Most startups envision a product and then proceed to build out an MVP. After they polish it enough they may show it to a customer.  

In some cases, they try and take it all the way to a finished product because they want to show completeness to a customer.

A customer should be involved before you even start building a product.  

Collect the customer’s careabouts and challenges and verbally propose solutions.

The customer should be involved every step of the way.

When it comes to developing the solution, then it’s best to ask for payment for the product before building it.

Sell it first, build it second.

If you can’t sell it in the first place, then there’s no need to build it in the second place.

Those who are first to pay for your solution are called anchor clients. You will need to add custom features to it, so charge accordingly.

Do this three times and you will have a product ready for the broader market.

Build all versions on the same architecture, format, and platform so you get maximum reuse.

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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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.