What it contains
- Problem and opportunity — what isn’t working for the customer today, and why now is the time to solve it.
- Customer — who it’s for, specifically.
- Value proposition — why they should choose it over the alternatives.
- Features — the ones essential at launch and the ones for later, each with the need that justifies it.
- Business model — how it generates revenue and at what indicative price.
- Competitors — the alternatives the customer already has.
- Roadmap — what arrives when.
- Risks, validation, metrics and kill criteria — what can go wrong, how to check it early, what to measure, when to stop.
How to fill it in
1. Start from the problem, not the solution
If the problem can’t be described in the customer’s words, the concept is still a hunch. The Value Proposition Canvas helps you write it well.
2. Justify every feature
For each feature, a customer statement: “as who, I want what, so that why.” Features with no statement are candidates to drop from the first version.
3. Separate now from later
The first version should contain the minimum that solves the problem. Everything else goes on the roadmap, not into the launch.
4. Write the kill criteria before you start
Concrete, dated thresholds: pre-orders, margin, satisfaction. Setting them up front keeps you from moving them later, when the numbers disappoint.
5. Put it to the test
In front of customers — or synthetic users as a first filter — before you invest. Then the feature-by-feature comparison with competitors: the feature matrix.
The most common mistakes
- A feature list dressed up as a concept. Without a problem and a customer, it’s a technical spec.
- Everything in the first version. The launch drags on and you learn nothing early.
- No kill criteria. Without a threshold decided in advance, every result looks “promising.”
- Competitors ignored. The customer always compares, even when you don’t.
