Recap: Turning an Idea into Product Camp

Chapter 2 of Yu's book focuses on turning an idea into a product. The biggest takeaway I found is realizing that being a "perfectionist" can hurt you in this stage. She recommends creating a Minimal Viable Product (MVP) that carries only the essentials. MVPs are products with only enough basic features to attract the attention of early adopters.

This concept of MVPs makes me think of an old Mexican saying, "andando en carretera se acomodan las calabazas." This means that you fix things as you go. It ties back to Yu saying that an MVP should be just the bare minimum you need to launch your product into the market. More detailed features are part of a further step.

The advantages of an MVP include getting your product to market in a short time, product testing before the full release, minimizing capital expenses, and providing insight.

Decision #6: What is Your Minimal Viable Product (MVP)?

The MVP of SBH Labs was their first product to hit the market (and still the most successful today!), nuCaffeine. NuCaffeine is a liquid caffeine concentrate that can be added to any drinks to make your own concoction of an energy drink. The SBH Labs best seller has zero sugars and calories, it is flavorless (but also comes with the option to add 4 delicious flavors). NuCaffeine comes in a special bottle so customers can measure exactly how much caffeine they are consuming.

Yu urges us to explore the following questions. I have answered these questions with the co-founder of SBH Labs, David.

1. Who cares about the problem you are trying to solve? Health-concious people and caffeine-sensitive people.
2. Is there anyone else solving the same problem? The energy-drink market is lead by giants such as Red Bull and Monster. Alternatively, there is 5 Hour Enery Drink. A more close relative to nuCaffeine is Kaffn8. nuCaffeine is different from the competition because it has no sugar or calories, no taste, and no bitterness.
3. What type of team do you need to have in place to achieve your vision? An e-commerce savy team. David hopes to take his company international. It is already established in Canada, but he wishes to increase sales and enter into other international markets.

Decison #7: How Will You Pilot Your Product?

nuCaffeine has two Ideal Customer Profiles (ICP): a health-concious consumer who is attentive to the amount of calories, sugar, and caffeine he or she consumes per day, and a caffeine-sensitive consumer who needs to measure the amount of caffeine he or she consumes per day to make sure it does not upset their stomach. For both ICPs, nuCaffeine solves their problem by providing a zero-calorie, zero-sugar caffeine additive, and having a way to measure exactly how much caffeine is being consumed by the customer.

Below is feedback from each type of ICP.

Parting words of wisdom by Yu:

"where you come from - all your past experiences, history, and life lessons - shapes how you forge the path."

(Yu, 2021, p. 57)

References:
Yu, H. (2021). Ascend Your Start-up: Conquer the 5 Disconnects to Accelerate Growth. United States: Made for Success Publishing.