At this stage, students begin testing their more refined business model assumptions which have evolved into an MVP. The goal of this phase is to validate Product/Market fit by placing the MVP with potential customers and measuring the response. Students will launch and measure the effectiveness of their MVP with tracking tools and through the interpretation of results. A critical understanding is that testing will lead to adjusting (iterate or pivot) their model which will lead to better validation of its potential. Teams will develop project management skills and establish responsibilities. Students will need encouragement to experiment and be open to change. With a mindset that is open to learning students have the opportunity to evolve their idea with greater odds of success.
- Successful entrepreneurs develop clear plans to guide the experimentation of any new idea.
- Entrepreneurs continually refine their ideas and plans based on data and feedback.
- What role does planning and delegation have for the team in implementing your MVP tests?
- How can my team best utilize data analysis to inform decision about the business?
- What legal issues should I be aware of as I create a business and engage with customers and vendors?
Expected Outcomes by end of Unit
- Practice team communication and delegation with effective project management strategies.
- Launch the MVP with customers. Collect and analyze data to validate assumptions.
- Communicate MVP findings and begin to revise ideas and tests based on data and feedback.
- Implementation Plan
- Gantt Chart
- Project Management
- Project Management Software
- Minimum Viable Product Validation
- Data Collection
- Short Feedback Loop
- Build, Measure, Learn
- Product Market Fit
- Respect Excellence
- Intellectual Property
- Trade Secret
- Design Patent
- Utility Patent
Each team will make a 4 to 6-minute presentation to share with the rest of the class. You will be graded according to this rubric. Follow this structure for your presentation:
- Introduce team and company via an elevator pitch.
- What is the problem you are trying to solve?
- How will you be solving the problem (solution)?
- Who has this problem (customer segment)? What value do you provide them?
- Explain your MVP test results to date and learning
- What are you doing for your MVP? What parts of your model are you trying to validate?
- What data/metrics will you follow to ensure validation
- What is your current progress towards achieving your goals?
- Based off of your current metrics, timeline remaining and budget status, what are your next steps to continue/aspire to achieve those metrics/data?
- Based on your progress and communications (quantitative and qualitative) with early adopters, what have you learned about your company?
- Early adopters being participants in your concierge MVP or those that have provided contact information (highly motivated potential customers).
- How will you conclude your presentation?
- What part of the testing plan will you focus on next?
- What changes need to be made based on your learning so far?