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.

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 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?

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!

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.

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.

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.