Mon, 7 November 2022
Minimum Viable Product
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
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.
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Music courtesy of Bensound.