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Use Airbnb’s & Stripe’s Strategy To Build Your MVP!
Do you know, what was common about these two startups (at so early stage) is that they both used the Y-Combinator strategy to build their MVPs? It helped them hit the ground running, getting awesome responses and finding their groove in the market early on.
And it's not just them — pretty much every startup that goes through Y-Combinator tries to pull off the same magic trick. It's like their secret sauce.
But here's the thing, a lot of startups miss the mark when it comes to building a killer MVP. Why? Because many founders forget about the "Viable" part and get too caught up in just building a cool product.
This mistake is like a widespread epidemic — I'm talking about 90% of startup founders falling into this trap. But then you've got the golden 10%, the ones who know the MVP game inside out. They're the folks behind success stories like Airbnb, Twitch, and Stripe. They nail that balance, and that's what makes all the difference.
So - In this, we will deep dive into -
Real Meaning of Building Minimal Viable Product (MVP)
How did Airbnb, Twitch, and Stripe build their MVPs?
How did these startups use the Y-Combinator MVP building strategy?
How can you build the MVP for your startup?
So grab your coffee and let’s deep dive into it!
Source: Google Images
What is an MVP?
Minimum Viable Product.
A minimum viable product (MVP) is a version of a product with just enough features to be usable by early customers …— Wikipedia
What should be your MVP mindset In the Pre-Launch Stage?
Source: Y-Combinator Website
Let’s start with the meme above. It’s called the midwit meme.
Many first-time founders (the guy to the left of the bell curve) launch quickly and iterate (continue launching quickly). This is the same for the expert founder (the guy to the right of the bell curve).
But the guy in the middle is the “smart founder”. Let’s call him Benny. Benny wants to do surveys, raise money, build a team, etc. He wants to do it all. Benny learns after a while he should have been like the “dumb guys”.
As a founder, you want to build an MVP, get it to customers, and learn if it helps them or not. Then iterate.
You only really start learning about your users when you put a product in front of them. Not by doing 1000 surveys, and gathering a mailing list, or fundraising for half a year.
The amazing thing, your MVP might not even work how you want it to.
Your goal as an early-stage founder:
Launch quickly. (MVP)
Get your first customers.
Talk To Customers & Get Feedback
Iterate (Improve the product)
These goals need to be your guiding principle.
Expect that after 3–5 iterations, your MVP would have changed so much. But that’s a good thing. It means you’ve been listening to your customers.
Try and remember that you are not the hero of your customer’s story. You’re not Harry Potter, you’re Dumbledore who gives him the tools to be the hero of his own story.
You serve at the pleasure of the customer.
Is an MVP the way to go?
Many founders want to build a product (like the iPhone) that blows people out of the water at once. That’s a very steep hill to climb though.
The MVP approach is best. You might have a question that -
But What If My MVP Is Rubbish and they Never Want To Talk To Me Again?
Even the biggest startups had this same fear. YC deals with it every time. It’s okay that you feel this fear. But never act on it.
FEAR- False Expectations Appearing Real
Think about it. If one customer doesn’t like your product, does that kill your startup? No. You can reach out to another customer. You can reach out to the same customer after you’ve made the product better.
The more amazing thing is that most people who speak with startups at an early stage are early adopters. They try out products that are in their rubbish phase. They are used to products not working quite as well as they should.
Early users usually have a problem. They are the only ones brave enough to try untested products that could solve the problem. They are usually there for the long haul to give you feedback on how to make the product better.
Fake Steve Jobs
These types of founders think they know exactly what the customer needs. Let’s call them fake Steves.
In their minds, Steve Jobs built the iPhone and iPod, such amazing products in one go. The mistake they're making is that’s not true. Many of them remember the 3rd or 4th iteration of these products. The first iPhone had 2G internet, no app store, etc.
You don’t know what the customer needs. The customer alone knows what they need. If you ask them, they will tell you. How you ask them is by showing them your MVP.
Examples of Successful MVPs
1. Airbnb:
Resource: Y-combinator Website
This is the first version of AirBnB. They didn’t have a lot of features. If you were an early adopter, here was what you enjoyed.
No payment system.
No map view. You couldn’t see where the house was in the city.
You had to sleep on an airbed. The whole house could not be rented to you.
It was only for conferences.
2. Twitch:
Twitch was the world's leading video platform and community for gamers.
Resource: Y-Combinator Website
They began as Justin TV with one page.
Only 1 streamer, Justin.
Their video was low res.
But they’re now one of the most popular streaming websites in the world.
Do you know what thing they focused on at the pre-launch stage?
Software MVP
Very fast to build (weeks not months)
Very limited functionality
Appeal to a small set of users
They built a product that people loved, not one that everyone loved. It didn’t solve all the problems. Solve problems step by step.
Who Are These Early Adopters? Why Do They Want To Go Through So Much Pain?
You want to build your product for customers who have their hair on fire.
If your hair is on fire like the beautiful young lady above, what product would you want to buy from me?
Maybe a hose, bucket of water, or something that can bring water. Well, all I have is a brick (my MVP). Walking away won’t even cross your mind. You’re desperate, you’ll buy the brick and hit yourself on the head to kill the fire.
The early adopters are the desperate ones.Forget the ones that are not desperate.
Why surveys don’t work
You might have had a formal business school education. Now you’re thinking let’s do a survey and learn everything the user needs. Then we build it.
That won’t work either.
The customer doesn’t know everything about the answer to their problem. They don’t even know everything about the problem itself. If they did, don’t you think they would build the solution on their own or hire people to do it for them?
It’s your job to know.
Surveys help you find out your users' pain but not how to solve it. Only a product can do that.
You give them a product and ask, does this solve your problem? Yes or no and
you go down the scientific method flow chart from there.
How To Build An MVP Quickly!
Set a specific deadline for completion.
Give yourself a timeframe. It’s easier to move on if you do. If you allow endless time to build, you’ll never stop building the MVP.
Write down the MVP features.
Don’t keep doing a double take while building. Write everything you want to build down now. Then you won’t have to rethink everything later.
Cut unnecessary features.
At this point, you will cut many features. Think how important is this to solve the user’s problem.
A startup to solve overseas payments doesn't need a chat feature in the MVP. Neither does it need APIs connected to every bank in the world. Both are important but can be skipped for the MVP.
Don’t fall in love with your MVP.
Have you heard married couples say something like: this is not the person I married or fell in love with?
Please please please don’t fall in love with your MVP.
It will change so much as you’re iterating.
If you’re in love with it, you won't want it to change. You’re building an emotional barrier to your growth.
Final Thoughts
It’s better to have 100 customers that really love your product than 100k that are just ok with it.
— Michael Seibel, Y-Combinator
Those 100 will give you rich feedback that you need to grow. Build for them and the others will come when you have a shiny product.
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Featured Tweet:
Jensen Huang Shared His Fundraising Experience For NVIDIA
"NVIDIA received the first cheque from a venture capitalist for only three reasons!"
Jensen shared his first six months of experience raising funding for NVIDIA - “VCs care more about great people than business plans - Your reputation and history matter. Having a big vision for a large market is crucial. The idea should be clever and unique. The size of the market is important too; it needs to be large enough for the investment to make sense.”… Read More Here
Source: Jensen Huang (NVIDIA Founder) - Google Images
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