Minimize the MVP

Many founders brainstorm a grand vision for their product.

While vision is a must have, realize you’ll need to start small.

Raising too much funding early in the business will cost the founder unnecessary dilution.

In building the MVP think minimum and not maximum.

Keep the team to a minimum.

Focus on the core problem.

Solve a piece of the problem and not the entire thing.

Put a deadline on the time to build to provide boundaries to the MVP.

Calculate the cost to maintain the product in addition to building it.

Design it so you can add more features later such as a software interface that allows for additional features.

Consider how it fits into your user’s workflow and exactly what it must do.

Check with your proposed initial customers to see if they would buy what you plan to build.

Building a new product is hard so it’s best to break it down into phases and steps.

Consider these points for 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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Disclaimer:
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.