Minimum Viable Product - Lean Canvas Exercise

In this module, we delve into the creation and testing of Minimum Viable Products (MVPs) for validating business ideas.

Arithra's First MVP (Smart Hydration Bottle)

Arithra's proposed first MVP includes a basic smart water bottle with a tracking mechanism for volume, Bluetooth sync with a mobile app, and certain app features. He aims to validate hypotheses related to the problem, solution, and customer behavior.

Feedback on Arithra's MVP:

• Too Extensive for a First MVP: While comprehensive, this MVP is quite extensive for a first version, requiring significant development time and investment in creating the smart bottle and app. The core philosophy of the Lean method is to avoid substantial investments until the idea is validated.
• Recommendation for a More Basic MVP: For a true first MVP, a simpler approach is suggested. Instead of building the actual product, Arithra could create:
  • A video: This video would capture the bottle's operation, features, and how it interacts with the user and the app. This visually describes the product without building it.
  • A survey: Accompanying the video, a survey distributed to a larger group (e.g., 200-300 people) could gauge interest and perceived usefulness.
• Benefits of a Simpler MVP: This "smoke test" approach allows for rapid and inexpensive validation of the core idea and hypotheses. If a high percentage of respondents show interest (e.g., 150 out of 200), it provides strong confidence to then invest in fuller product development.

Ashana's First MVP (Personalized Fitness Training)

Ashana's first MVP for personalized fitness training leverages existing, off-the-shelf tools to simulate the service experience:

• Google Forms and Calendly: For simple onboarding and scheduling.
• Zoom: For one-on-one live coaching sessions.
• WhatsApp: For reminders and support.
• Google Sheets: For tracking and management.

Feedback on Ashana's MVP:

• Classic MVP Example: This is a strong example of a highly effective and low-cost MVP. It's "ad hoc" but successfully delivers the core service experience (personalized coaching) without requiring significant new tech investment.
• Experience the Core Service: By using these tools, Ashana allows potential customers to experience the personalized coaching, understand the service, and set expectations, even before a dedicated app is built.

General Guidance on MVPs and Hypotheses Testing

• Measurable Hypotheses: Regardless of the MVP type, the underlying hypotheses must be measurable.
  • Example: Instead of "People are willing to commit time and effort to live fitness coaching if it is customized," make it quantifiable: "At least 30-40% of people are willing to commit time and effort to a customized live fitness coaching session."
  • Thresholds: Determining appropriate thresholds (e.g., 30%, 40%, 50% interest) can be informed by market analysis (like TAM, SAM, SOM calculations). The clearer the threshold, the easier it is to assess traction.
• Iterative Testing: If initial validation is moderate (e.g., 20-40% positive response), further rounds of MVP testing might be needed to confirm consistency and build higher confidence.
• Post-MVP Feedback: After an MVP run, it's crucial to gather feedback, typically through quick interviews or short surveys. Questions should focus on:
  • Session experience (likes, dislikes).
  • Desired changes or improvements.
  • Willingness to pay: This question is more appropriate after customers have experienced the MVP, as their response will be more informed and reliable compared to asking upfront in initial interviews.
• Creativity in MVP Design: MVPs are creative endeavors aimed at allowing customers to experience the product or service without significant financial outlay. Entrepreneurs are encouraged to be creative in devising their MVPs.
• Goal: The ultimate goal of MVP testing is to rapidly and cheaply validate demand and learn from customer interactions, allowing for pivots or continued development with higher confidence.