How can you build and test your MVP quickly and cost-effectively?

As the CEO and founder of TechIns, a journey that began with zero capital, I’ve learned that defining your problem and solution is the cornerstone of building an MVP quickly and cost-effectively. When we started, my technical co-founder and I focused on a single, clear problem in the Greek life insurance market: the need for a streamlined, user-friendly SaaS solution. By using the Lean Canvas, we mapped out the essentials—problem, solution, and key metrics. This clarity allowed us to build a focused MVP, ensuring we addressed the core needs without wasting resources on unnecessary features.

Simple way to validate a startup MVP... 1. Create a landing page 2. Outline problem you're solving 3. Outline who your customer is 4. Clear call to action and lead form 5. Talk to customers 6. Listen to feedback 7. Implement feedback Main point: validate before building a product.

In my view, a startup pre product market fit is defined by continuous rapid iterations to eventually attempt to find PMF. Good teams (including founders) are the ones who know how to design these iterations (or experiments) so that they can answer unanswered questions with the least amount of resources and in the least amount of time. These iterations should be directed towards identifying the problem space, customer needs, pricing, MVP, go to market strategy, hiring, growth, fundraising, ... etc. There is a lot to answer in a short period of time. That's why the keys are speed and resource optimization.

To build and test your MVP quickly and cost-effectively, start by defining the core features that address your primary customer needs and avoid unnecessary complexity. Use agile development methodologies to iterate rapidly and gather feedback. Leverage low-cost tools and platforms for prototyping and development, such as no-code or low-code solutions. Conduct usability tests with a small group of target users to identify issues and refine your product. Focus on validating assumptions and learning from user feedback to ensure that the MVP effectively meets market demands before scaling.

Avoid rigid thinking about either the problem or the solution. Remember Clay Christensen's Jobs-to-be-Done lesson about McDonald's Milkshakes: don't assume you know exactly what customers want, even when they are paying for your product. Always approach both the problem and solution spaces with an open, flexible mind -- treat them as hypotheses, not givens.

Start by clearly defining the real-world problem you're passionate about solving and share your genuine solution. This not only streamlines product development but also ensures you focus on what truly matters, avoiding unnecessary complications. Think of it as mapping out your venture's story using tools like Lean Canvas, where you sketch the problem, solution, customer segments, and more. This clarity isn't just for your benefit—it's about effectively communicating your vision to connect with people. It's about making a difference in a way that resonates, creating something that genuinely addresses a need while bringing others on board with your journey.

1. Divide MVP into phases 2. Test every phase or feature regularly 3. after finalising all features, test the whole product with the internal team 4. Now, it is time to test in the market so take small samples of customers and do testing

Gerade am Anfang ist ein MVP wichtig und alle im Team sollten sich nur um die Akquisition kümmern. Das Ziel muss sein, schnell, günstig und in kurzer Zeit ein Produkt zu entwickeln, was 1. der Kunde wirklich braucht und 2. einen Preis zu identifizieren, den der Kunde bereit ist zu zahlen. Bei unseren Startups nennen wir diese Phase „Acquisition Fit“. Gerade in dieser Phase sollten Qualität und Operations noch nicht im Fokus stehen. Getreu dem Credo „structure follows business“.

In my experience, iterating between two key factors can help streamline a founder's journey while optimizing their budget on MVP testing: 1) Strategy: Setting your compass in the right direction from the start is crucial. This means having initial clarity and a sharp focus on identifying your customers, understanding the problem they face, and the context in which it exists. A clear vision of whom you're targeting, where, and when can make all the difference in your approach. 2) Sprint-Testing: Break down the components you need to validate. Often, it's possible to conduct micro-tests for each element. The cumulative effect of these individual results can bring about significant improvements and surprises in your overall strategy.

As the CEO and founder of TechIns, which we built from scratch with no initial funding, I've seen firsthand how critical it is to identify assumptions and risks early on. When developing our SaaS solution for the Greek life insurance market, my technical co-founder and I had to challenge our assumptions about customer needs, behaviors, and willingness to pay. We also faced risks in technical feasibility and market competition. By using tools like Assumption Mapping, we prioritized what needed testing first, allowing us to mitigate risks and ensure our product truly met market demands before scaling.

