00:02 Introduction to Fast Business methodology for validating business ideas

• Fast Business is a low-cost method for testing business hypotheses and validating market interest.
• The methodology consists of three phases: screening, design and construction.

06:34 Market validation is crucial before product development

• Market validation helps to understand market interest and potential market size
• Fasciscopy enables fast and efficient testing with low innovation costs

12:41 Fastbean methodology validates solutions based on real data

• Phase 1 consists of defining the objectives, creating a naming and logo, and building the prototype.
• Phase 2 is focused on defining channels and benchmarks for experimentation.

18:12 Methodology for digital campaigns and validation of business ideas

• The methodology includes the definition of benchmarks, the development of creative materials and content, the experimentation and learning phase, and the optimization of the model.
• Validation of the business idea involves validating interest in the value proposition and its elements, understanding the target audience and identifying the appropriate channels.

23:34 Understanding user behavior and product features is crucial for digital prototypes.

• Exploring typology and price ranges can provide insight into user behavior.
• Digital prototypes must have a clear value proposition and call to action.

29:00 Fast Views Protating methodology measures user engagement and interest at different stages of the funnel.

• The initial phase measures potential interest and impressions.
• The interaction phase measures clicks, engagement and validation of interest. The conversion phase measures leads, acquisition cost and conversion rate.

34:20 Fasciscoping helps to validate the business case and key assumptions

• Understanding the size of the potential market and user behavior
• Validating interest in the value proposition and the main elements of the proposal

39:40 Using a methodology to validate critical assumptions can reduce innovation costs and help make data-driven decisions.

• Validation of critical assumptions can help to understand market size and opportunity.
• The methodology can help prioritize resources and reduce project risks and costs.

45:01 Prioritizing architecture is crucial to business success

• Architecture should be prioritized in a way that aligns with the value proposition
• Testing physical products can be done without distributing them to understand interest

51:21 Validate your product or service before investing resources

• Developing a solution does not guarantee its success in the marketplace
• Uses minimum viable product to validate interest and potential market size

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The session builds on the methodology introduced the previous week and emphasizes the importance of innovating in a different way. Aleix Porta, the speaker, provides detailed information on how to execute this methodology effectively. The session focuses mainly on rapid business prototyping and its role in achieving optimal and effective innovation. The methodology consists of validating and testing ideas in the construction phase, where a minimum viable product (MVP) is developed to achieve product-market fit. The objective of this phase is to identify the key elements of the value proposition and attract the first real users of the solution.

Porta stresses the importance of market validation, as innovation alone is not enough. Validating the market ensures that the proposed solution fits the needs of the market and offers a viable opportunity. Using a digital prototype, the impact and scope of the innovation process is amplified compared to traditional methods such as focus groups. Real user feedback is collected, providing valuable information for decision making.

Once market validation is complete, the focus is on developing a digital prototype that provides a simple but high quality user experience. This prototype serves as a platform for interaction with a representative sample of users, allowing for instant feedback and data-driven analysis. The success of the prototype is measured by user interaction and product/service acceptance testing.During the prototyping phase, it is crucial to prioritize and focus on the core objectives rather than trying to validate numerous aspects simultaneously. Defining clear objectives allows effective structuring of subsequent activities. These activities include building the prototype, creating relevant content and planning digital campaigns through various platforms such as Google, LinkedIn or TikTok.

Throughout the process, the methodology allows for iterative testing and optimization. For example, if there is a significant drop in user participation, adjustments can be made to price ranges to gauge their impact on user interest. The objective is to validate the overall value proposition and specific elements of the proposed solution, such as interest in the product/service or the relevance of the various components.

The methodology also incorporates the concept of the benchmark, which serves as a basis for evaluating performance and determining the success or failure of the experiment. The benchmark is defined based on key metrics that assess interest and potential success, from general interest in the solution to more precise indicators of purchase intent. By using Fast Business Prototyping, companies can reduce time, improve team efficiency and gain insight into the potential success of their innovations. The timeframe to complete a fast business project is typically about two months, with an initial phase lasting 3-4 weeks, followed by experiments and a final phase to gather conclusions and plan next steps.

The session concludes with practical examples and real cases encountered by Liquid. The speaker reiterates the importance of market positioning, efficient implementation and rapid distribution to overcome challenges such as potential competitors or limited time to establish a solid market presence.Overall, the second session of the Fast Business Prototyping program emphasizes the importance of methodology to achieve innovation goals. It highlights the value of market validation, digital prototyping, data-driven decision making and iterative optimization. The goal is to maximize efficiency, reduce risks and ensure the viability of proposed solutions in the digital age.

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