BUILD IT: Minimal Viable Product (MVP)
At this point you’ve probably started designing or even begun building a prototype of your product, platform, or service. That’s great! Here’s an important thing to make sure you’re thinking of and doing. Remember what we said about the 3 C’s? Well that’s right, we need to get our prototype into the hands of customers as quickly and often as possible.
This is where the concept of the Minimal Viable Product or MVP comes into play. Think of the most essential element your solution provides and then get some type of that solution into customers hands or in front of their eyes to play with it and give you feedback. This MVP could be a website mockup, a 3D printed model, or a disjointed mass of separate components smashed together to demonstrate a feature. Whatever it is, just get it in front of customers as soon as possible. Their feedback could save you hundreds of hours and thousands of dollars by steering you in the most crucial and beneficial direction.
Do not wait until you have the perfect solution for customers to test it. I repeat, DO NOT WAIT until you have the perfect solution for customers to test it.
Many startups reach a point where they need to raise money. And instead of rephrasing something else, if you’re ready to raise money go read this. See, I do my part in keeping the internet green :).
If you’re at this point, this site is beneath you and I praise your success!!!
Guess what?! There’s a student competition at BYU every April for new startups that are well on their way to becoming a great scalable business. It’s called the Miller New Venture Challenge and you could win up to $22,000! Go here to learn more: Miller New Venture Challenge