By addressing assumptions and risks early in the process, you increase the chances of building a resilient product that can withstand uncertainties and challenges. Regularly reassessing these factors throughout the development lifecycle helps you stay proactive and responsive to changes in the environment.

Once you have your solution, you need to test any assumptions baked into it. A company like Juicero, for example, assumed that rich people would spend $700 for a juicer. Had they done market research in the early stages, they would have realized that this assumption was wrong before spending millions on their product. So, always take your idea and ask, "What am I assuming about my customer when I say they will use this solution?". Then test those assumptions.

The second step is what you are going to test with your MVP. As the purpose of MVP is to confirm if your assumptions and risks are relevant to the targeted customers, you need to test the riskiest assumptions which is the most uncertain and critical factor for your product's success. Assumptions are customers’ pains point, affordability to pay, market competition, etc. Risks are related to technology, legal, competitors, etc. By considering both, you should determine what you would test by your MVP.

I personally prefer Riskiest Assumptions Testing above all else. Not only does it work, it's also fun! Who doesn't like listing every single thing that might go wrong with your idea? Next, you begin prioritizing. To do this, you rank all of the risks on a 2x2 matrix with your perceived probability & severity (each low/high). Then, you zero in on the High/Highs and get to work on mitigating the highest risks with the highest probabilities. As a result, you always focus on the most important topics.

To rapidly and economically develop your MVP, methodically identify your assumptions and risks, pinpointing potential challenges and uncertainties to inform a more resilient and targeted development process.

As a tech enthusiast in the hotel channel management space, I've seen how customer behavior can drastically differ from initial assumptions. Tools like Assumption Mapping help prioritize which hypotheses to validate first, saving precious time and resources. It's essential to tackle the riskiest assumptions early on, as they can significantly impact your product's market fit and overall viability. This approach not only streamlines the MVP development process but also aligns closely with lean startup methodologies that advocate for iterative learning.

Before spending money and developing a solution to the problem, check the assumptions for executing your plan and measure the risks, they usually always existed, but if they are known they can be worked on and mitigated during the process. It is crucial to map the premises and risks to have a project with a greater chance of success, not that it will always happen, most large companies failed in the first attempts, that's where learning comes from. There are good A.I. tools. to help you with that.

List out all the assumptions you have about your product, market, and users. These could include assumptions about user behavior, market demand, or technical feasibility. Identifying these assumptions early helps you understand what could go wrong and where to focus your testing efforts. Evaluate the risks associated with each assumption and prioritize them based on their potential impact. This helps you address the most critical uncertainties first, reducing the likelihood of costly mistakes down the line. By being proactive about identifying assumptions and risks, you can make more informed decisions throughout the development process.

Pinpoint uncertainties and potential challenges that could impact your product's success. These might include customer needs, preferences, behaviors, or their willingness to pay. Technical feasibility, legal compliance, and competitive edge are also vital areas to consider. Utilize tools like Assumption Mapping or the Riskiest Assumption Test to prioritize these aspects. By doing so, you can determine which assumptions are most critical and need testing first. This strategy helps in focusing your resources on addressing the most significant risks and uncertainties, thereby increasing the likelihood of your MVP's success in the market.

To build and test your MVP quickly and cost-effectively, focus on developing hypotheses using the HADI cycle (Hypothesis, Action, Data, Insight) and adhere to the SMART criteria: -Specific: Clearly define what you are testing. -Measurable: Choose metrics to evaluate the hypothesis. -Achievable: Ensure your goals are realistic. -Relevant: Align the hypothesis with your MVP's core objectives. -Time-bound: Set a clear timeline for testing. This approach helps in efficiently focusing resources on key aspects of your MVP.

