The Foundation of a Successful Tech Startup
The first phase of a tech startup is chaotic, fast-paced and exciting. There’s an idea, and the first step is to launch the company and bring that innovative idea to fruition. A tech startup will do this by building its Minimum Viable Product (MVP).
The MVP is a scaled down version of your product that has enough features to convince the target audience to engage. These early adopters are crucial to gathering the feedback needed that will ultimately prove there is both an interest and demand for the product.
When building a Minimum Viable Product, it’s essential to remember the word ‘minimum’ — too often, entrepreneurs get caught up in creating a robust MVP that the window of opportunity passes and the need is met by another company. Additionally, entrepreneurs in the MVP phase don’t have large budgets secured yet, so the MVP is limited by financial constraints. Picture the core value of the product and the fastest way to demonstrate this value to the target audience. That’s the basis of the MVP.
While the MVP may be the most simplified version of the product, there’s nothing simple about building it. Moving from concept, to design, to development is the longest part of launching a tech startup. While there are plenty of do-it-yourself tools available to put the MVP together, it’s important to think beyond the initial cost to the long-term successes and flexibility of the product. An outside development firm will take into account the founder’s vision and brand, as well as UX and necessary troubleshooting.
There are many ways to go about constructing an MVP, some of which have been used in the beginning stages of companies like Zappos and Google: Wizard of Oz MVP, Concierge MVP, Piecemeal MVP, etc. Each has its own advantages, challenges and benefits, depending on the overall goals of the tech startup.
Deployment of an MVP should be quick and efficient, pushing the product to the target audiences with a team in place to respond to any mishaps (i.e. bugs, poor user experience, etc.). Agility is key to a successful launch and gaining as many early adopters as possible.
The launch phase of an MVP can also be called the learn phase, because this is when a tech startup will gather information that will dictate the future, and potential success, of the overall product. A team dedicated to implementing customer feedback will inspire users to not only provide invaluable insight, but develop a personal connection with the overall brand.
Click here to read more about how a tech startup can go from initial funding to business growth.