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Answers
MenuWhat counts as genuine traction short of paying customers?
How do you know when to lay down the money for an MVP?
Do surveys and potential user interviews count? Does first hand knowledge of the problem count?
Answers
Hi! First of all I recommend to make a pitch deck for yourself that completely describes your product, user needs, market and theirs validation and lay down money after you will be confident with that document on proof of concept (it will cost you much less then creating MVP).
I'd be happy to talk further with you about the difference between MVP and proof of concept stages and help you to set correct KPI to each of them regarding your product
Decision makers in the target market who have admitted to having a serious problem they want fixed. Particularly those who have signed up to a list to follow your progress and await the availability of the solution.
News and media appearances are helpful but do not count.
My rule of thumb is only sales count.
If I can't turn an idea into a sale by end of day (via completely manual means), I move on to another idea.
For example. Have an idea + mention it places you cultivate (where you post or interact with people) + if you get a sale by end of day (use a PayPal manual transaction), then you might have a good idea.
Meetup groups + CoWork space talks are good too.
If you can give a talk to a group + generate a few manual PayPal transactions, you may have a winner.
No sales == Get a new idea.
That's my rule for myself.
Related Questions
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What is the best strategy to take to establish proof of concept for a online platform concept prior to a beta version being created?
Likely you won't like my thoughts about this. When I give talks about business bootstrapping, I suggest people only work ideas which meet my "Sunset Rule". Sunset Rule - You should be able to go from idea to first sale, before sunset, or best consider other ideas. This also relates to your MVP. If you can't dream up an MVP + sell it before the sun goes down, best consider other ideas. Years ago, I was at an Internet Marketing Party mixer in Austin, TX + sat to visit with a friend. She was down because she was starting a new business + had spent months working on a business plan + determined she required $80K to bootstrap her business + then had spent another several months looking for investors. A buddy of mine + I sat with her for 15mins + slightly retooled her idea. She launched the next day for a one time investment of $144/year (cost of a Meetup.com account) + was generating some significant profit in a few days. Chunk down your MVP, so you can manually make sales by the end of the day... for $0 investment + you'll know for sure you have a profitable business. If you can't sell one unit, by the end of the day... best consider some other idea...David FavorDF
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What's the best way to build a MVP web app that handles order management, purchasing, invoicing, supplier management and inventory?
The best way to build an MVP for any SaaS product is to create a landing page that looks like a real product. Here's an example of one I built. http://www.happiily.com In this case, it advertises the primary features of the product and invites people to sign-up. When they do, they are asked for information which qualifies the person and then sends me an email. I built this quickly and very inexpensively and started getting inbound leads from it shortly thereafter. I got on the phone with each person who signed-up and explained the features I wanted to build and was able to do a lot of customer learning based on that. Happy to talk to you in a call if you'd like to talk more about customer development with SaaS products.Tom WilliamsTW
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How do you build a MVP for an innovative tech b2b product? We would need good amount of funding to build a decent MVP and show businesses.
The idea of an MVP is 'minimum, viable' ... If you feel you need a "good amount" of funding, I would challenge if you are minimum enough. Obviously, without knowing the details of your product, your ideal customer, or what need you will solve, it is hard to help expose what is necessary in an MVP and what is a Phase II or Phase III feature. I am happy to help you work through this, or answer specific questions, to get you rolling. Just book a call with some times that will work for you. Regardless, I would love to know more about it and how it goes after launch. To your success, -ShaunShaun NestorSN
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Shall we register our company before testing the MVP?
I do not believe you should incorporate your company yet as there is a chance you will scrap the idea or iterate on the assumptions after analysis. I suggest you run your initial testing on a very minimal MVP to see if there is interest. I would go further in saying that you should not even allow people to pay only have them click on the payment option because at that point you know that it would be a conversion. The ONLY thing you are proving with an MVP is validation of an idea. Only make the mousetrap front end and see if you can drive users to where you want and stop. Even if you frustrate some people, it was worth it as you now know for sure people will buy or do what it is you wanted. Schedule a call with me to find out more. God knows I have done this enough times. Good luck JoshJosh JermaineJJ
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What's the best way for me to turn my edtech idea into a functioning web app to gain traction and raise seed round?
You always want to mitigate risk, for you and for investors, or partners. One of the easiest ways is creating fake landing pages of your product idea. You then run ads, fb or Google, and see if people 'convert'. Convert can be giving their email, clicking a button like buy now, faking all the way to checkout, whatever you think proves there is a market and need for a solution of your product. There are many other ways to test a product without building. I would suggest you pick up the book Lean Startup by Eric Ries, as he is the founder and master of the MVP, minimum viable product. If you have any questions, feel free to reach out as I was in a similar situation with my venture and in the EdTech space.Cooper CraigCC
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