How to Validate Your Startup in 48 Hours or Less with Grace Ng
This afternoon, Grace Ng, Co-founder and Creative Director of Javelin.com, taught an informative session on how to test startup ideas.
Ng guided attendees through the process of startup creation, using her own stories of success and failure as a template. She detailed her first attempt, a photo Q&A application that would allow users to ask who or what was in the picture (also attempted by Stanford students and more recently, the founder of Twitter). A lack of thorough testing and little validation led to the app’s eventual failure. Ng then transitioned into the proper startup creation process and finished her talk with a tangible example: a new, and increasingly successful venture that connects startup creators with UX designers.
Key Components to Successful Startup Validation
MVP (minimum viable product): experiments that require the least of amount of effort and yield the most feedback
Pivot: the ability to change an element of your hypothesis; alter your strategy to better-fit customer need
Deliver Value: hone in on the element that matters to people
Early Adopters: those who want or need this product
How Do We Put These Key Components into Action?
STEP ONE: Define your hypothesis
Specifically, define the customer problem hypothesis: identify the customer, figure out his or her problem, and come to a solution.
STEP TWO: What do you test?
What must we learn? What are the core assumptions (behavior, mentality or action that needs to happen in order for the hypothesis to be true) of our business.
Prioritize: Identify which assumption is the riskiest, the one that is most unknown and most crucial to the business. If this assumption is invalidated, the business will not succeed.
What do we build to test?
Exploration: reproduce the problem
Concierge: deliver customer expectation
STEP THREE: Get out of the building and conduct your experiment!
STEP FOUR: What did you learn?
Analyze these results. If validated, move forward and test the next riskiest assumption. If invalidated, pivot the hypothesis. Measure results utilizing the minimum success criterion: the weakest outcome you accept as validation.
Throughout her talk Ng stressed the importance of the customer saying, “don’t worry about competitors -- it’s customer behaviors that matters.” Further she noted that successful validation, “enables you to solve bigger problems -- problems that matter.” As far as the process of experimenting, Ng advised to keep experimenting, develop a cycle to build, measure, and learn.