BNY Mellon

INCUBATION LAB

BNY Mellon Idea Development Training Session 2: Solution Developmen

Date: Tuesday, April 1, 2 1! "irtual Boot#amp Session 2: Solution Development New York, NY Friday, March 21, 2014

INCUBATE
ADVISORS

WARM UP EXERCISES

Four in One
$ $ $ On the next page there will be a box. Come up with as many ways as you can to divide the box into four equal parts. The person with the most solutions wins.

INCUBATE
ADVISORS

WARM UP EXERCISES

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ADVISORS

PRE-WORK POP QUIZ

Four in One

NOTES

How !( #( *( &( e( .(

!n" #o$e% &i& "ou &r!w' Four Bo$e% Fi)e Bo$e% Si$ Bo$e% Se)en Bo$e% Ei+,- Bo$e% More -,!n Ei+,- Bo$e%

INCUBATE
ADVISORS

WARM UP EXERCISES

INCUBATE
ADVISORS

In questions of science, the authority of a thousand is not worth the humble reasoning of a single individual. Galileo Galilei

INCUBATE
ADVISORS

T,in/in+ ou-%i&e -,e #o$

Deductive Reasoning
Deductive reasoning, or deduction, starts out with a general statement, or hypothesis, and examines the possibilities to reach a specific logical conclusion. The scientific method uses deduction to test hypotheses and theories.

Inductive Reasoning
Inductive reasoning is the opposite of deductive reasoning. Inductive reasoning makes broad generalizations from specific observations. Even if all of the premises are true in a statement, inductive reasoning allows for the conclusion to be false. Use this to come up with multiple possibilities for solving the problem Solution evelopment.

Use this to narrow down on potential answers to a defined problem set and !roblem "dentification.

INCUBATE
ADVISORS

BIC Cor0or!-ion T,in/in+ Ou-%i&e -,e Bo$

1945

1970 - Present

Low Cost Plastic Disposable Writing Instruments

Low Cost Plastic Disposable Instruments

INCUBATE
ADVISORS

SESSION 1 REVIEW NOTES

Po0 Qui23
1( W,i*, o. -,e .o44owin+ i% NOT one o. -,e .our %-e0% o. -,e i&e! &e)e4o0 en- *"*4e5 !( Pro#4e I&en-i.i*!-ion #( So4u-ion De)e4o0 en*( M!r/e- De)e4o0 en&( Cu%-o er De)e4o0 ene( Bu%ine%% Mo&e4 De)e4o0 enW,i*, o. -,e .o44owin+ i% ! %our*e o. %-!r-u0 i&e!%5 !( I&en-i.ie& +!0 in ! *o 0e-i-i)e %o4u-ion #( Pro&u*- 4ine e$-en%ion *( Re0o%i-ione& %o4u-ion &( Cu%-o er 0ro#4e W,i*, o. -,e .o44owin+ i% NOT one o. -,e -,ree %-e0% o. i&en-i."in+ -,e %u#-0ro#4e 5 !( T!4/in+ -o *u%-o er% #( I&en-i."in+ -,e e$i%-in+ %o4u-ion% *( M!00in+ -,e *u%-o er e$0erien*e &( I&en-i."in+ -,e *u%-o er u-i4i-" +!0% in -,e *u%-o er e$0erien*e W,i*, o. -,e .o44owin+ i% NOT one o. -,e %i$ *u%-o er u-i4i-" +!0%5 !( S4ow #( E$0en%i)e *( Co 04i*!-e& &( Ri%/" e( None o. -,e !#o)e 9

6(

7(

8(

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ADVISORS

Pro#4e

I&en-i.i*!-ion 0ro*e%%

Core Pro !e"

Identi#$ a 'ro !e"- not an o''ortunit$

Identi#$ E%isting So!utions

Ever$ signi#icant 'ro !e" .as an e%isting so!ution / 0ind t.e so!ution 1direct 2 indirect3 &a' t.e custo"er e%'erience / identi#$ t.e end to end 'rocess o# a custo"er using t.e 'roduct

&a' Custo"er E%'erience (gainst E%isting So!ution

Identi#$ )ti!it$ *a's

Identi#$ t.e ga's in t.e current so!ution

T%e &aps in t%e e'istin& solution (e#ome t%e spe#i)i# su( pro(lem you are solvin&

+,

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ADVISORS

E$! 04e5 Cur)e% +"

How &o "ou i 0ro)e -,e .e !4e +" e$0erien*e in or&er -o in*re!%e -,e -o-!4 nu #er o. wo en -,!*o e on ! re+u4!r #!%i%'

