| Discover | Problem | Potential customers; early adopters; early-stage investors and existing solution providers | Problematization through customer interviews (Blank, 2003; Maurya, 2012) | Learning about how relevant the problem is for potential customers, how important the problem is to the existing customers of similar solutions, what other related important problems do the customers have and how the problem is addressed today. Redefinition of the problem based on feedback from interviewees |
| Discover | Solution | Potential customers; early adopters; potential partners and vendors | Customer interviews to identify existing solutions and their shortcomings (Maurya, 2012) and technological artifacts (Gherardi and Nicolini, 2000) such as sketches and templates | Customer interviews allow to eliminate unnecessary or flawed assumptions about customers' desired features of the product, as well as to further explore in more detail the solution structure, architecture, flow, etc. Technological artifacts allow entrepreneurs to illustrate through the aid of visual elements how they intend to solve one or more problems |
| Define | Product | Potential customers; early adopters; potential partners and vendors | Research potential competitors via archival resources (i.e., desk research). Examine competitors' reputation, products, pricing (Osterwalder and Pigneur, 2010; Rohan and Hornblower, 2008) and create comparison tables. Interview existing solution providers. Search for disruptive solutions | Business model and go-to-market definition. Evaluation of potential partners and vendors |
| Deliver | Proof of concept | Potential customers; early adopters and potential early-stage investors | Technological artifacts (Gherardi and Nicolini, 2000) such as wireframes, 3D models and mockups (technology feasibility) | The customer can see and visualize the solution, interact with it, provide feedback and identify issues |
| Deliver | Code | Potential customers; early adopters | Iterative versions (user desirability) (Blank, 2003; Ries, 2011) | Introduce the most important features in real usage scenarios. Test how customers value the solution. Identify flawed assumptions and reaffirm prioritization of most important features for MVP |
| Measure | MVP | Potential customers; early adopters and paying customers | Incremental version of the product (Eisenmann et al., 2012; Ries, 2011) | Measure key performance indicators through data and metrics. Identify areas for improvement. Identify problematic areas. Measure satisfaction and loyalty (Net Promoter Score) |