Pre-seed Product Work

The minimum viable product is one of the more challenging products to design.

There are many choices and limited resources available.

In designing your MVP consider the following:

Scope into your core technology in building out the first version.

Eliminate as much of the surrounding building as possible.

Take a specific use case and focus on solving that alone.

Focus on learning the customer’s problem.

Consider as many implementation options as possible.

Don’t set your heart on a particular implementation of the product.  

In general, the MVP will not be your first product but will lead you to it.

Set a deadline for finalizing the design and then set a deadline for building it.

The deadline should be in weeks and months and not quarters or years.

Try and sell it before you build it.

Build it without raising funding and save the fundraise for the final product.

In addition to building the MVP, build an ideal customer profile for the first version of the product.

Think minimum utility, not maximum capability.

 

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.