prototype development and minimum viable product

prototype creation

1. Module 5: Prototype Development and MVP Lesson 1: Overview of Prototypes and MVP

2. Question 1 - What is market sizing? Recap Quiz Estimating the number of competitors in a market Measuring the potential demand for a product or service within a certain group of customers Analyzing past sales data to predict future trends Calculating the production cost of a product For 5.1

3. Question 2 -____________ is the segment of the Total Addressable Market that a company can realistically target and serve within specific constraints. Recap Quiz SOM TAM SAM Growth rate For 5.1

4. Question 3 ____________ refers to the rivalry between businesses competing for market share by offering better products, services, or prices. Recap Quiz Stakeholders Market sizing Competition TAM For 5.1

5. Influencing Factors for Startups Startups are affected by many factors outside their control. Mapping Trends & Stakeholders Objective Assessment of Market An objective assessment of the opportunity enables a startup to allocate its resources well, or pivot. Reflections Mapping these trends and stakeholders is a strategic exercise crucial for understanding the ecosystem within which a startup operates.

6. IGNITEX JOURNEY: Building Entrepreneurial Leaders Problem Identification Orientation Develop Macro Industry-Problem view Discover ‘Real World’ Problems Analyze Problems Customer &Needs Identification Identify customer segments Outline 'jobs-to-be-done’ Develop Customer Personas Understand Customer Validation Validate Customer-Problem fit Refine Customer Personas & Problem Solution Idea Generation Generate solution ideas Map solution functionality with problem/JTBD Show "how it will work Opportunity & Competition Mapping Identify & map Global competitors Review Industry Trends and Size the Market Prototype Dev. & MVP Understand Prototypes & MVP Build a Prototype Use Prototype for early Validation Market Opportunity Assessment Map your Relative Position in the Market Estimate Opportunity Size Business Modelling Examine Revenue Model Review & Organize the Lean Canvas Build the LC for your Startup Marketing & Sales Strategy Understand Marketing & Sales Understand & Define Go-To-Market (GTM) approach Understand Sales Process Financial Mgmt. for Profitability Understand Startup Costs Understand Profitability Getting Started with Financial Planning Understand & Explore Bootstrapping options Team & Talent Requirement Building a Founding team (A Team) Founding team members (Co-Founders & Mentors) Defining your Team Requirements Orientation for Scale First pitch (typical audience and requirements) Getting Story Telling Right Thinking Beyond the Prototype - Scale Opportunity & Aspiration Venture Idea Viability Presentation Practice pitch Final Pitches 01 02 03 04 05 06 07 08 09 10 11 12 6 We are here!

7. By the end of this lesson, you will be able to: Learning Objectives 01 02 03 Understand Prototype and MVP Understand the features and benefits of Prototypes and MVPs WHAT YOU WILL DO TODAY Learn to take an iterative & user- centred approach R eview how prototypes and MVPs help to refine offerings using feedback WHAT YOU WILL DO TODAY Start to develop your prototype Decide of the type of prototype you will build for your solution WHAT YOU WILL DO TODAY

8. PROTOTYPING Overview of Prototypes CORE CONCEPTS IN THIS MODULE Understand the types of Protypes and how to choose the right one for your solution TYPES OF PROTOTYPE Overview of MVP MVP

9. CONCEPT INTRODUCTION PROTOTYPES

10. What is common between these?

11. CLAY MODEL OF A CAR BUILDING MODEL TO SCALE

12. APP WIREFRAME HARDWARE ASSEMBLY

13. These are PROTOTYPES .

14. Individual Activity Types of Protypes Click on the play button to view/play the activity Students Scan to Play

15. A PROTOTYPE is a preliminary version or a model of a product, service, or process.

16. develop Prototypes? Why should we

17. Takes time Better understanding of customer needs Easy detection of missing functionality Can Be Expensive Getting clarity in usability/look and feel Reducing re-work Aligning the team But Helps in PROTOTYPING

18. Types of Prototypes Paper Prototype Physical prototypes using paper cutouts, enabling quick and interactive testing of user interfaces and workflows. Storyboards & Scenarios Visualizing user journeys or service interactions, capturing key steps and interactions. Roleplays & Simulations Effective methods for creating service prototypes allowing stakeholders to experience service in a controlled environment. Device Mockup An early version of a physical or electronic product (often 3D printed) to represent core functionality / size. Wireframe Show actual user interface elements, and interactive features, similar to the final solution.

19. PROTOTYPES IN ACTION

20. Customer Journey Mapping Video – 1

21. CONCEPT INTRODUCTION Minimum Viable Product

22. An MVP is Is NOT a P rototype Is NOT the finished solution Is NOT a partial or sub-standard solution

23. DEVELOPMENT The MVP is a solution consisting of minimally necessary features that can be used by select potential users . VALIDATION The primary purpose of an MVP is to gather valuable feedback and make informed decisions regarding future iterations. MVP

24. MINIMUM An unfinished product no customer needs or wants VIABLE The final product that a startup eventually wants to build MVP A product that is good enough to solve the core problem of select set (early adopters) of customers. Overlap of Minimum & Viable

25. Building MVP

26. Are there REAL Startup examples of developing MVP?

27. The founder of Zappos wanted to test the hypothesis that people would be willing to buy shoes online. Instead of building a full e-commerce platform, he took photos of shoes from local stores and posted them online. When someone ordered a pair, he would buy them from the store and ship them to the customer. The founders initially partnered with a few bus operators to list their schedules and seat availability on the website. This simple functionality addressed a major pain point for frequent travelers: the difficulty of booking bus tickets without physically going to a bus station.  

28. Differences and similarities: Prototypes and MVP Tested by the internal team Low-to-Medium fidelity Goal: Validate design Prototypes Validated with target users High fidelity Goal: Product-Customer fit MVP SIMILARITIES Validate hypotheses before committing significant resources to full-scale development. Enable iterative development Minimize the initial investment in terms of time and money Vs.

29. Technology Readiness Level (TRL) is a system used to assess the maturity level of a particular technology. Originally developed by NASA in the 1970s to evaluate space technology, the TRL system is used to measure the progress of technologies from conceptual stages through to full commercialization.

30. TEAM ACTIVITY Faculty Note: Please arrange the following to enable students to build their prototypes: Markers/Pens, scotch tape, scissors, chart paper, lego blocks, play-doh , thick paper sheets, post-its, glue, etc.

31. TEAM ACTIVITY As a team, select ONE of the following formats of Prototype for your solution idea. SELECT Begin to build your prototype; bring it with you to the next class BUILD PAPER STORYBOARD ROLE PLAY PAPER WIREFRAME PHYSICAL MOCKUP

32. Prototyping Test your idea cost-effectively before committing major resources. Fix flaws, and improve usability, by testing with users Prototype, test and then create the MVP. Iteration is the name of the game Reflections Testing Prototyping & MVP

33. ! MANDATORY COURSEWORK PREP for NEXT SESSION POST SESSION Read about Prototype for Early Validation and complete the Beginner’s Quiz 1. Exercise INDIVIDUAL – Revise the Concept 1. Team Activity Team – Decide the type of prototype you want to develop and start!

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