Personal Background Grew up in Maharashtra Education: IIT Powai - - PowerPoint PPT Presentation

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Personal Background Grew up in Maharashtra Education: IIT Powai - - PowerPoint PPT Presentation

Personal Background Grew up in Maharashtra Education: IIT Powai University of Iowa, University of Illinois UC Products Entrepreneur all my life Company Founded (co-founded) several companies CEO and MD: Renu Electronics


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SLIDE 1

Personal Background

Grew up in Maharashtra Education:

  • IIT Powai
  • University of Iowa, University of Illinois UC

Entrepreneur all my life Founded (co-founded) several companies CEO and MD: Renu Electronics Founding Charter Member at TiE Pune

  • Run the Mentorship program at TiE Pune
  • TiE Angels

Chairman of the Electronics Committee, MCCIA Wife, Son (21 years), daughter (17 years) Hobbies: Instrumental Music, Bridge, Chess, Badminton Travelled all over the world….more than I like!!

Products Company 0% revenue from services

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SLIDE 2

Entrepreneurship Qualities needed to succeed as an entrepreneur?

  • Ability to take risk
  • Ability to work with people
  • Ability to sell
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SLIDE 3

What are we in business for?

  • ROS?
  • ROCE?
  • ROE?
  • NW?
  • Cash?
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SLIDE 4

Lean Manufacturing

  • Principles used many years ago
  • Focus on Creation of Value for Customers
  • Cut everything else
  • Inventory
  • Optimize Capital
  • LEAN STARTUP
  • Eliminate all wasteful practices
  • Focus on value producing practices
  • Lower the risk
  • Avoid excessive funding
  • Your grandma knew this!!!!

Do we really need the perfect product on Day 1?

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SLIDE 5

Minimum Viable Product (prototype?)

  • Version of a NEW product
  • Collect maximum learning with least efforts
  • Validate assumptions (leap-of-faith?)
  • Theory of Constraints?
  • How many assumptions?
  • Validate customer demand
  • Learning
  • Cater to early adopters
  • Basis for product line
  • MUST BE A SELLABLE PRODUCT
  • So not a PoC

Split MVP

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SLIDE 6

Who is the MVP for?

  • Customer?
  • Channel?
  • Investor?
  • Boss?
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SLIDE 7

Deliverables

  • Actionable metrics (not vanity metrics)
  • Course correction, if any
  • Measured risk minimization
  • Build-Measure-Learn

QUICK TO FAIL

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SLIDE 8

Examples: MI Canteen 1985!!!

  • Bought at Rs 78,000 versus Rs 16,000 previous year
  • Assumption made:
  • Can sell at twice the price
  • Quick validation?

Made Rs 1,45,000 for the hostel

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SLIDE 9

Examples: FP3xxx series

  • Had HMI+PLC combo product
  • Lower cost HMI arrives in the market
  • Assumption:
  • Place for us in the HMI market?
  • MVP
  • Based on existing plastics
  • Based on existing electronics
  • Took lower margin
  • Time to market: 3 months

1 year later: New Moulds New design 30% lower LP

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SLIDE 10

Examples: Ossler

  • Telemedicine product
  • Need a product for HOME USE
  • Assumption:
  • Can stream audio/video over low b/w
  • Can make for less than $200
  • Can get FDA
  • Doctors can use!!!
  • MVP
  • 3D printer
  • Industrial Design
  • Stetho, Camera
  • FDA
  • Cost over $300

1 year later: Moulds $150 cost iOS App Market

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SLIDE 11

Prerequisites

  • Target customer
  • Metrics defined
  • Quick to Learn methodologies
  • PDLC
  • MVP is not about Alpha/Beta testing

Product Manager

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SLIDE 12

When would you NOT use MVP?

  • New model in a series of products?
  • Cost of Engineering not significant?
  • Strong Marketing capabilities
  • Mature companies find it difficult
  • MVP not accepted as a solution by many companies
  • Legal and commercial issues
  • UL, CE, ATEX certifications etc.
  • No Silver bullet…. Every situation is different
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SLIDE 13

Questions?

Contact: ajayb@renuelectronics.com