Startup Bootcamp, Part 4: Framing your MVP like a science experiment

Remember your middle school science fair? Hastily designed tri-fold poster boards and the ribbons that had no monetary value, but carried more weight than gold?

Channel your adolescence and apply the scientific method to your MVP. State your hypothesis, make your assumptions, outline how you’ll measure success and record your observations. Glue sticks not required (you’ll need those for a later section).

Hypothesis

The hypothesis is what you’re setting out to test; it’s the guiding principle for your MVP and will determine what you build (or don’t build) to kick start validated learning. Use this outline to develop your hypothesis: 

Here’s what we wrote for Primal Post:

Assumptions

Since you’re creating an MVP to test your hypothesis, you’re making some big assumptions about your concept. You’ll likely be wrong about a number of these assumptions, but that’s the point. Remember, the goal of the MVP is to quickly introduce your idea to your target audience, get valuable feedback and make adjustments. Take a few minutes to brainstorm basic assumptions and identify the riskiest ones. Are there any that would sink the entire ship? Ask yourself these questions: 

In order for my idea to be successful, the following must be true:

• My customer has <_______ > problem. (this assumption tends to be the riskiest)
  <______> matters to my customers.

• My target audience will pay money for my solution.

• My target audience is/is not content with their current solution. 

• There are no satisfactory substitutes to my solution. 

Below are some of our basic assumptions for Primal Post:

• Our customer is often stuck eating tasteless food on their way to the gym or activity, which typically isn’t enough to get through a tough workout or event. The jerky they do eat is bland and boring, and they don’t have time to find more interesting options. 

• Taste and convenience matter to our customers.

• Our target audience will pay money for our solution.

• Our target is settling for a quick source of protein that tastes bad. We don’t think they’re content with that, and want an alternative.

• There are no satisfactory substitutes to Primal Post.

Set Minimum Success Criteria

How do you know if your MVP was successful? What metrics will you monitor to determine that? Setting some specific benchmarks to determine early success (these are called key performance indicators, or KPIs) will help you measure your feedback and whether you should pivot or persevere. In the MVP phase we’re looking for two metrics that will determine how (or if) you continue with your idea as it exists today: # of sign-ups per period of time at a set $$ (cost per acquisition) and % positive feedback.

Remember…

Pay close attention to the positive feedback you receive. Often what people like about your idea will help drive what your product should be versus what you think it’s supposed to be.

Conversely, negative feedback is equally valuable. Don’t be defensive or romantic about your idea. Assess if there are any nuggets in that criticism that can make your offer even stronger.

Now that you’ve framed your MVP, it’s time to do your homework on your competition. More on that in our next blog post.