Thinking of releasing an MVP? But not sure when to do it and how? Here we share some really quick and easy tips that will make sure you get it right...
MVP v1.0: For Early Adopters
- Basic simple prototype.
- Bootstrap, using low and no code tools, and if you have cash it’s an outflow.
- Working from home or any free space - My startup used a combo of free space at my old business school, home, plus coffee spots.
MVP v2.0: For Early Majority
- Fixing MVP 1.0 and adding more features.
- Growing in traction, generating revenues and cashflow.
- Understanding your gross margin, finding the product market fit and move towards profitability.
- Growing the team and moving into a proper office.
MVP v3.0: For Late Majority
- Polishing MVP 2.0 to turn into a GREAT product.
- Profitable business generating sustainable revenue.
- Mature organization with clear structure and processes.
Just remember:
Early adopters and the late majority have DIFFERENT needs.
Don't wait to build a "perfect" MVP.
Release it early and iterate as you go!
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