Milestone 3 Task 2

Build MVP and Conduct MVP Interviews

1. CONTEXT

Here, you will continue to work on your MVP that you discussed and planned in the previous activity.

You will:
 Build your MVP using actual technology framework.
 Interview your prospective customers using the interview scripts/questionnaire.
 Receive feedback from prospective customers.
Foundational Course in Entrepreneurship

 Analyze the feedback received and make updates to your MVP as necessary.

2. INSTRUCTIONS

1. Regroup in your practice venture teams.

2. Build the MVP based on the plan you finalized in the previous activity.
3. Take photographs or video footages of your MVP – it always helps!
4. Set up interviews with at least 10 of your prospective customers.
Note: Try to get new prospects for your MVP interview. It is a good idea to exclude the people you
have interviewed earlier.
5. Conduct the interviews and present your MVP to help customers visualize your solution.

After completing this task:

1. Compile the MVP interview results.
2. Find out if you have achieved product-market fit.
3. Pivot, or re-invent your solution, if you have not achieved product-market fit.

3. TIPS TO CONDUCT MVP INTERVIEWS

The MVP interview, like the Problem and Solution interviews, is less about pitching and more about
learning. It is particularly important to conduct your initial MVP interviews in person.

Showcase your MVP during the interview. In case you have a website for your MVP, you can take your
customers to the Landing page, then to the Pricing page, and finally to the Sign-up or Activation page.

The goal of your MVP interview is to validate if your solution has a product-market fit. You need to learn if
your MVP has the essential features that a customer is ready to pay for.

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 Milestone 3 Task 2
Build MVP and Conduct MVP Interviews

Note: You should only ask questions to your customer and not explain or prompt any responses.
Next, we will go through an MVP interview script.

1. Welcome (Set the Stage)

“Thank you very much for taking the time to meet with us again.

We are almost ready to launch our <solution name and short description>

However, before we launch, we wanted to show you the product, get your feedback, and, if you
are still interested, give you early access to it.
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Does that sound good? Great. I will start by showing you our <product/website> and ask you a few
questions. It would be really helpful if you think out loud as we go along. That will help us identify
any problems or issues we need to address.”

Are you ready?

2. Show Product or Website

 “What do you think of this product?
 Do you think this product will help you? How?
 Are you using anything similar at present?
 Is this product different from what you use? How?”

3. Show Pricing of the Product (this is the heart of the interview.)

 “This is the price we decided to launch with. What do you think of it?
 Would you like to pay for it? Why?
 Would you tell your friends about it? Why?”

4. Final Purchase and Conversion (optional, this is not the goal)

 “Are you still interested in trying out this product?
 Would you like to buy it now?”
Note: It may not be possible to convince a customer to make a purchase right after an MVP
interview. Remember, the goal of the MVP interview is to learn and not make a sale.

5. Wrapping Up (keep feedback loop open)

“Thank you very much for your time today. If you have any questions, please call us or drop us a
note.”

6. Document Results
As before, take the five minutes immediately following the interview to document your results
while they are still fresh in your mind.

Use the template on the next page to write down the top three customer problems you observed.
Are these problems the same as the ones your MVP is trying to solve? If not, revisit your Lean
Canvas and see if you need to change the Problem, Solution, or the other blocks. Then, plan to
pivot and redesign your MVP.
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 Milestone 3 Task 2
Build MVP and Conduct MVP Interviews

3. MVP INTERVIEW FEEDBACK TEMPLATE

Date: ……………………………………

Contact Information
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Name: ………………………………………………………………………………………………………………………….

Email: …………………………………………………………………………………………………………………………..

Problem 1

…………………………………………………………………………………………………………………………………….

…………………………………………………………………………………………………………………………………….

Problem 2

…………………………………………………………………………………………………………………………………….

…………………………………………………………………………………………………………………………………….

Problem 3

…………………………………………………………………………………………………………………………………….

…………………………………………………………………………………………………………………………………….

Pricing

Willing to pay (amount): ……………………………………………..

Notes: …………………………………………………………………………………………………………………………

Referrals: …………………………………………………………………………………………………………………….

Validation Page 3 of 3
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www.nen.org V01