++

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ADVISORS

E$! 04e5 Cur)e% +"

1

E$i%-in+ Cu%-o er So4u-ion% In&ire*- So4u-ion%

Dire*- So4u-ion%

+2

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ADVISORS

E$! 04e5 Cur)e% +"

2

M!0 -,e Cu%-o er E$0erien*e

Purc.ase &e" ers.i ' Cance! &e" ers.i ' Ne4 &e" er Orientation

(c.ieve *oa! 2 Dro' O##

*o to g$" and use e5ui'"ent

6ire a Trainer

(ttend C!asses

+3

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ADVISORS

E$! 04e5 Cur)e% +"

*

I&en-i." -,e Cu%-o er U-i4i-" 9!0%

!ew ember "rientation #o to the g$m an% use e&uipment 'tten% #roup Classes (ire a )rainer 'chie*e goal+ %rop o,, Cancel membership

Purchase embership Customer Pro%ucti*it$

-implicit$

E5ui'"ent is di##icu!t to use 2 co"'!icated (vai!a !e orientation ti"es are inconvenient 0inding so"eone to .e!' 7s'ot8 is inconvenient T.ere is a ris9 o# getting .urt on t.e e5ui'"ent :arge c!asses T.e g$" !ac9 co""unit$ environ"ent is not #ee! 2 not 4o"an #riend!$ co"#orta !e &e" ers.i' is e%'ensive Po'u!ar c!asses di##icu!t to get reservation

Di##icu!t to #ind a trainer t.at #its t.e 4o"an;s needs

&e" ers.i' cance!ation is di##icu!t &e" ers.i' cance!ation ta9es a !ong ti"e

Con*enience

.is/

Image 0 1ualit$

Inconsistent 5ua!it$ a"ong trainers Individua! trainers are e%'ensive

Costs

+4

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ADVISORS

:T,in+% %,ou4& #e !&e !% %i 04e !% 0o%%i#4e; #u- no!n" %i 04er(<

= A4#er- Ein%-ein

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ADVISORS

T,in/in+ ou-%i&e -,e #o$

<ene#its
The !"alue #roposition$ your product offers the customer. benefit is what your product does for the customer. The benefits are the ways that the features make your customer%s life easier by increasing pleasure or decreasing pain.
Ex. $ The product will reduce costs $ The product will save time $ The product is less complicated

0eature1s3
The physical or measurable characteristics of your product. feature is a factual description of how your product works. The features are the functioning attributes of your product. The sum total of all the features make up the product.

+=

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ADVISORS

W,!- i% -,e )!4ue 0ro0o%i-ion o. -,e -,ree *o 0!nie%'

+7

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ADVISORS

THE VA>UE PROPOSITION REF>ECTS THE PRODUCT BENEFIT

>a!ue Pro'osition

T.e so!ution to a custo"er;s 'ro !e"

*ain 2 I"'rove"ent

)ti!it$ *a'

+8

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ADVISORS

CUSTOMER UTI>IT? 9APS BECOME OPPORTUNITIES F4i00in+ -,e Cu%-o er U-i4i-" M!-ri$ Re%u4-% in Pro&u*- Bene.iCustomer 2tilit$ #ap Customer Pro%ucti*it$ Pro%uct 3ene,it

S4ow Co 04i*!-e& In*on)enienRi%/" B!& I !+e @ Qu!4i-" I%%ue E$0en%i)e

F!%-er >e%% Co 04i*!-e& More Con)enien>e%% Ri%/" Hi+,er Qu!4i-" I%%ue C,e!0er

-implicit$

Con*enience

.is/

Image 0 1ualit$

Costs

+9

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ADVISORS

F>IPPIN9 THE UTI>IT? 9APS

Su# Pro#4e
Pur*,!%e Me #er%,i0 New Me #er Orien-!-ion 9o -o -,e 9" !n& U%e EAui0 en-

U-i4i-" 9!0
&e" ers.i' is e%'ensive

Pro&u*- Bene.iC.ea'er "e" ers.i'

(vai!a !e orientation ti"es are inconvenient E5ui'"ent is di##icu!t to use 2 co"'!icated

&ore convenient orientation 'rocess Eas$ to use e5ui'"ent Dedicated trainers on t.e #!oor Sa#e e5ui'"ent ?o"an #riend!$ environ"ent

Pro#4e 5
How &o "ou i 0ro)e -,e .e !4e +" e$0erien*e in or&er -o in*re!%e -,e -o-!4 nu #er o. wo en -,!*o e on ! re+u4!r #!%i%'

0inding so"eone to .e!' 7s'ot8 is inconvenient T.ere is a ris9 o# getting .urt on t.e e5ui'"ent T.e g$" environ"ent is not 4o"an #riend!$

A--en& 9rou0 C4!%%e%

Po'u!ar c!asses di##icu!t to get reservation :arge c!asses !ac9 co""unit$ #ee!

