late stages ● Q&A
  6. 6. Online master-class code of conduct ● Duration - 1.5 hour ● Video ON, Audio OFF ● Registration with NAME ● One person speaking ● Question in chat or raise your hand or show sign
  7. 7. Innovator’s Dilemma
  8. 8. Startup mantra ● Fail Fast ● Killer Feature ● Growth Model ● Business Model
  9. 9. Early versions of famous startups ● Instagram - Burbn ● Slack - Glitch Game ● Twitter - Odeo podcasts ● YouTube - dating site ● Shopify - snowdevil ● Groupon - The Point ● Flickr - game Neverending ● Netflix - DVD mail order ● Airbnb - housing for conferences ● Nintendo - play cards
  10. 10. Market validation ● Is there enough customers? ● Target audience ● Tools: Statistics ● Tools: Research ● Personas creation
  11. 11. Market Validation Metrics ● 15% of Target Audience if enough
  12. 12. Validation for every type of product idea # New markets - new product in new market # Solve your problem #Do it better - new product in existing market # Copy solutions - new country - new industry - new domain - sub niche - new business model
  13. 13. False negative ● Copycats in less developed markets ● Base technology absence
  14. 14. Problem validation ● Do your customers have a problem? ● Tools: ○ Interviews ○ Surveys ○ Wait lists ○ Ads
  15. 15. Survey questions ● What is the biggest challenge at your work? ● If I would a wizard what would you wish? ● What problem do you have that could be solved by tech? ● How much are you gonna pay for magic solution ? ● How much do you already pay for solution?
  16. 16. Validation for every type of product idea # New markets - new product in new market # Solve your problem #Do it better - new product in existing market # Copy solutions - new country - new industry - new domain - sub niche - new business model
  17. 17. Problem Validation Metrics ● Money paid for solution ● Wait list size & growth ● Ad conversion
  18. 18. False Negative ● Vitamin startups
  19. 19. ”Product/market fit means being in a good market with a product that can satisfy that market.” Marc Andreessen .
  20. 20. Product - Market Fit ● Will customers use your product ? ● Tools: ○ Surveys ○ Interviews ○ Competitors analysis ○ Landings with features ○ Wait List ○ Wait list advertisement ○ Customer videos ○ Fake products
  21. 21. Survey questions ● How would you feel if you could no longer use the products? ● What type of people do you think would most benefit from the product? ● What is the main benefit you receive from the product? ● How can we improve the products for you?
  22. 22. Validation for every type of product idea # New markets - new product in new market # Solve your problem #Do it better - new product in existing market # Copy solutions - new country - new industry - new domain - sub niche - new business model
  23. 23. Product - Market Fit Metrics ● Absence Disappointing > 40% ● Churn (product <> solution) ● Media startups: ○ Time on site ○ Daily returning visitors ● Problem solving oriented metrics
  24. 24. Features Validation ● What features are critical for product? ● Tools: ○ Surveys ○ A/B tests ● MVP ● Metrics: ○ Conversions between versions ○ Use usage metrics in A/B tests
  25. 25. Onboarding Validation ● How easy your customers understand value of your product? ● Tools: ○ Personal onboarding ○ Recorded sessions ○ Surveys ○ Interviews ● Metrics: ○ Bounce rate
  26. 26. Product Creation Validation ● Could you build product that would be a solutions? ● Is there other intellectual property in your product?
  27. 27. Business Model Validation ● Would customers pay for your product? ● Would it be enough money to build company? ● Tools: ○ Free samples ○ Freemium model A/B Tests ○ Discounts
  28. 28. Validation for every type of product idea # New markets - new product in new market # Solve your problem #Do it better - new product in existing market # Copy solutions - new country - new industry - new domain - sub niche - new business model
  29. 29. Business Model Metrics ● Pricing plans ● Customer LTV > Customer Support Cost ● Finance metrics (ROI > interest rates, etc..)
  30. 30. False Negative ● Twitter
  31. 31. Growth Model Validation ● Could you get to know your customers about your product? ● Growth Hacking
  32. 32. Validation for every type of product idea # New markets - new product in new market # Solve your problem #Do it better - new product in existing market # Copy solutions - new country - new industry - new domain - sub niche - new business model
  33. 33. Growth Metrics ● CLV > CAC ● NPS (Net promoter score) ● Virality ● Brand ● Churn
  34. 34. False Negative ● WeWork
  35. 35. Famous startup growth rates ● Instagram: 2 hours: 10K, first week - 100K, second week - 100K ● Slack: first week - 10 000, 3 month - 50 000 ● Twitter: ● YouTube - dating site ● Shopify - snowdevil ● Groupon - The Point ● Flickr - game Neverending ● Netflix - DVD mail order ● Airbnb - housing for conferences ● Nintendo - play cards
  36. 36. Questions ?
  37. 37. Contacts linkedin.com/in/rchayka fb.com/rostyslav.chayka rchayka@gmail.com

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