As the CEO and founder of TechIns, which we grew from nothing to lead the Greek life insurance SaaS market, designing experiments was key to our success. Once we identified our assumptions and risks, my technical co-founder and I focused on testing them with real customers. We used a range of experiments, from customer interviews to landing pages and beta versions, tailored to our specific learning goals. Tools like the Experiment Canvas helped us define clear hypotheses, design our experiments, set success criteria, and anticipate outcomes, ensuring we learned quickly and iterated effectively without wasting resources.

Use AI algorithms to design experiments and simulations for the MVP. Collaborate with LinkedIn connections to refine experiment designs based on industry-specific feedback.

Early stage founders should focus on experiments that have a BIG impact. Ideas that can really move the needle. Don't spend your time focussing on smaller UI details or UX tweaks before you've proven that the core feature is adding value to users.

Great points on experimenting! One thing I’d add is to start super lean—think micro-experiments. At my last startup, we tested assumptions with just a few landing page variations and a handful of customer interviews before scaling up. It’s amazing how much insight you can gain without overcommitting resources. Also, don’t underestimate the power of social media for quick, informal feedback. What’s your favorite micro-experiment strategy?

Early-stage companies need to gather their own data, it's not enough to rely on surveys, market data, or assumptions. Consider how you rank the data points you get and have targets in mind beforehand. "If even just 1% of users adopt our product, we'll hit the moon" is not enough. Instead, test to see if 1% of users in a given market will pay for your specific product. Now you have valuable data. Search for pretotyping or read "The Right It" by Alberto Savoia for great ideas on how to test your hypothesis and get highly actionable real-world data to ensure you don't build the wrong thing.

You should design your experiments with your customer feedback loop in mind. Ask yourself; how am I going to get the most customer feedback? how am I going to quickly implement that feedback? If you are selling a new drink that might be setting up a booth in a busy mall and handing out samples. If you are a software company it could be a free trial with a Product Hunt launch. Either way, your top consideration should be the customer feedback loop.

I think that's such an important one, especially because already simply for experimentation, it is crucial to have an MVP-approach. Often you think you'd need to build out a very basic feature, when in reality a fake door would have been enough or... oh wait simply a survey that will take you 5 minutes to craft.

You need to be maniacal in talking to prospective customers/users to form what your MVP will be. Try to pull insights from how your customer describes their problem and how they are trying to solve it. I like to create a 3 slide deck defining the problem, our assumptions and our potential solution. I get slide-by-slide feedback from potential users and use this data to continue validating my assumptions.

As the CEO and founder of TechIns, where we built our leading SaaS product for the Greek life insurance market from the ground up, building our MVP was a critical step. With no initial capital, my technical co-founder and I focused on creating the simplest version of our product that still delivered core value. We leveraged wireframes and no-code tools to build quickly and efficiently. By applying the MoSCoW Method, we were able to prioritize essential features, ensuring our MVP was lean but impactful, allowing us to validate our solution with real customers and iterate based on their feedback without wasting resources.

It's so much easier now to create a real good MVP than few years back. Most successful startups in the past couple of years, build their entire MVP with no-code tools! Here's a few: - Building website: WordPress, Weblfow, Framer - Building MVP app: Bubble, AppSmith, Formaloo - Lead gen forms: Formaloo, Typeform - Chatbots: Landbot, ChatFuel - Wiki: Notion, Coda - Integrations: Make, Zapier - Payment: Stripe, LemonSquizzy - E-commerce: Shopify, WooCommerce No need to spend months on aspects that can be handle via no-code tools at the beginning, with combination of these, you can build a working MVP, a beautiful website and all of necessary integrations for the starts!

Over the years, the bar for what constitutes an MVP has really changed in the tech sector. It's important to get to the Most Lovable Product (MLP). Paul Graham said it best "Build something people want".

Building features is expensive. Be sure to spend as much time thinking about faster ways to get market signals as you do thinking about new features. Use surveys, polls, click-thru prototypes, even mini-kickstarter-type campaigns to gauge interest without investing too many engineering resources.

