How To Build an MVP

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

A minimum viable product or MVP is a usable product that has minimal but must have features.

Here are the key steps to building your MVP:

Research the market and the customer requirements.

Start with a customer problem and review the current solutions.

These solutions could include doing it yourself or do nothing.

Determine if there are enough customers to form a market.

Identify a solution that can add value to the customer.

What are some basic features to offer that would help the customer?

Understand the job to be done by the customer.

Figure out how your solution fits into the customer's workflow.

Create a list of potential features to offer the customer and prioritize them in a logical order to build out in steps.

Each new feature added should build on the previous features.

Build the MVP with the initial feature.

Promote and sell the MVP to the customer.

It’s useful to put a price on the MVP so you can gauge the customers’ reaction.

At this stage measure user engagement, not revenue.

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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