Eas$ registration #or c!asses S"a!! "e" ers.i' to "aintain co""unit$ (!! trainers are 4o"en 6ig. 5ua!it$ trainers :o4 .our!$ 'rice #or trainers

Hire ! Tr!iner A*,ie)e 9o!4 @ Dro0 O.. C!n*e4 Me #er%,i0

Di##icu!t to #ind a trainer t.at #its t.e 4o"an;s needs Inconsistent 5ua!it$ a"ong trainers Individua! trainers are e%'ensive

&e" ers.i' cance!!ation is di##icu!t &e" ers.i' cance!!ation ta9es a !ong ti"e

Eas$ cance!ation 'rocess 0ast cance!ation 'rocess

2,

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ADVISORS

F4i00e& U-i4i-" M!-ri$

Pro#4e 5 How &o "ou +e- non wine #u"er% -o %-!r- 0ur*,!%in+ wine on ! re+u4!r #!%i%'
Customer Productivity Cu%-o er U-i4i-" 9!0 Pro&u*- Bene.i-

Wine %e4e*-ion 0ro*e%% i% Simplicity *o 04i*!-e& wi-, u4-i04e *!-e+orie% !n& )in-!+e% -o *,oo%e .ro Convenience Risk Image & Quality 9oo& wine i% on4" .or -,e ri*, !n& !.. 4uenWine i% e$0en%i)e

N!rrow &own -,e %e4e*-ion 0ro*e%% -o !/e i- e!%" -o 0i*/ ! #o--4e .ro -,e %,e4.

Costs

9oo& wine *!n #e .or e)er"one B&oe%nC- ,!)e -o #e in-i i&!-in+D 9oo& wine *!n #e un&er E1F @ #o--4e Pro&u*- Bene.iDe%i+ne& +! e% .or Aui*/ 4e!rnin+ *ur)e

Pro#4e 5 How &o "ou en*our!+e 0!ren-% !n& *,i4&ren -o 04!" ore )i&eo +! e%'

Cu%-o er U-i4i-" 9!0 Customer I- -!/e% ! 4on+ -i e -o +e- u%e& -o Productivity 04!"in+ ! new +! e Simplicity Co 04i*!-e& +! e% !n& 04!"er reAuire en-% 9! e %"%-e % !re #ui4- .or 1-6 Convenience 04!"er +! e%; !/in+ iin*on)enien- .or u4-i04e 04!"er% Risk 9! e% were 0er*ei)e& -o #e .or Image & Quality -een!+e #o"% Costs

Si 04i.ie& -,e +! e %"%-e %

In*re!%e& -,e nu #er o. 04!"er% !- one -i e

M!&e i- .un .or .! i4ie% !n& "oun+er *,i4&ren

2+

INCUBATE
ADVISORS

Pro&u*-% -"0i*!44" *o 0ri%e o.

u4-i04e .e!-ure%

Fe!-ure .or -ri e&+e%

in+

Fe!-ure .or *u--in+ ,!ir *4o%er

Fe!-ure .or !in-!inin+ !n e)en %,!)e

22

INCUBATE
ADVISORS

Fe!-ure% &e%*ri#e w,!"our 0ro&u*- i% !n& ,ow iwor/%(

4eatures 3ene,its
Convenient 2 Si"'!e Convenient 0ast 2 Convenient Convenient Convenient 0ast 2 Convenient I"age

De%*ri#e -,e .e!-ure% o. -,e 0re0!i& *!r& 0ro&u*-5

Re!oada !e Card No <an9 (ccount Re5uire"ent No Credit C.ec9 Re5uired 0ree Te%t &essages @ E"ai! (!erts 0ree Cas. <ac9 at Retai!ers Pa$ C.ec9 Direct De'osit Persona!iAed Cards to 0it Bour St$!e

23

INCUBATE
ADVISORS

THINKIN9 OUTSIDE THE BOX

W,i*, n! e &oe% no- #e4on+ in -,e +rou05

*o!d"an Sac.s

("erican E%'ress

Deutsc.e <an9

P#iAer

W,!- .r! ewor/ &i& "ou u%e -o &e-er ine -,e !n%wer'

