https://bit.

ly/2RtyIkN
Graduated
2009 Computerized Accounting

2012 Online Marketing Analyst,

Business Development, & B2B

2013
Business Development, COO

Magister Science on Marketing

2016 Head of Business Development

2017 Head of E-Commerce Development

2019
Head of E-Commerce
Agenda
 Terminology alignment
 Why is this important?
 Market validation tips
 Scientific methodologies
 What investor will see?
 Summary
 Terminology Alignment
Market StartUp So what is that?
Validation
• Dictionary : the action of • Dictionary : a newly Test your idea before
checking or proving the established business. develop it further!
validity or accuracy of • A startup is a young
something. company that is just • Does your idea solve a
• Market validation is a beginning to develop. problem?
series of interviews of Usually small and • Can you find potential
people in your target initially financed and buyers?
market. These is used to operated by a handful of • Is there a market?
test a product concept founders or one
against a potential target individual.
market.

"Market validation sounds hard. But building real product is harder"

Source : https://www.productplan.com/lean-market-validation-10-ways-rapidly-test-startup-idea/
 In 2017, a study by Oxford Economics
found that 90% of Indian startups fail
Why is this within the first five years.
important? The reasons stated in the report were many –
from me-too business models to lack of funding,
ethics, or mentoring, and more.

Source : https://www.forbes.com/sites/suparnadutt/2017/05/18/startups-in-india-fail-due-lack-of-innovation-according-to-a-new-ibm-study/#5e21d0bd657b
1. Write Down Your Product Concept
2. Decide
3. Most of What You Write Down are Assumptions
4. Find the Truth by Getting Out to Test Your Assumptions
5. Start with Your Network
6. Interview Them
7. Ask “Why?”
8. Find the Value Proposition
9. Liking Your Idea is not the Same as Buying Your Product
10. Jump Off the Cliff and Have Fun

Market validation tips

Source : https://www.productplan.com/lean-market-validation-10-ways-rapidly-test-startup-idea/
 Scientific Methodology
DEFINE YOUR FOCUS.
Step 1 WHAT DO YOU SEEK TO VALIDATE?

MAP OUT YOUR ASSUMPTION.

Step 2 PRIORITIZE THE MOST CRITICAL ONES AND CONVERT THEM
INTO HYPOTHESIS READY TO BE TESTED

CHOOSE & DESIGN RELEVANT EXPERIMENT

Step 3 TO TEST YOUR HYPOTHESES

Source : https://www.boardofinnovation.com/
 Waterfall Approach VS Lean Approach

• Low risk
• High risk • Multiple iterations
• Limited iterations • Budget is progressively increased once hypothesis
• Budget-consuming are validated
• Validation of the business proposition at release • Multiple checkpoints for validation
• Validation of the whole concept at final release • Validation of individual hypothesis through
multiple experiments
 In which stage are you?

Problem

Step 1 : Solutions
Define your
focus.
Features
What do you
seek to validate?
Business Model

Pricing
 Some assumptions are easy to validate,
Step 2 : some are hard.
Map out your
assumptions. Divide the assumptions into categories
Prioritize the
most critical • Desirability : client/user focus
• Viability : business model
ones and • Feasibility : tech constraints
convert them • Corporate fit : strategy
into hypothesis
ready to be
tested Categorize & Prioritize your assumptions with :
Assumption Mapper
Output Example
 1. Feature sorting
cards 1. Comprehension
2. Picnic in the test
graveyard 2. Imposter Judo
Step 3 : Choose 3. Customer interview 3. Crowdfunding
and design the 4. Smoke test
5. Generative session
4. Pre-sales
relevant 6. Single-feature MVP
5. Concierge
6. Wizard of Oz
experiments to test 7. Physical prototype 7. Letter of intent
your hypotheses 8. Wireframe
9. Landing page
8. A/B Testing
9. App mockup
10. Explainer videos 10. Ad campaign
(online)
List of experiments
How to pick the right one?

1. Tools Some ready-to-use services you will find helpful to get your experimentation started

2. Pros & Cons Advantages and limitations of each experiment

3. Currency Satisfaction / Engagement / Time / Attention
4. Target Audience B2B / B2C
5. Kind Evaluative / Generative
6. Perfect to test Problem / Solution / Features / Business Model / Pricing
 1. Feature sorting
cards 1. Comprehension
2. Picnic in the test
graveyard 2. Imposter Judo
Step 3 : Choose 3. Customer interview 3. Crowdfunding
4. Smoke test
and design the 5. Generative session
4. Pre-sales
relevant 6. Single-feature MVP
5. Concierge
6. Wizard of Oz
experiments to test 7. Physical prototype 7. Letter of intent
your hypotheses 8. Wireframe 8. A/B Testing
9. Landing page 9. App mockup
10. Explainer videos 10. Ad campaign
(online)
Step 3 : Choose
and design the
relevant
experiments to test
your hypotheses
Step 3 : Choose
and design the
relevant
experiments to test
your hypotheses
 1. Feature sorting
cards 1. Comprehension
2. Picnic in the test
graveyard 2. Imposter Judo
Step 3 : Choose 3. Customer interview 3. Crowdfunding
4. Smoke test
and design the 5. Generative session
4. Pre-sales
relevant 6. Single-feature MVP
5. Concierge
6. Wizard of Oz
experiments to test 7. Physical prototype 7. Letter of intent
your hypotheses 8. Wireframe 8. A/B Testing
9. Landing page 9. App mockup
10. Explainer videos 10. Ad campaign
(online)
Step 3 : Choose
and design the
relevant
experiments to test
your hypotheses
Step 3 : Choose
and design the
relevant
experiments to test
your hypotheses
 1. Feature sorting
cards 1. Comprehension
2. Picnic in the test
graveyard 2. Imposter Judo
Step 3 : Choose 3. Customer interview 3. Crowdfunding
4. Smoke test
and design the 5. Generative session
4. Pre-sales
relevant 6. Single-feature MVP
5. Concierge
6. Wizard of Oz
experiments to test 7. Physical prototype 7. Letter of intent
your hypotheses 8. Wireframe 8. A/B Testing
9. Landing page 9. App mockup
10. Explainer videos 10. Ad campaign
(online)
Step 3 : Choose
and design the
relevant
experiments to test
your hypotheses
Step 3 : Choose
and design the
relevant
experiments to test
your hypotheses
 What investors will see?

FOUNDER’S IDEAS MONETIZATION

PROFILE NEW/NOT? HOW WILL YOU MAKE MONEY?
EXPERIENCE, SKILL SET,
AND R&R SPLIT?

Source : personal experience

Summary

Test your ideas. Be objective!

Use a scientific methodology

Think both as a consumer & as an investor

THANKS
Rizkie Maulana Putra
rizkie.putra@loreal.com