Securing the necessary financial backing to build a successful software platform often hinges on creating a strong Minimum Viable Product (MVP) before diving into full-blown development.
An MVP is a streamlined platform designed to provide proof of concept. MVPs generally cost less to build, and allow you to work through issues big and small before an official product launch. Through the MVP, startups gather feedback to improve the software’s core features and functionality. Additionally, investors get to see where their money is headed and predict their ROI with greater accuracy.
Tech entrepreneurs are familiar with the concept of “failing fast” and an MVP is the perfect, strategic way to do that. Rather than sinking exorbitant amounts of money and time into building a software that will eventually fail when it goes to market, gather guiding insights directly from your intended users early on the process and grow from a strong foundation.
To create an MVP that drives your software project forward and helps secure funding, T-Minus Solutions suggests considering each of the following:
Test Underlying Assumptions About Your User Base
Knowing exactly who the SaaS serves makes developing the MVP’s core features easier and will help drive marketing efforts in the future as well. What type of interface do your ideal users prefer and which functions matter the most to them? Which parts of their business process could be improved? How do they prefer to view analytics and which metrics should be prioritized? A successful MVP tests the waters and produces actionable data from your core users about what they like and want to see in the final product.
Incorporate Early Feedback into Software Development
An MVP is intended to gather information ahead of full-scale software development as well as knock the socks off investors. By listening and responding to the feedback of your earliest users, you can create an end product that not only meets the baseline needs but also provides the wishlist wants of your ideal user base. Who says your Minimum Viable Product can’t also be your Most Valuable Player?
Monetize Your MVP, If Possible
Just imagine what the final product would achieve financially if the MVP is already generating revenue. One of the best ways to hook investors is to show them hard numbers so they can better calculate their returns on investment. An analysis of who is using your MVP, how, and at what price point can help demonstrate the potential of your platform for investors.
There truly is no downside to developing an MVP before building a full-scale product. To find out more about how T-Minus Solutions can help every step of the way, reach out today.