The purpose of the Term Project is to give you an open ended, but structured hands-on opportunity to:
- Apply the principles and concepts of lean startup and product discovery
- Think clearly about setting real goals for a product or business, whether they are to make lots of money or otherwise put a dent in the universe.
- Develop and practice the discipline to invest time and effort in only what is most important at any point
- Refine and distill the results into a great presentation.
Objective and measures of success
- Teamwork: Work as a team where everyone contributes. Figure out how you will be effective and make decisions.
- Invent: Come up with a new (“technological”) product or service, or an adaptation of some other product. It can be something never heard of before, or a refinement or variation, or combination of existing ideas or products.
- Validat:e Subject it to a complete validation, using Lean Startup, iterating on the different aspects, pivoting as necessary. Build MVPs, go out of the building, and produce real evidence.
- Prove: with data from your research and out-of-the-building work, that you have a reasonable belief that it will lead to a profitable business. Iteratte back to 1 if necessary!
- Report: Describe product or business fully, including the design, features, target market, pricing model, revenue sources, and more.
We will work in teams of 4 students. Each team, by the end of the term, will have defined a new product or service, at least up to a point of being ready to seek funding. The content of the classroom work should be directly applicable to the project work.
Note It this class we will design, mockup, test and measure, but not actually implement the new product.
The team has to come up with a validated business model for a product or service with the following characteristics:
- It should solve a problem we believe (and can show) people really have
- We have evidence that people would pay money to solve it
- Our solution involves technology of some sort
- We should have reason to believe that the product can be built
- Guidelines and questions to ask when Choosing a project to work on
Final Presentations and Deliverables
- At the very end of the semster we will have “Showcase Day”
- Each team will do a formal presentation about their product and project
- There will also be a series of final deliverabes