The Playbook
- Determine who your customers are
- Find their under-served needs or desires
- Define your value proposition
- Specify and build your MVP
- Test it with customers
- Iterate fast till you find product-market fit
Where can you find underserved needs or desires?
- Taking an existing activity and making it 10X easier (DocuSign, Zoom)
- Make an existing activity 10X better (& networked)
- Create new inventory to be sold in a marketplace (Lyft, Etsy, Airbnb, Poshmark)
- Discover new willingness to pay
- Connect a group of people that were not visibly connected before (LinkedIn, Stackoverflow)
- Give people a new or easier way to make money
- Turn something digital that isn’t digital
- Find a way to offer 0 pricing (WhatsApp)
- Create a young version of a proven product (i.e. build for a younger generation... Instagram vs Facebook)
- Find a new ‘pleasure center’ in the mind