24

INCUBATE
ADVISORS

DIFFERENT WA?S TO SKIN A CAT

Problem5 (ow %o $ou get a smoother ,ace in the morning6

+%en identi)yin& t%e potential )eatures o) your produ#t, it is important to use indu#tive reasonin& )or e'pandin& t%e solution set, Sometimes it-s a matter o) as.in& t%e /uestion a di))erent 0ay,
25 INCUBATE
ADVISORS

THERE ARE MAN? SO>UTIONS TO A SIN9>E BENEFIT

Customer 78perience
Purchas e Deli*er$ 2se -upplemen ts aintenance Disposal 2tilit$ #aps
S4ow In*on)enien Co 04i*!-e& Ri%/" B!& I !+e @ Qu!4i-" I%%ue E$0en%i)e

4as t
Potential 4eature Potential 4eature Potential 4eature

Con*enie nt
Potential 4eature Potential 4eature Potential 4eature

7as$

Less .is/$
Potential 4eature

#oo% Image+(igh 1ualit$

Potential 4eature

Cheaper

Pro%uct 3ene,its

)he aggregate o, pro%uct ,eatures Potential Potential Potential become $our pro%uct
4eature 4eature 4eature Potential 4eature Potential 4eature Potential 4eature

Potential 4eature

Potential 4eature Potential 4eature Potential 4eature

Potential Pro%uct 4eatures

2=

INCUBATE
ADVISORS

FEATURE IDENTIFICATION NOTES

Po0 Qui23
F( In&u*-i)e re!%onin+ ,e40% "ou5 !( N!rrow &own on one %o4u-ion #( Bre!/ &own -,e *ore 0ro#4e in-o i-% %u#-0ro#4e % *( I&en-i." 0o-en-i!4 %o4u-ion% &( Co uni*!-e "our 4o+i* -o !n!+er% G( T,e #ene.i- o. -,e new %o4u-ion wou4& #e HHHHHHHHH ; i. -,e e$i%-in+ %o4u-ion i% *o 04i*!-e&5 !( Si 04e #( Con)enien*( F!%-er &( >e%% e$0en%i)e Pro&u*- .e!-ure% re0re%en-5 !( T,e )!4ue 0ro0o%i-ion o. "our 0ro&u*#( T,e 0,"%i*!4 or e!%ur!#4e *,!r!*-eri%-i*% o. "our 0ro&u**( T,e ini !4 )i!#4e 0ro&u*&( T,e re!%on w," *u%-o er% 0ur*,!%e "our 0ro&u*True or .!4%e; ! 0ro&u*- .e!-ure i% -,e %o4u-ion -o -,e *u%-o erC% 0ro#4e 5 !( True #( F!4%e

I(

J(

27

INCUBATE
ADVISORS

:DonK- !/e %o e-,in+ un4e%% i-K% #o-, ne*e%%!r" !n& u%e.u4( Bu- i. i- i% #o-, ne*e%%!r" !n& u%e.u4; &onK- ,e%i-!-e -o !/e i- #e!u-i.u4(L - Mo%, Por-er

INCUBATE
ADVISORS

QUICK NOTE5 EMOTIONA> VA>UE PROPOSITIONS

How 0eo04e .ee4 !#ou- "our 0ro&u*- wi44 !..e*- "our !#i4i-" -o &e4i)er )!4ue5
1

1emove resonance, and people 2ust 0on3t (uy 0%at you3re sellin&, 1emove differentiation, and t%ey3ll pressure your pri#e or attempt to &et your servi#e somepla#e else, 1emove your a(ility to substantiate your #laims, and 0%ile #lients may 0ant 0%at you sell 4you resonate5 and may per#eive you to (e t%e only people on t%e planet t%at do 0%at you do 4you di))erentiate5, t%ey don3t (elieve you and 0on3t ris. 0or.in& 0it% you,

29

INCUBATE
ADVISORS

:I-% %i 04e5 Fo*u% !n& &o one -,in+ #e--er -,!n !n"one e4%e(<

INCUBATE
ADVISORS

SA? NO TO 1;NNN THIN9S Steve #obs too$ %pple from 7FN 0ro&u*-% -o 1N within the first two years of his &nd and lasting reign. 'hy did this wor$(
S0ee&

