Welcome to Bootcamp!

Network: Googleguest @incubatenyc #IncNYCBC

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Warm Up
Find Your Match! Find (3) three other people in the Bootcamp that have a similar business to you Similarities can be based on the following: Target Customer Product Industry Business Model

Once you have found 3 people with similar businesses, you will be asked to report on why your businesses are similar

Homework Review

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Problem Statement Feedback

Problem / Pain What is the problem you are solving Why is it a problem Target Customer Who are you solving the problem for What is the profile of this person / group

How is the Pain being Solved What other solutions are there How are people solving their problem

The Market Size How many customers How much do they spend a year

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Competitor Analysis

Competitor

Solution for Problem

What they Do Well

How you will be differentiated

Experimentation Design

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Designing the Right Experiment

Lean Experimentation

1.Test one variable at a time

2. Know the difference between discovering the dial and knowing how the dial works

3. Talk to people and record what they say

Designing the RIGHT experiment allows you to be intentional about what you are testing as you go through the discovery process
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Group Exercise
Focus on One Variable, Be Creative, Be Bold

1) Separate into your Teams each Team will be assigned a company

2) For your company, identify the problem statement

3) Design an experiment to test the problem statement

4) Explain what you will learn from the experiment

Note: Your experiment CAN NOT be a survey or a focus group

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Group Exercise
Company A: Schedule Management Tool for Barbers / Beauty Salons

Company B: Elementary after school tutoring program that teaches math fundamentals through activity

Company C: E-Commerce marketplace for global vintage / thrift boutiques

Company D: Online wish-list and basket for Troops / Military Personal serving overseas

Company E: Refillable shampoo / conditioner bottle retailer

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Product Focus

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Do ONE Thing Better Than Anyone

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Wise Words from Those Who Have Been There

Scott Case (Founding CTO of Priceline) sharing his top 3 tips for Entrepreneurial Success

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Say No to 1,000 things

Steve Jobs took Apple from 350 products to 10 within the first two years of his 2nd and lasting reign Why did this work?

We are problem solvers..

we know that it is faster to solve one problem than two at the same time

so focus allows us to do more in less time

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Your Most Precious Resource is your Time

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Exercise: Lets Analyze Success

When they first started, what ONE thing were these companies known to do well?

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What is your Primary Product Feature

Crap
Additional Features

Core Utility (Primary Product Feature)

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Identifying Your Primary Product Feature

Step 1: Determine the desired value to your customer (purpose of product)

Step 2: Outline the steps necessary for a customer to achieve this value

Step 3: List features that match with these steps

Step 4: Identify the features that are ABSOLUTELY NECESSARY to achieve the purpose remove everything else

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Example: SMS Tool For Homeless Shelters

Step 1: SMS based tool to help homeless people find a bed for the night Step 2: Process
Shelters need to communicate that they have open beds

Step 3: Product Feature

Online platform for uploading bed inventory

Step 4:

Users need to be able to search for available beds

Shelters need a way to verify a user Users need a way to easily reserve a bed Shelters need to update the availability of beds

SMS zip code text for bed availability in area Online user profile and ID generator

SMS reservation tool using unique ID

Online capabilities to change bed availability and inventory status

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What about the Other Features?

Start with the Primary Product Feature Create a Product Roadmap Only release the additional features once you have nailed the primary feature

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Release Early, Release Often

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So Lets Get Started

List out your product features and identify your primary product

Step 1: Determine the desired value to your customer (purpose of product)

Step 2: Outline the steps necessary for a customer to achieve this value

Step 3: List features that match with these steps

Step 4: Identify the features that are ABSOLUTELY NECESSARY to achieve the purpose remove everything else

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Homework
This Week: Assignment 1: Design and execute an experiment that allows you to get feedback from at least (20) twenty potential customers on your product feature identification map:=

Assignment 2:

Interview (2-3) people who work in your target industry to better understand how similar businesses make money: 1. Typical business model used 2. How companies price their product / service 3. The typical costs associated with delivering the product to customers 4. Common strategies used to acquire and sale to customers 5. The average profit margins of companies
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Parting Reminders
1) Tweet what you enjoyed about todays session (#IncNYCBC)

2) Start working on your MVP

3) Submit your homework to your facilitator by 12pm next Wednesday

Email address: marcus@incubatenyc.com or through Incubate Online

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