Want to learn the best business insights from remarkable speakers at Slush 2023, but don’t have the time to watch the full speeches on YouTube?
You’ve come to the right place. Below is a summary of a speech by Tuomas Artman, co-founder & CTO of Linear built a $400 million company in 4 years.
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<p class="h1-rich">🤏 TL;DR</p>
TL;DR: The concept of MVP has evolved into a journey or process, with scoping down being key to building a successful product. Utilizing the waitlist for feedback and iterating is crucial, as is talking to users and gauging their satisfaction before launching publicly. Key considerations include narrowing down the target audience and building a competitive, high-quality product. Action items include creating a clear definition of MVP as a journey, scoping down the initial MVP, and utilizing a waitlist to refine the product.
<p class="h1-rich">✨ Summary</p>
Building an MVP as a Journey
- The concept of Minimum Viable Product (MVP) has evolved over time.
- MVP is now seen as a journey or process rather than a quick hack.
- Examples of successful MVPs include Airbnb and Simride.
Defining the Foundational Market Promise (FMP)
- MVP is about reaching a point where there is a foundational market promise.
- FMP is the idea that your product can succeed in the market.
- MVP helps validate the idea and refine the product for market fit.
Scoping Down and Iterating on the Product
- Scoping down is key to building a successful MVP.
- Competing against existing products requires building something better.
- Liner started with issue tracking for small startups as their target segment.
Utilizing the Waitlist for Refining the Product
- The waitlist is crucial for refining the product and gaining traction.
- Handpicking users from the waitlist helps gather feedback and iterate.
- Exchanging the waitlist for a more refined product is a milestone.
Knowing When to Launch Publicly
- Talking to users and getting their feedback is important before launching.
- Market product fit questionnaires can help gauge user satisfaction.
- Asking users to pay, even if optional, shows readiness for public launch.
Key Considerations for Building an MVP
- Narrow down your target audience to a specific segment.
- Build a competitive, high-quality product.
- The waitlist is a valuable resource for refining and launching the product.
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