Pro#4e

So4)in+

Fo*u%

Durin+ -,e Oourne" o. %-!r-in+ ! #u%ine%%; "ou wi44 #e .!*e& wi-, !n" 0ro#4e %P

P!n& -i e i% o. -,e e%%en*e .or %ur)i)!4Q -,ere.ore; %o4)in+ one 0ro#4e !- ! -i e i% .!%-er -,!n -r"in+ -o %o4)e -wo; w,i*, reAuire%P

P"ou -o #e e$-re e4" .o*u%e& on %o4)in+ -,e o%- i 0or-!n0ro#4e % .ir%-(

3+

INCUBATE
ADVISORS

W,en -,e" .ir%- %-!r-e&; w,!- ONE -,in+ were -,e%e *o 0!nie% /nown -o &o we44'

32

INCUBATE
ADVISORS

WHATCS ?OUR PRIMAR? PRODUCT FEATURE' Ou-%i&e -,e Cir*4e5 A w!%-e o. -i e; .o*u% on -,e *ore u-i4i-" o. -,e 0ro&u*-

(dditiona! 0eatures

Core )ti!it$ 1Pri"ar$ Product 0eature3

33

INCUBATE
ADVISORS

PRODUCT FEATURE PRIORITIZATION

Cre!-in+ ! 0riori-i2!-ion

!-ri$ wi445

6e!' $ou decide on 4.ere to a!!ocate ti"e 2 resources Provide a 5uic9 and consistent "et.od #or eva!uating o'tions Ta9e so"e o# t.e e"otion out o# deciding 4.ere to start Cuanti#$ decision "a9ing

34

INCUBATE
ADVISORS

STEPS FOR CREATIN9 A PRIORITIZATION MATRIX

Prioriti;ation De*elopment )ime .e&uire%

atri8

:ong to deve!o' and does not so!ve a critica! custo"er 'ro !e" Cuic9 to deve!o' ut does not so!ve a critica! custo"er 'ro !e"

:ong to deve!o' ut so!ves a "aDor custo"er 'ro !e"

-teps ,or Creating the Prioriti;ation atri8

1, Identi)y t%e most important #riteria )or sele#tin& your produ#t )o#us: 1, Development #osts 2, Development time *, Customer pain !, 1evenue potential Sele#t t0o o) t%e most important #riteria Compare your produ#ts 4)eatures5 usin& t%ese t0o #riteria and )or#e ran. t%e produ#ts Create a &rid (y plottin& t%e results o) t%e t0o #riteria

Cuic9 to deve!o' and so!ves a "aDor custo"er 'ro !e"

2, *, !,

-e*erit$ o, Customer Pain

35

INCUBATE
ADVISORS

STEPS FOR CREATIN9 A PRIORITIZATION MATRIX

Criteria 15 Severit$ o# Custo"er Su EPro !e" <eing So!ved $ t.e Product .an/ing -$stem 10 < (igher Pain 5 < 7&ual Pain 1 < Lower Pain
Pro%uct 1 Pro%uct 9 Pro%uct : Pro%uct 4 Pro%uct 1 Pro%uct 9 Pro%uct : Pro%uct 4 )otal

+, + 5 +, 5 +,

5 5

+ + 5

+= 7 +5 25

Criteria 95 Esti"ated Ti"e to Deve!o' t.e Product .an/ing -$stem 10 < ore )ime
Pro%uct 1 Pro%uct 9 Pro%uct : Pro%uct 4 Product + Product 2 Product 3 Product 4 Tota!

5 5 + 3= 5 5 +,

+, 5

5 + +,

2, ++ += += INCUBATE
ADVISORS

5 < 7&ual )ime 1 < Less )ime

STEPS FOR CREATIN9 A PRIORITIZATION MATRIX

Prioriti;ation atri8

:ong to deve!o' and does not so!ve a critica! custo"er 'ro !e"

:ong to deve!o' ut so!ves a "aDor custo"er 'ro !e"

Pro%uct 1
=1>? 90@

De*elopment )ime

Pro%uct :
=15? 1>@ Cuic9 to deve!o' ut does not so!ve a critica! custo"er 'ro !e"

Pro%uct 4
=95? 1>@ Cuic9 to deve!o' and so!ves a "aDor custo"er 'ro !e"

AP

Pro%uct 9
=7? 11@

-e*erit$ o, Customer Pain 37

INCUBATE
ADVISORS

MINIMUM VIAB>E PRODUCT BMVPD T,e -er minimum viable product i% -,ou+,- o. !% :-,e % !44e%i-er!-ion o. wor/ "ou *!n &o -o )!4i&!-e "our !%%u 0-ion%(<

