During this unit, students will develop an abbreviated prototype of their business to test the efficacy of their idea before bringing it to full scale. This is called the Minimum Viable Product (MVP). Each team will present their MVP and funding proposal to your programs Board of Directors (or advisors) who will provide each team with valuable feedback and possibly a small amount of funding to launch their MVP. A Board of Directors is recommended but not necessary. The Board of Directors (BOD) can be created from local community members who serve as the steering committee for your local INCubatoredu class. It is important the BOD understands the class methodology, BMC framework and purpose of the MVP to add value during this process.
The unit begins with an introduction and description of MVP design. Students are then introduced to the basics of website design as it provides a likely vehicle in which students will choose to develop and/or communicate their MVP to customers. The unit concludes with students presenting to the BOD and asking for small funding dollar grants to enable them to test their MVP. Students are not asking for funding to build a fully functioning and developed product. As students learn, that is not the purpose of the testing process they aim to complete through MVP validation.
- Entrepreneurs validate their business ideas by bringing abbreviated versions of their product/service to the market called MVP’s.
- Entrepreneurs continually refine their ideas and plans based on data and feedback from customers.
- Successful entrepreneurs are able to persuasively articulate their business idea to investors.
- Accurate records and data are critical to analyzing the success or failure of the MVP process.
- What is the best type of MVP to launch to gain market data for validation of an idea?
- How can I work effectively with my team to design and promote an abbreviated version of our product or service to the market?
- How can I utilize my verbal and non-verbal communication skills when presenting to investors?
- How can my team maximize the internet and technology resources to create an MVP what will provide evidence?
Expected Outcomes by end of Unit
- Students will design an MVP and get feedback on it.
- Students will develop initial cost estimates and utilize the MVP funding process.
- Students will practice strategies for successful public speaking and present an MVP pitch to class and a BOD.
- Minimum Viable Product (MVP)
- MVP Designs:
- Explainer Video
- Landing Page
- Wizard of Oz MVP (manual first)
- Concierge MVP
- Piecemeal MVP
- Raise Funds From Customers (crowdfunding)
- Single Featured MVP
- Web Design and Development
- Web Presence
- Web Design Process
- Statement of Work
- Search Engine Optimization (SEO)