One thing I’ve learned is to resist the urge to overbuild. At my startup, we used no-code tools to create our MVP in just two weeks, focusing solely on our core value proposition. Using a mix of Framer, Google Docs and Zapier. It was enough to validate our idea and gather invaluable user feedback. Quick tip: involve your users early and often—they’re gold mines for insights!

To build a good MVP, I'd say that keep your product focused and yet, it's no excuse to build a mediocre product. It's not 2010. You cannot compromise on feel-good factors as well. Build an MVP, but keep it easy to use, a little bit of good-looking as well. If people are using despite of very bad UX, then you are in a very very very big pain point area. But, honestly, that's not every product. Hence, have a standard. Define your product features, flows, screens first. Then hire. Better if you have a technical founder who can lead/build most of the product himself/herself. Another way could be to use no-code solutions like WIX for website, Bubble for App development. However, they is a limit as of now to what you can do with them.

Having gone through a long drawn MVP phase, if I were to do it again, I would invest no more than a week into building the MVP in the form of a wireframe using software like figma. The MVP should be swiftly executed, so that it can be validated against the market for product market fit. By using app like figma, you can even DIY without spending a single dime. For better visual and use of your time (assuming you are working in another job), you can outsource the MVP build to a freelance developer for a couple of hundreds and that would be a wise use of your money and time. For MVP, keep it simple, delegate if necessary and test quickly.

Your MVP should center around the core value proposition of your product. Identify the most critical problem your product solves and build only the features necessary to solve that problem. Avoid the temptation to add extra features that don't directly contribute to the core value.

In the realm of product development, crafting the Minimum Viable Product (MVP) is crucial. Founders should lean towards technologies they're well-versed in, like PHP or Ruby, to streamline the MVP's creation. This approach isn't about launching the perfect product but about validating the core idea swiftly. Instead of investing months on features that no-code tools can easily manage, focus on combining these tools to establish a functional MVP. This strategy allows for a quick launch with a beautiful website and essential integrations, setting the stage for future scalability based on real-world feedback.

Build your MVP with the view of building a prototype for an experiment. Use tools and platforms that allow for rapid development. This could mean using no-code or low-code platforms, using existing technologies, or creating a service manually before automating it. Speed and functionality are better than perfection here.

As the CEO and founder of TechIns, which grew from nothing to dominate the Greek life insurance SaaS market, testing our MVP was a crucial phase. After building a lean, focused product, my technical co-founder and I exposed it to real customers through targeted channels like email campaigns, social media, and online ads. We prioritized gathering feedback through tools like Customer Feedback forms and the Net Promoter Score, which helped us measure customer satisfaction and loyalty. This data was invaluable in refining our product, ensuring it met customer needs, and paving the way for our growth and market leadership.

Don't overcomplicate this. Have a maximum of 2 metrics you'll use to measure the success of your MVP. These can be revenue, downloads, users, etc. Whatever suits your circumstances. Then get the MVP into the hands of as many consumers as you can. Don't worry about getting thousands of users, just do your best and then immediately start using customer feedback to refine your MVP, messaging and marketing. Once you have even 1 customer you have more data about how to talk about the product to attract users or what needs to be improved about the product. Sometimes a small launch is better. Focus on the data and on improving daily. Don't get fixated on a big launch.

While strategizing development of an MVP for a startup, it's crucial to consider the following: Maintain a sharp focus on addressing the unmet needs of the target audience and understanding existing competitive alternatives. Develop a pricing strategy that aligns with the audience's financial capabilities, ensuring affordability to drive initial traction. A common pitfall among founders is attempting to alter customer behavior through their product or service. Successful adoption hinges more on aligning with existing motivations rather than trying to induce new behaviors. A useful litmus test for the MVP's viability is if 40% of customers express a desire to repurchase or anticipate missing the product if it were no longer available.

To ensure a successful startup, integrating two vital metrics into the Minimum Viable Product (MVP) is crucial: SaaS Metrics: These are essential for monitoring the financial health of your startup. Key components include: MRR (Monthly Recurring Revenue): Monthly income from subscription-based services, a pivotal indicator of revenue stability. ARR (Annual Recurring Revenue): Annualized version of MRR, providing long-term revenue projections. Customer Lifetime Value (CLV or LTV): An estimation of the average revenue a customer generates throughout their engagement with your product, aiding in customer-focused strategies. Churn Rate: The rate at which customers discontinue their subscriptions, a critical metric for customer retention.

