Startup Funding Espresso Minimum Viable Product
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.\xa0 In software development, it takes six months to build the product and six months to sell it.\xa0 If you can\u2019t build it in six months you scoped the product too large.\xa0 If you can\u2019t 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.\xa0 The customer feedback from it will drive the specification for the first product.\xa0 The first full version of the product is rarely an incremental revision of the MVP. It\u2019s most often completely different in features, packaging, and pricing.\xa0 It\u2019s not important to get the MVP exactly right as it\u2019s for initial testing.\xa0 It\u2019s far better to go out to the market quickly and gain feedback. Save the deep dive development for your first full product.\xa0 \xa0 Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.Let\u2019s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at: \xa0 Check out our other podcasts here: \xa0 For Investors check out: \xa0 For Startups check out: \xa0 For eGuides check out: \xa0 For upcoming Events, check out \xa0\xa0 For Feedback please contact info@tencapital.group\xa0\xa0\xa0 Please , share, and leave a review. Music courtesy of .