Minimum Viable Product

Product development begins with a minimum viable product.

In building your MVP, set constraints with respect to development time and selling time. 

In software development, it takes six months to build the product and six months to sell it. 

If you can’t build it in six months you scoped the product too large. 

If you can’t sell it in six months then you built the wrong product.

By putting constraints on your MVP up front you can eliminate many paths letting you focus on the few that are viable.

The purpose of the MVP is to test the market, close initial customers, and raise funding. 

The customer feedback from it will drive the specification for the first product. 

The first full version of the product is rarely an incremental revision of the MVP.

It’s most often completely different in features, packaging, and pricing. 

It’s not important to get the MVP exactly right as it’s for initial testing. 

It’s far better to go out to the market quickly and gain feedback.

Save the deep dive development for your first full product. 

 

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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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.