Identify the metrics that make sense for your business and that magnify the impact your product makes in your users' lives. It is important to identify and choose these metrics instead of falling for the standard industry based metrics for all use-cases and applications. Ensure that you measure them once the MVP is being used by your initial set of users. Conduct user interviews, surveys, etc on the feedback. Identify what is working, what is not, based on the metrics measured and improve your product iteratively based on those.

I found that the easiest and most reliable way is to go to your customers or users. "Customer Interviews" the early adoptors will give you so much feedback that one could use to improve on.

Over the past 12 years, I've had the opportunity to guide multiple startups through their MVP journeys. One of the biggest pitfalls I've seen (and admittedly fallen into early in my career) is trying to solve too many problems simultaneously. In one of the startups I worked with, we initially built a feature-rich MVP, only to realize we were solving problems our users didn't prioritize. One critical approach that has saved many clients time and money is treating every new addition as an experiment and getting honest user feedback as early as possible. Ultimately, the MVP stage is less about building and more about learning. The faster you can iterate based on real-world feedback, the sooner you'll find your product-market fit.

Test your MVP not just for functionality, but for its ability to resonate with the heartbeats of your target market. It's where true product success is born.

1-I have failed on this one and recognize that is a critical parameter. Implement a robust feedback mechanism, such as feedback forms, or direct communication channels. I remember having a user that complaint so much via our chat that ended working in the project and became the product's biggest advocate. 2-Prioritize features and fixes based on user experience and feedback e.g like navigation. 3-Ensure that MVP can handle the expected user load without performance issues especially if you invite mass user over a period of time as trial 4-I think this should be No.1- Analyze user engagement, time spent on different features, and areas with high drop-off rates, this was critical for prospecting to the right audience and vertical

Testing is important, but you need to measure it, otherwise it’s worthless. Creating small tests focused on different audiences, a controlled and small launch is easier to validate and adjust during this phase. Seek B2B partnerships to increase your testing scope, diversifying scenarios and it is important to think globally, don't just focus on large markets, think outside the box.

As the CEO and founder of TechIns, where we turned a zero-budget startup into the leading SaaS provider for the Greek life insurance market, learning and iterating were key to our success. After testing our MVP, my technical co-founder and I meticulously analyzed the feedback and data using tools like Lean Analytics and the Build-Measure-Learn Loop. This process allowed us to refine our product based on real customer insights. We also leveraged the Pivot or Persevere framework to decide our next steps. By continuously iterating, we ensured our product evolved to meet market needs, ultimately leading to a solution that our customers truly valued.

Try solving a small problem in MVP - Focus on how you can get traction for the problem you're looking to solve. For Non-tech founders, you need not have an app, web app or a fancy website if it's solving a problem via plugging in Google Sheets, Zapier, Airtable and other no-code tools - This validates your idea. Now, take feedback from the users and take small steps in improving the experience of the existing users as well as capturing new users. When you're not able to handle the users via the tools you've set up or you can't offer the features which are required that's when you need to start thinking of a custom tech product.

Always talk to customers. Always iterate based on their feedback. An easy way to do this is to track all feedback in Notion/Google Sheets and once you start seeing a trend prioritize that feedback when picking product updates.

One thing I’d add is to embrace those unexpected insights—they often lead to the most valuable pivots. At my last startup, a single piece of customer feedback led us to a small tweak that significantly boosted user engagement. Also, using real-time analytics tools can provide instant feedback, keeping your iterations agile.

