SoLoMoFoo Validating Assumptions
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How to Validate your Business Idea
By Aaron Sherman
This is the fifth part of our Illustrated Guide to Product Development series.
Throughout this series we have extended a product idea into a business concept, the beginning of a Go-to-Market Plan and developed personas to correspond to all of these parts. We have also warned repeatedly that the biggest risk a company, new product or service has is making something nobody wants. In this article we are going to dissect a few assumptions we have made, how they impact our work, and how we can test them. Many of the aspects of our business plan require the previous assumption to be true, but if all of a sudden the previous assumption is false, large parts of future work can and should be skipped.
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Storyboard Description
SoLoMoFoo Validating Assumptions - Validate your business assumptions and ideas before you invest time and money
Storyboard Text
- Baking Bridget Exists
- Assumption
- I hope people find my cupcakes!
- Survey Office Workers
- Test
- Do you bring food in to share with your office?
- How many average servings are there?
- 4 Times per Year
- Switch to Lunch Meeting Larry
- Change if Test Fails
- I hope people find the left over Chinese Food!
- People will make food and want to give it away for free at work.
- People Will Use an App
- Create a survey to determine how many people bring in free food, and how often. ALSO create a formula with a baseline required to pass.
- Offer a Cupcake to Install an App
- 10 Servings
- Switch the scenario to food being provided from left over meetings and see how this evolves the product.
- Ring a Physical Bell
- Cupcakes in the Breakroom!
- Share Food
- ALERT!
- Cupcakes in the Breakroom!
- If I give you this cupcake, will you install SoLoMoFoo?
- Ring bell to alert people to free food!
- Ding
- Ding
- People will be willing to go to the effort to post and watch for free alerts.
- People Like Free Food
- FREE
- FREE
- This assumption is really two fold: 1) Will people install an app to RECEIVE free food? 2) Will people install an app to PROMOTE free food?
- Leave Free Food in a Kitchen
- Create a physical mechanism to alert people in the company about free food. No app required!
- Come Up with a New Idea
- Hmm...
- People will eat free food found in the kitchen.
- FREE
- Test if people will eat free food in a kitchen, we can go and buy cupcakes and leave them in the kitchen. Come back an hour later... Probably all gone.
- If no one wants your cupcakes, get a glass of milk, eat your cupcakes, and brainstorm a new business idea!
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