38

INCUBATE
ADVISORS

THREE PRIMAR? CATE9ORIES FOR

)0S

A ini u )i!#4e 0ro&u*- ,!% Ou%- -,o%e .e!-ure% -,!- !44ow -,e 0ro&u*- -o #e &e04o"e&; !n& no ore(

Problem 78ploration
(n interaction 4it. t.e custo"er t.at #ocuses on investigating .is or .er 'ro !e"s to understand 'ast e.avior and see i# it is to'Eo#E"indG

Pro%uct Pitch
(n interaction 4it. t.e custo"er t.at atte"'ts to se!! t.e 'roduct to a custo"er in e%c.ange #or so"e #or" o# currenc$F ti"e- "one$- or 4or9G

Concierge
De!ivering t.e 'roduct as a service to t.e custo"er to see i# t.e de!iver$ "atc.es t.e custo"er;s e%'ectationsG

E%a"'!eF Surve$Intervie4

E%a"'!eF :anding Page- ?ire#ra"es

E%a"'!eF Ha''os

39

INCUBATE
ADVISORS

CUSTOMER PROB>EM PRESENTATION

T,e Cu%-o er Pro#4e Pre%en-!-ion i% ! %*ri0-e& in-er)iew wi-, "our -!r+e- *u%-o er% &one ei-,er .!*e--o-.!*e or o)er -,e 0,one(

1( 6( 7(

In-er)iew one 0er%on !- ! -i e( Ou-4ine -,e -o0 7 %u#-0ro#4e % "ou !re !&&re%%in+; -,e *urren- %o4u-ion% -o -,o%e 0ro#4e %; !n& -,en "our %o4u-ion% -o -,o%e 0ro#4e %( P!u%e !.-er e!*, %e*-ion !n& 4i%-en .or -,e .o44owin+5 1( Cu%-o er wor4&)iew 6( T,e 0!in o. -,e 0ro#4e 7( Mi%%e& %u#-0ro#4e % !n& u-i4i-" +!0% 8( O-,er 0o-en-i!4 %o4u-ion% i%%e& Priori-i2e -,e 0ro#4e %o4u-ion un&er : u%- ,!)e;< :ni*e -o ,!)e;< !n& :&onC- *!re(<

8(

Re e #erPT,i% no- ! 0i-*,

4, INCUBATE
ADVISORS

PRODUCT PITCHES OF SUCCESSFU> STARTUPS

B!%i* We# P!+e wi-, Mini !4 Fun*-ionin+ Wire Fr! e%

O.. 4ine -o On4ine

Vi&eo E$04!n!-ion

4+

INCUBATE
ADVISORS

41

CONCier9E SERVICE OF SUCCESSFU> STARTUPS

Wi2!r& o. O2 M!nu!4 E$e*u-ion

Wi2!r& o. O2 R M!nu!4

42

INCUBATE
ADVISORS

PRODUCT FOCUS NOTES

Po0 Qui23
S( I- i% &i..i*u4- -o ,!)e 0ro&u*- .o*u% #e*!u%e5 !( ?ou -r" -o %!-i%." -,e nee&% o. !44 "our 0o-en-i!4 *u%-o er% #( ?ou !re un%ure w,i*, 0ro&u*- #ene.i- !--er% o%- -o *u%-o er% *( S!"in+ no -o *u%-o er &e !n&% i% *,!44en+in+ &( A44 o. -,e !#o)e 1N( W,i*, i% no- ! %-e0 o. -,e 0ro&u*- 0riori-i2!-ion 0ro*e%%5 !( I&en-i." "our 0riori-i2!-ion *ri-eri! #( Se4e*- -,e 0ro&u*- .e!-ure -,!- i% e!%ie%- -o #ui4& *( R!n/ -,e 0ro&u*- .e!-ure% Bor #ene.i-%D #!%e& on "our *ri-eri! &( P4o- -,e %*ore% on ! 0riori-i2!-ion !-ri$ 11( True or .!4%e; "our MVP %,ou4& !4w!"% #e -,e *,e!0e%- .e!-ure "ou *!n &e)e4o05 !( True #( F!4%e 16( W,i*, o. -,e .o44owin+ %-!-e en-% i% NOT -rue5 !( ?ou %,ou4& !4w!"% *,!r+e *u%-o er% -o u%e "our ini !4 )i!#4e 0ro&u*-( #( T,e ini !4 )i!#4e 0ro&u*- i% -,e % !44e%- i-er!-ion o. wor/ "ou *!n &o -o )!4i&!-e "our !%%u 0-ion%( *( De4i)erin+ -,e 0ro&u*- !% ! %er)i*e -o -,e *u%-o er -o %ee i. -,e &e4i)er" !-*,e% -,e *u%-o erC% e$0e*-!-ion% i% ! -"0e o. ini !4 )i!#4e 0ro&u*-( &( ?our MVP *!n #e ! non wor/in+ 0ro-o-"0e(

