Product Development
Requirements:
1. (Competitive Research) Identify at least 3 offerings that are similar to your planned offering from competitor companies or from related companies. Write the name of the solution, provide the URL to access the offering, and write 1 paragraph that describes the 1 key feature that each offering launched with. Update your Market Research worksheet sheet from "Research and Customer Development" with the companies.
2. (Product Roadmap) Organize a product brainstorming session with your Advisors, coworkers, friends and / or Working Group members to create a prioritized set of features to develop next. Try the following methodology. During the session, write down a series of “Features” that you want your ultimate offering to have on sticky notes. Then, organize the Features on sticky notes into logical “Groups,” which may be in categories like “Registration” or “Search.” Next, on a wall, place the important Features on top of less important Features vertically within the Group, and place the more important Group to the right of the less important Groups. Batch items from top to bottom and from left to right into named Releases, such "MVP, "Beta" or "Version 1." See this document as a sample Roadmap of prioritized Features to develop (http://fndri.com/yVKzvp).
3. (Product Specification) Translate the Product Roadmap into a professional Product Specification document of ten or more pages. The Specification should include an overview of the product or offering, a clear definition of the target customer, the Product Roadmap (above), a brief description of each feature, any workflows, any screenshots and a Development Plan (below). The Product Specification should be able to be handed to any external party for completion, even if you plan to develop it yourself. Here is a sample specification outline (http://fndri.com/13QG1SX). Upload the Product Specification to Google Docs and paste the sharing link into the assignment field. Make sure you set the sharing setting to "Anyone with the link.”
4. (Development Plan) As part of the Product Specification, create a detailed plan to develop the Next Release in the Product Roadmap using the Roles that you have identified in previous team session. Work with the different Roles to break the activities and the deliverables into projects that can be completed in 2 weeks or less, called "Product Sprints." Write down each Sprint required to complete the Next Release in the Roadmap. Describe regular weekly communication procedures to get updates on the Sprints, and discuss consequences with the Roles for missing Sprint objectives. Assume that you will need a series of Sprints after each Release to fix bugs and optimize for traction. Include the Development Plan in the Specification.
5. (Estimation) As part of the Product Specification, work to estimate the overall cost and time to develop each Release in the Roadmap. Update the Specification with estimates. Speak with your Advisors about a customary amount of delay and cost increases that you can expect given your Development Plan, and adjust the estimates accordingly. Write the Releases that you can accomplish from your available resources without revenues and without financing. Update your financial model with the estimates and paste the sharing link into the assignment field. Make sure you set the sharing setting to "Anyone with the link.”
6. (Development Key Performance Indicators) Identify 3 key performance indicators, or “KPIs,” for developing your offering that you will track and announce each week to your Working Group and at the end of each Hotseat in the sessions. For example, these KPIs might be the number of features released, the number of problems fixed and the number of code updates. The goal of your KPIs is to ensure weekly product development progress at all times.
7. (Working Group Approval) Share the Product Specification and KPIs with your Working Group and solicit feedback to improve the work. Improve the work, and then have your Working Group sign a resolution that they approve the changes, following a Board Resolution template (http://fndri.com/s6k3w7). Upload the Resolution to Google Docs, and paste a link to the Resolution in the assignment field. Make sure you set the sharing setting to "Anyone with the link.”
8. (Eighth Mailing) Expand The List to include at least 10 more people. Send an eighth mailing to The List describing your product or offering and showing a mock-up if you have one. Include the KPIs for development, which will now be a permanent feature of The List, and ask for feedback on the product description.
2. (Product Roadmap) Organize a product brainstorming session with your Advisors, coworkers, friends and / or Working Group members to create a prioritized set of features to develop next. Try the following methodology. During the session, write down a series of “Features” that you want your ultimate offering to have on sticky notes. Then, organize the Features on sticky notes into logical “Groups,” which may be in categories like “Registration” or “Search.” Next, on a wall, place the important Features on top of less important Features vertically within the Group, and place the more important Group to the right of the less important Groups. Batch items from top to bottom and from left to right into named Releases, such "MVP, "Beta" or "Version 1." See this document as a sample Roadmap of prioritized Features to develop (http://fndri.com/yVKzvp).
3. (Product Specification) Translate the Product Roadmap into a professional Product Specification document of ten or more pages. The Specification should include an overview of the product or offering, a clear definition of the target customer, the Product Roadmap (above), a brief description of each feature, any workflows, any screenshots and a Development Plan (below). The Product Specification should be able to be handed to any external party for completion, even if you plan to develop it yourself. Here is a sample specification outline (http://fndri.com/13QG1SX). Upload the Product Specification to Google Docs and paste the sharing link into the assignment field. Make sure you set the sharing setting to "Anyone with the link.”
4. (Development Plan) As part of the Product Specification, create a detailed plan to develop the Next Release in the Product Roadmap using the Roles that you have identified in previous team session. Work with the different Roles to break the activities and the deliverables into projects that can be completed in 2 weeks or less, called "Product Sprints." Write down each Sprint required to complete the Next Release in the Roadmap. Describe regular weekly communication procedures to get updates on the Sprints, and discuss consequences with the Roles for missing Sprint objectives. Assume that you will need a series of Sprints after each Release to fix bugs and optimize for traction. Include the Development Plan in the Specification.
5. (Estimation) As part of the Product Specification, work to estimate the overall cost and time to develop each Release in the Roadmap. Update the Specification with estimates. Speak with your Advisors about a customary amount of delay and cost increases that you can expect given your Development Plan, and adjust the estimates accordingly. Write the Releases that you can accomplish from your available resources without revenues and without financing. Update your financial model with the estimates and paste the sharing link into the assignment field. Make sure you set the sharing setting to "Anyone with the link.”
6. (Development Key Performance Indicators) Identify 3 key performance indicators, or “KPIs,” for developing your offering that you will track and announce each week to your Working Group and at the end of each Hotseat in the sessions. For example, these KPIs might be the number of features released, the number of problems fixed and the number of code updates. The goal of your KPIs is to ensure weekly product development progress at all times.
7. (Working Group Approval) Share the Product Specification and KPIs with your Working Group and solicit feedback to improve the work. Improve the work, and then have your Working Group sign a resolution that they approve the changes, following a Board Resolution template (http://fndri.com/s6k3w7). Upload the Resolution to Google Docs, and paste a link to the Resolution in the assignment field. Make sure you set the sharing setting to "Anyone with the link.”
8. (Eighth Mailing) Expand The List to include at least 10 more people. Send an eighth mailing to The List describing your product or offering and showing a mock-up if you have one. Include the KPIs for development, which will now be a permanent feature of The List, and ask for feedback on the product description.
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