How to create MVP (Minimum Viable Product) for your Startup Idea

Santosh thota, founder of Personaliz.ai prepared a MVP workshop for college students to try creating MVP for their IDEAs.

1. D WY

Santosh Thota

#

Founder & CEO €

Personaliz.ai
Ip

Ex- Oracle
IIT- Guwahati Alumni

2. MVP

(o)

Introduction to
Minimum Viable
Product (MVP)

Empowering startups through rapid validation and cost-effective innovation

3. Agenda

Exploring the Process of Building a Minimum Viable Product (MVP)

LA Dé

*

What is an MVP?
Importance of an MVP
Steps to Building an MVP
Real-World Examples
Common Mistakes to Avoid

Measuring Success

4. MVP Essentials

What is an MVP?

Understanding the Essentials of a Minimum Viable Product

Definition of MVP Key Characteristics

‘An MVP is a product with the ‘An MVP is simple, cost-effective,
necessary features for early usersto userfocused, and encourages
provide valuable feedback. iterative development.

M

LA Dé

Purpose of MVP User Feedback

Its primary purpose is to validate Early users help shape future
business ideas while minimizing product iterations through their
resource expenditure. insights and experiences.

=

5. Startup Strategy ——

“iv

Importance of an MVP

Key aspects highlighting the significance of a Minimum Viable Product (MVP)

Enables startups to swiftly penetrate the market, gaining an early competitive advantage and establishing brand presence.

Focuses on essential features, reducing development expenses and ensuring optimal resource allocation for core functionalities.

Facilitates iterative improvement through early user interactions, allowing for product enhancements based on real user input and
preferences.

Minimizes the risk of product failure by validating market demand early on, ensuring alignment with customer needs and
preferences.

6. The Importance of Feedback in Building an MVP

ee M

SPRING PATCHWORK

READY TO SHINE NC sos

sm

The Call to Action (CTA) for the An Explicit Call to Action(CTA)
products was represented as a
price within a button with a white
background

7. MVP Development Timeline

Steps to Building an MVP

Key milestones in creating a successful Minimum Viable Product

Conduct thorough market
analysis and problem
identification
Market Research: Understand the
market and identity the problem

Define and prioritize essential
features that address the
identified problem
Define Core Features: Focus on
essential features that solve the
problem

Develop a basic model to
visualize the core features and
functionalities
Build a Prototype: Create a basic
version of the product,

Engage target users for
feedback, refine the product
based on insights
Test and iterate: Gather user feedback
and make necessary improvements

8. Design Thinking + Lean UX + Agile = Successful MVP

Hypothesis
Concepts

Prioritize
Insight

Research

ci EXPLORE x

Ciear ed
$
Heed Revise pS
Hypothesis

NOILO3HIQ

PAIN POINT RESOLVE

CUSTOMER EXPERIENCE

DESIGN THINKING — LEANUX = AGILE net solutions

9. Top Reasons Startups Fail

Based on an Analysis of 101 Startup Postmortems

No Market Need
Run Out of Cash
Not The Right Team
Get Outcompeted

Pricing/Cost Issues

Poor Product

Need/Lack Business Model
Poor Marketing

Ignore Customers

Product Mis-Timed

Lose Focus

10. MVP Success Stories.

Real-World Examples

Illustrating the Power of Minimum Viable Products

Zappos Market Testing
Tested the market by listing shoes online
before fulfling orders.
Airbnb's Initial Approach
Launched with a basic website to list

available properties.

Dropbox's Simple Start

Utilized a video to showcase their
concept, attracting early users.

11. Typel: Product Design as MVP

12. Type2: Product Video as MVP

Dropbox

She:

DES
EA

um X

13. Type3: Crowfunding as MVP

1. Yashodhan Trust

Platform: Milaap

Amount Raised: Over 21 crore (approximately $125,000)

Purpose: To support the education and healthcare needs of underprivileged
children.

Prarthna Foundation

Platform: Milaap

Amount Raised: Over 21 crore (approximately $125,000)

Purpose: To fund medical treatments for patients in need.

. Eklavya Child Education Health Trust

+ Platform: Ketto
+ Amount Raised: Over 71 crore (approximately $125,000)

+ Purpose: To provide education and healthcare facilities to rural children.

14. Type4: Landing Page as MVP

Simple social media tools for
authentic engagement

15. Product Development Strategies

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Common Mistakes to Avoid
Enhance Product Development by Avoiding Key Mistakes
Overloading Features =

Ignoring User Feedback *
Poor Market Research @

01

02

Lack of Iteration

Limit the number of features in the initial product release to prevent overwhelming users and maintain focus on
core functionalities.

Valuable insights can be gained from user feedback, helping to identify areas for improvement and enhance user
satisfaction.

Conduct comprehensive market research to understand customer needs, preferences, and market trends,
ensuring product-market fit.

Continuously iterate and refine the product based on user feedback to address issues, enhance usabilty, and stay
‘competitive in the market.

16. Performance Metrics. ——

Measuring Success
Key Metrics: User engagement, customer feedback, retention rates, and revenue. Tools:

Google Analytics, Mixpanel, User Surveys. Benchmarks: Industry standards and competitor
performance.

User Engagement 65%
(Customer Feedback 42/5
Retention Rates 80%

17. Ways to Measure Success After Building an MVP

5. Percentage of 9. Chum

‘Active Users a Rato

Paying Users

1 Word of Mouth

3. Sign-Up

E Ñ :

Bl x
Cae

mt

+
2 Engagement 6. Client Acquisition

Cost (CAC) 8. Client Lifetime

4. Better Client Value (CLV)

‘Appraisals Based on the
Feedback

18. Q&A

19. O

Conclusion and
Next Steps

Empower your journey by creating MVPs.
Contact me for support. [email protected]

20. Problem Statement

help(s)

by

, unlike

21. Practice

e List competitors

e List Key Features

e List Ideal Customer Persona
e Design MVP

. Get Feedback

+ Pitch MVP

22. Fund Raising

e Friends & Family
¢ Crowdfunding

¢ Incubators

e Accelerators

e VCs

23. Thank You

fin @santoshthota
(© @startupbro.santosh