43

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ADVISORS

POST MVP PRODUCT ROADMAP

)he pro%uct roa%map is a strategic communication %ocument base% on the prioriti;ation o, pro%uct ,eatures

$ $

(elps /eep trac/ o, pro%uct ,eature %e*elopment a,ter prioriti;ation -hows $our team an% other sta/ehol%ers what $our pro%uct *ision is an% what the high-le*el initiati*es will be Pro*i%es ,ocus ,or the pro%uct manager to %e*elop? one ,eature at a time 'rticulates e8ecution timing

Note:Theroadmapneedstobeflexibleintiming toaccountfortheiterationsassociatedwith testingandlearning

44

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ADVISORS

CASE STUD?5 FINANCIA> MARKET RESEARCH PROVIDER

Bene.iIn*re!%e -,e %0ee& o. 4o*!-in+ 0ri)!-e *o 0!n" -r!n%!*-ion%

Pro&u*- Fe!-ure
1( Se!r*, &!-!#!%e o. 0ri)!-e -e*,no4o+" *o 0!nie% 6( Tr!n%!*-ion *ri-eri! %*reenin+ -oo4 7( Co 0!n" *o 0!ri%on -oo4

More *on)enien- -o 4o*!-e *er-!in *o 0!nie% #" %0e*i.i* *ri-eri!

E!%ier -o *o 0!re u4-i04e *o 0!nie% !*ro%% &i..eren- in&u%-rie%

8( V!4u!-ion %-!-i%-i*% *!4*u4!-or

E!%ier -o *!4*u4!-e re4e)!n- -r!n%!*-ion %-!-i%-i*%

F( Su# in&u%-r" &e!4 -r!n%!*-ion &!-!#!%e

More %-!-i%-i*% .or ni*,e in&u%-rie%

G( In&i)i&u!4 0ri)!-e *o 0!n" re%e!r*, re0or-%

More *on)enien- -o !**e%% &e-!i4e& 45 %u !rie% o. in&i)i&u!4 0ri)!-e *o 0!nie%

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ADVISORS

CASE STUD?5 FINANCIA> MARKET RESEARCH PROVIDER

Criteria 15 Severit$ o# Custo"er Su EPro !e" <eing So!ved $ t.e ProductPro%uct Pro%uct Pro%uct Pro%uct Pro%uct Pro%uct )otal
.an/ing -$stem 10 < (igher Pain 5 < 7&ual Pain 1 < Lower Pain
1 9 : 4 5 >

Product + Product 2 Product 3 Product 4 + + +

+,

+, +,

+, +, 5

5 + + +

+ + + + +

3= 23 9 9 3=
)otal

+ + 5

.an/ing -$stem 10 < ore )ime

Criteria Product 5
Product = Product + Product 2 Product 3 Product 4 Product

95 5 Product Deve!o'"ent Ti"e +, +, +,

Pro%uct 1 +, Pro%uct 9 +, Pro%uct : +, Pro%uct 4 +, Pro%uct 5 +,

Pro%uct >

5,

+, + + + 5 5 5

+, 5

+, 5 5

+ + + +,

+ + + +

32 +3 +3 22

5 < 7&ual )ime 1 < Less )ime

5 +, 5

4=
+,

RS 5A D V I S O 35

INCUBATE

CASE STUD?5 FINANCIA> MARKET RESEARCH PROVIDER

Prioriti;ation atri8

Potential Pro%uct 4eatures

1( Se!r*, &!-!#!%e o. 0ri)!-e -e*,no4o+" *o 0!nie% 6( Tr!n%!*-ion *ri-eri! %*reenin+ -oo4 7( Co 0!n" *o 0!ri%on -oo4 8( V!4u!-ion %-!-i%-i*% *!4*u4!-or F( Su# in&u%-r" &e!4 -r!n%!*-ion &!-!#!%e

:ong to deve!o' and does not so!ve a critica! custo"er 'ro !e"

