Building a minimum viable product or MVP is a key step in a startup launch.

After some market research, there’s an ideation step on what to build.

The rule of MVPs is that it should take no longer than six months to build and no longer than six months to sell.

If you can’t build it in six months, then you are scoping the solution too broadly.

It’s best to reduce the features and functionality so you can go to market sooner.

It’s the customer interactions that count, not the number of features in the MVP.

If you can’t sell what you built in six months, then you built the wrong thing.

The key here is to sell it first, then build it.

Show the concept to potential customers and take pre-orders for it with some money down.

This will most likely be at a greatly discounted price.

Instead of focusing on the revenue, look for what the customer finds most valuable about the product.

Customers may say one thing, but paying money indicates what they really want.

Consider these steps in building your MVP.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.
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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.
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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.