Summary
Michael Seibel discusses the concept of a minimum viable product (MVP) and emphasizes the importance of talking to users, launching quickly, and getting feedback. Startups should aim to build a lean MVP that can be developed quickly, focusing on addressing the needs of a small set of initial users and their highest priority problems. Real-world examples such as Airbnb, Twitch, and Stripe highlight the significance of starting with a basic product and improving it based on user feedback. In industries with regulations or technological challenges, a more complex and time-consuming MVP can be developed. Launches are not as special as they are perceived to be, and startups should prioritize getting customers early on and gathering feedback. Building an MVP quickly requires time boxing, writing down and cutting the spec, and launching something to create momentum. It is important not to become too attached to the initial vision of the MVP.
Introduction
- Michael Seibel discusses the concept of a minimum viable product (MVP)
- An MVP should be simple and deliver value to initial target users
- The purpose of an MVP is to test if the product can provide value to users
First, talk to users
- Talking to users is crucial for planning an MVP and understanding their problems.
- Conversations with potential users or being your own user can help identify problems.
- Finding your first user can be done by identifying a problem you or someone you know has.
Goal: launch quickly
Launching quickly is crucial for startups as it allows them to get initial customers and determine if their product provides value. This advice has been emphasized by Y Combinator for 10 years. Overcoming the challenge of reaching this step is essential for founders.
Key points:
- Launching quickly is important for startups
- It allows them to interact with initial customers and assess the value of their product
- Y Combinator has emphasized this advice for 10 years
- Overcoming the challenge of reaching this step is crucial for founders.
After launching, get feedback
After launching, getting feedback is crucial. Founders often dismiss feedback on their initial product, but it's important to be open to the possibility that the full product may not align with customer needs. Hold the problem and customer tightly, while holding the solution loosely. Iterate and improve until the solution effectively solves the problem. Avoid pivoting to solve unrelated problems.
Lean MVP
The most profound aspect of planning a lean Minimum Viable Product (MVP) for startups is to aim for quick development, focusing on addressing the needs of a small set of initial users and their highest priority problems.
Key points:
- Startups should aim to build a lean MVP that can be developed quickly, in weeks rather than months.
- The MVP can be as simple as a landing page and a spreadsheet, or involve basic software functionality.
- Focus on addressing the needs of a small set of initial users and their highest priority problems, ignoring other potential users and their problems for later iterations.
- The MVP is just a starting point and should be seen as a base for iteration, not something special or complete.
- It is important not to feel like the MVP is too special, as the goal is to start and iterate from there.
Real-world examples
- Airbnb, Twitch, and Stripe are real-world examples of successful minimum viable products (MVPs).
- These companies started with simple and feature-limited versions of their products.
- Despite their limitations, they became billion-dollar businesses.
- The examples highlight the significance of starting with a basic product and improving it based on user feedback.
Heavy MVPs
A heavy MVP is a more complex and time-consuming minimum viable product that is developed in industries with regulations or technological challenges. Examples include insurance, banking, drones, hard tech, biotech, and moonshots. The MVP can start with a simple website to facilitate faster development and customer interaction.
Launches aren't special
- Launches are not as special as they are often perceived to be
- Startups should prioritize getting customers early on and gathering feedback
- Building a product that can be tested by customers is crucial for learning and problem-solving
- Spending time on a pitch deck is of limited value compared to building something tangible for customers.
Hacks for building an MVP quickly
Building an MVP quickly requires time boxing, writing down, and cutting your spec.
- Time boxing involves setting a deadline and only including feasible features.
- Writing down your spec prevents constant changes and delays.
- Cutting your spec removes non-essential features to meet the deadline.
- Launching something creates momentum to keep going.
Don't fall in love with your MVP
Don't fall in love with your MVP
- The MVP is just the first step in a journey and often has minimal impact.
- Don't become too attached to the initial vision.
- Comparing the MVP to not falling in love with a paper written in first grade.