:ong to deve!o' ut so!ves a "aDor custo"er 'ro !e"

Pro%uct 5
=:> :5@

Pro%uct >
=50? 45@

De*elopment )ime

Pro%uct 1
=:> :9@ Cuic9 to deve!o' ut does not so!ve a critica! custo"er 'ro !e" Pro%uct 4 =9? 99@ Cuic9 to deve!o' and so!ves a "aDor custo"er 'ro !e"

Pro%uct :
G( In&i)i&u!4 0ri)!-e *o 0!n" re%e!r*, re0or-% =9? 1:@

Pro%uct 9
=9:? 1:@

-e*erit$ o, Customer Pain

47

INCUBATE
ADVISORS

CASE STUD?5 FINANCIA> MARKET RESEARCH PROVIDER

1 Pri)!-e Co 0!n" D!-!#!%e
!n& S*reenin+ -oo4
In 6NNJ CB In%i+,-% !++re+!-e& 0ri)!-e *o 0!n" &!-! .ro !*ro%% -,e we# !n& .ro 0u#4i* .i4in+% -o *re!-e ! 4!r+e &!-!#!%e o. 0ri)!-e *o 0!nie%( T,en -,e" *re!-e& !n !4+ori-, -o %e!r*, .or %0e*i.i* *o 0!nie% #!%e& on *ri-eri! Be(+(; 4!%)en-ure .un&in+D

$ $ $

S-!r- wi-, -,e Pri !r" Pro&u*- Fe!-ure Cre!-e ! Pro&u*- Ro!& !0 On4" re4e!%e -,e !&&i-ion!4 .e!-ure% on*e "ou ,!)e n!i4e& -,e 0ri !r" .e!-ure

6 Mu4-i04e Co 0!n" Se4e*-or

CB In%i+,-% re4e!%e& -,e o0-ion -o %e4e*u4-i04e *o 0!nie% !n& *o 0!re %0e*i.i* *o 0!n" in.or !-ion(

7 In)e%-or Se4e*-or
CB In%i+,-% re4e!%e& ! -oo4 -o -r!*/ o-,er in)e%-or% !n& %e!r*, *o 0!nie% #" -,e in)e%-or%(

8 In&u%-r" An!4"-i*% Re4e!%e S*,e&u4e

CB In%i+,-% re4e!%e& ! %er)i*e *!44e& :In&u%-r" An!4"-i*%;< w,i*, !++re+!-e% 0ri)!-e *o 0!n" in.or !-ion in-o %e!r*, in&u%-r" )iew%(

G CB In%i&er
In %0rin+ 6N17; CB In%i+,-% 4!un*,e& ! -oo4 -,!- !/e% 0re&i*-i)e re*o en&!-ion% #!%e& on !r/e- re%e!r*, !n& !n!4"-i*%(

F V!4u!-ion @ Mu4-i04e%

In -,e %0rin+ o. 6N17; CB In%i+,-% 4!un*,e& ! -oo4 -o *o 0!re in&i)i&u!4 *o 0!nie% .un&in+ @ 48 -o -,e in&u%-r" !n& MTA %-!-i%-i*%

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ADVISORS

SESSION 65 SO>UTION DEVE>OPMENT SUMMAR?

1 2 3 4 5

So4)e 0ro#4e % wi-, &e&u*-i)e re!%onin+Q -,in/ ou-%i&e -,e #o$ wi-, in&u*-i)e re!%onin+(

Two *o 0onen-% .or &e%*ri#in+ ! 0ro&u*-5 #ene.i-% !n& .e!-ure%(

Fin&in+ -,e )!4ue 0ro0o%i-ion i% ! re%u4- o. . 4i00in+ -,e u-i4i-"

!-ri$(

Fo*u% on &oin+ one -,in+ we44; !n& &o i- #e--er -,!n e)er"one e4%e(

U%e -,e 0riori-i2!-ion

!-ri$ -o n!rrow &own on "our MVP(

49

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ADVISORS

SESSION 65 OUT-OF-C>ASS ASSI9NMENTS A%%i+n en- 1

Cre!-e ! *u%-o er u-i4i-" !-ri$ #" i&en-i."in+ -,e e$i%-in+ %o4u-ion; -,e *u%-o er e$0erien*e wi-, -,e e$i%-in+ %o4u-ion !n& -,e *u%-o er u-i4i-" +!0%( Po%- "our !n%wer on -,e In*u#!-ion >!# 0or-!4 #" en& o. &!" -o&!"(

5,

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