Analyse feedback and usage data from your MVP tests to identify patterns. Use Lean Analytics to focus on a maximum of 3 key metrics that indicate user engagement or satisfaction, such as daily active users or customer satisfaction scores. Based on this data, decide whether to pivot (change your product's direction), persevere (keep improving the current product), or stop (if the feedback is overwhelmingly negative). E.g. if users are signing up but not returning, reconsider your product's user engagement features or add more value to encourage repeat usage. By doing this, you'll navigate the early stages of development with an evidence-based approach, reducing wasted time and resources while aligning closely with your target market's needs.

Analyze the feedback and data collected during the testing phase to identify patterns and insights. Determine what aspects of your MVP are working well and which need improvement. Use this information to make informed decisions on how to iterate on your product. Prioritize changes that have the most significant impact on user satisfaction and product functionality. Continuously test and refine your MVP based on new insights and feedback. This iterative process ensures that your product evolves in response to real user needs and remains relevant in the market. By learning and iterating, you can enhance your product incrementally without incurring significant costs.

Instagram initially started as Burbn, a complex location-based application that included various features such as location tagging and photo sharing. After analyzing user data, the founders determined that photo sharing was the most popular feature and simplified the application to focus solely on this feature.

Most importantly, teams need to be ready to fail and get up again. Experiments are designed to fail, and this will get you further on the path to your next breakthrough.

Utilize machine learning models to iteratively analyze user data and feedback. Share progress and gather insights from the LinkedIn community for continuous improvement.

Utilize AI-driven customer support solutions to handle inquiries efficiently. Leverage LinkedIn for marketing, partnerships, and hiring to support the MVP's growth.

Consider starting small but smart. Rather than aiming for a complex, all-inclusive product, focus on the core functionality that solves the immediate problem. Make use of low-code or no-code platforms. For instance, if you're developing a budgeting tool, begin with essential features like expense tracking and simple analytics. Test these key elements rigorously. Then, gradually expand based on feedback. This method helps conserve resources, both in terms of time and money, and allows for a more agile response to user needs.

When building and testing your MVP, consider the following additional factors: Maintain clear communication with your team to ensure everyone is aligned and working towards the same goals. Leverage community feedback and insights from platforms like LinkedIn to gain different perspectives and enhance your development process. Be prepared to pivot if necessary, based on the data and feedback you receive. Lastly, keep a close eye on budget and timelines to ensure that your MVP development remains cost-effective and efficient. Balancing these considerations helps you stay focused and agile throughout the MVP development journey.

Keep in mind that your MVP doesn't have to actually work, as long as it seems like it works from a user perspective. I'm a huge fan of the "Wizard of Oz" method here - whatever is happening behind the curtain can be completely manual and unfinished until you have enough customer feedback to justify a full product build.

I believe there are two stages in MVP development. 1. Problem - Solution Fit: Are you building that solves the problem? 2. Solution / Product - Market Fit: Will the market adopt and use your solution? Each stage requires you to unlock a different set of validation from tech feasibility and distribution channels.

Remember that your MVP needs to test your "unique" belief about the market. What do you believe that your competitors or market incumbents don't? Test that. You don't need to test the existence of the market if you have competitors.

Startup founders often feel the urgency to swiftly tackle complex problems, a natural response in the fast-paced entrepreneurial environment. While immediate action can be effective on occasion, it carries the risk of generating suboptimal solutions that might even compound the initial issue. Striking a balance between urgency and a measured approach, one that involves careful analysis and collaborative decision-making, is crucial for navigating the complexities inherent in startup challenges.

In my experience : a) Establish a roadmap that outlines the required resources, and milestones, and ensure that your team understands the goals and expectations for the MVP. b) Make continuous improvements based on real-world feedback on your MVP. c) Focus on the core elements that directly address customers' pain points and provide value, while leaving out any non-essential features that can be added later. With these am sure, you can also enhance the efficiency and cost-effectiveness of building and testing your MVP.

I think the first 3 sections of this article outline the early steps on the longer journey to product-market fit. However, there are usually several vehicles that can be used to test assumptions, of which MVP is only one and often quite a late stage one. This article needs to at least acknowledge how use of Ideas review, POC, prototype, and potentially other pre-product release deliverables can be used to reduce risk and narrow focus for the MVP.