Level 3: Value Prop

Objective

Launch an initial product that customers are thrilled with and is superior to the competition.

Tasks

Getting Started

  1. Watch KISS Canvas: 3. Features & Benefits (playlist here)
  2. Watch KISS Canvas: 4. Competitive Advantages (playlist here)
  3. Update your KISS Canvas based on what you've learned from the videos
  4. Craft your Solution Interview Script (here is a script template)
  5. Meet with your Cohort and
    1. Review your KISS Canvas.
    2. Review your Kiss Scorecard. Take note of the lowest-level milestones that are incomplete.
    3. Fill in your IPM.

Repeat Every 1-2 Weeks

  1. Innovation Project Manager (IPM)
    1. Execute the tasks listed in the Actions row.
    2. Record the results.
    3. Be prepared to give an informal verbal walkthrough of what you did.
  2. Interview at least 5 prospects.
  3. Meet with your Cohort
    1. Review your IPM (this is where you deliver your informal verbal summary).
    2. Update your KISS Canvas.
    3. Update your KISS Scorecard.
    4. Update your IPM with up-to-date Goals, Actions, and Metrics.
  4. Repeat this process until 4 out of 5 potential customers are begging you to build the thing you've described in your interview. Once that happens...
    1. Listen to "How to Succeed by Failing ‘Ferrari Fast’".
    2. Read about the kinds of pretotypes. Note that the first one, the "Fake door," can also be called "The brochure," as in you make a 1 or 2 pager flyer / brochure marketing your product as if it were real then show it to customers for feedback.
  5. Repeat the process above using the pretotype as the "star" of the interview. Keep doing so until you have enough confidence that it is time to build a prototype.
  6. Repeat the process with the prototype until you are confident enough to invest the resources to build version 1 of your product.
  7. Repeat the process until you've checked off milestones 2.1 through 2.6. Once you have done so...

Fundraising Advice

Once you have completed this level, the flavor(s) of capital that are usually appropriate are:

Proceed to Level 4