Module 6 Lesson 1 - Prototyping/MVP

Learning intention - Understand prototypes and minimum viable product.

Success criteria:  I can identify what my mvp will be.

ACARA - AC9HE9K04

Lesson activities

Recap -  E story (news.com.au or other sources). Check for understanding about pricing strategies. 5min

Discuss upcoming Shark Tank pitch and the need for a prototype or minimum viable product. Define the difference between a prototype and MVP with the entrepreneurs. 5min.

Discuss what a final product would look like (labels, packaging, shipping cost built in etc) and that this is an essential step to getting there. Watch ‘Prototype' video. 

The entrepreneurs need to plan how and when they are going to produce a prototype/mvp i.e. what do they want to have ready for Shark Tank. This is an opportunity to survey the other entrepreneurs and get feedback on pricing, qualities, USP/POD etc, and start teeing up family and friends to buy a MVP to get feedback from actual customers. Testing of product needs to happen from now as well - if they are making a pet treat or other consumable item, shelf life needs to be monitored so as to be able to give Shark Tank judges an accurate assessment of the product variables. 

Product names need to be created at this point as well - identify the difference between their business name and product name, and reiterate tying back to the branding message identified earlier. 

The businesses should also take this opportunity to clearly identify and cement the benefits & qualities of their product so as to be able to communicate these later to customers. For instance, aluminium bottles that can be recycled, bamboo labels, up-cycled off cut wood repurposed to save it from landfill etc. 50mins

This is the time to reach out again to the wider business community for Shark Tank judges - use the Founda email template to easily achieve this.

Join Founda's community for the following resources - Founda video, exemplar pitch deck tips, email template.