No doubt, coming up with a groundbreaking idea is a milestone in building a product. However, this is only the beginning of the journey. There are reasons why 90% of startups fail. Fortunately, some tricks can help you succeed while saving time and money. Read this article to learn how to get from idea to MVP safely and effectively.
Why do startups fail?
Sometimes, the idea itself is not enough to succeed. After reviewing 100 startups’ stories, various shortcomings have been placed on lists, with the most accurate being presented in the CB Insight’s summary. Among the top 20 reasons are factors like:
- No market need
- Lack of a proper team
- Quicker competition
- Ran out of budget
- Wrong pricing
- Product not user-friendly
- Business model failure
- Wrong timing
- Lack of passion and focus
- Failure to pivot
As you can see, many diverse causes require consideration, and often, it can be quite a challenge getting to the MVP stage with no slip-ups.
Five steps to success: getting from idea to MVP.
There are many ways to get from idea to MVP; however, not all are equally effective. Nevertheless, we have some helpful suggestions:
- Write down what motivates you to solve the problem
- Prepare a clear vision of who you want to help and what their pains and gains are
- Invite field experts, end-users, and stakeholders — test and pivot your idea
- Research the competition and benchmark from other industries
- Prepare a roadmap and budget
Following these steps is not always easy, and often, much stamina is required to reach your goal. There can be traps along the way for those lacking experience or the ability to take a broader perspective. There is also the danger of misinterpretation. Fortunately, there is a solution for limiting risk and providing structure to the entire process. This is called Product Discovery.
What is Product Discovery?
Product Discovery is a set of activities to answer whether and why the product should be developed. Although your vision of the MVP may be strong, it is still worth stepping back to invest time in research and ideation. Product Discovery helps ensure you’re fulfilling customer requirements and that the MVP continues to meet previously defined business criteria well before any code is written. This process may be divided into two or three parts, the combinations of which facilitate a deeper understanding of users — one to be used for designing a desirable product. Product Discovery is particularly useful for startups during the early stages of development.
What does the process look like?
Product Discovery might vary depending on the approach taken, the structure prepared, or personal preferences. The description will be based on one specific example to give a general procedure overview. At Startup Development House, the process is divided into three modules.
Part I: Product Discovery Workshop
During this stage, you can get inspired by what people want and check whether there is a need in the market. Using empathy maps, you will learn more about your users — their pains, challenges, and customs. Moreover, empathy maps allow you to discover how best to reach a user and how to fulfil their needs. In this way, you will set business criteria and prioritize ideas for MVP. Finally, there is user story mapping, through which you will define the project’s scope and ensure those involved are all on the same page.
Part II: Prototyping & User testing
Once you’ve researched and set the direction, you can validate your plan in the real world. This can be achieved by using a prototype to conduct user-testing sessions. If you do this with an experienced product manager, you can easily save the time and money otherwise spent on development. In addition, you will find out how to create a user-friendly product. This phase allows you to gather helpful feedback, giving you a more accurate view of the development.
Part III: Roadmap & Budget
In this stage, you will polish your project by estimating development time and scope and prioritizing the final MVP’s features according to the available budget. This way, you can protect yourself from budget exhaustion and concentrate instead on preparing a roadmap and realistic timeline. You are now ready to start your MVP!
Who should participate in PD?
You should also consider the right team setup to run a successful Product Discovery. Usually, the team consists of a Facilitator (Product Designer), a Designer or Project Manager (Product Owner, Product Designer, or CEO), and a Super Decider (CEO or Product Owner). Inviting users’ representatives, field experts, tech experts, and creative types might be worth it. Advice from an external, experienced product manager to supervise the process should also be considered.
What are the key advantages of Product Discovery?
At this point, you will recognize how Product Discovery is helpful and constitutes the perfect response to an originator’s needs. If you think your concept for a product is flawless, shouldn’t you still challenge the idea? You only stand to gain!
Key advantages:
- Inspiration boost
- A better understanding of the user
- A clear vision of what should be developed and for whom
- A solid plan of how to convert an idea into a product (resources, money, and time needed)
Product Discovery allows for all major risk mitigation (value, usability, feasibility, and business viability). As such, it can bring you savings in time and money. Furthermore, it allows you to validate your idea with real users and build an initial fanbase. More importantly, Product Discovery increases the chances of success. Can a startup ask for any more?
Although you may have already been through some of the processes as outlined, you can still take advantage of Product Discovery. Many tools and techniques will benefit you at any point in your journey: redefining your roadmap, adjusting your business concept, or testing any new features you wish to add to your product.