3 Simple Hacks To Create An MVP
It’s never been easier to create an MVP for your startup today. So don’t build anything and don’t spend a dollar. Seriously.
An MVP, an acronym for ‘Minimal viable product’ is simply the easiest and fastest way for you to prove your idea has legs and that someone might be willing to pay for it.
For seasonal entrepreneurs, taking a leap into the next venture is an easy decision. For others it’s bloody tough. Either way the material value on money and time is the same — so let’s look at 3 MVP hacks you can do before you jump into your next venture and save us all the trouble…
1. Use a Proxy Website
The literal meaning behind proxy is ‘the authority to represent someone else’ most often used when voting (aka proxy vote). By adopting this very simple principle you can use other leading websites to mimic and test what you’re trying to do.
For example try using Medium or tumblr to test interest in a potential book, the more reads and social sharing of a blog indicates greater demand for the topic, and therefor more weight when speaking with publishers.
Other proxy websites that can be hacked include:
- airbnb — identify market demand in real estate by reviewing rental rates in areas you’re investing, find holes.
- craigslist — advertise just about anything, connect with local communities and test goods & services
- uber — become a driver and listen to what folks complain about, there’s the problem
- facebook — create events, groups and more in interests targeted towards your customer
- google — review search data for key terms related to your problem and record how it’s now being solved
2. Sell It Anyway
This was pioneered first in real estate over 100 years ago and is still used today. It’s called ‘off the plan’ and is the only way new developments get off the ground. More recently it’s been the crowd-funding phenomenon that has taken this model to the masses. The key lesson here is, you don’t need to have it before you sell it.
Whether it’s a new subscription service to makeup tips, a new wonder toy for your kids, or even enterprise software — it can all be sold before you have it. Just create a splash page, advertise it on craigslist, launch a kickstarter or post a blog about it.
This is not just for the startup folks out there, Elon Musk drove this model to create demand for the Tesla before any unit was ready for market. Show rooms all over the country asking for a downpayment on a car that ‘maybe’ delivered by Christmas.
3. Pitch it.
The easiest of all hacks. Pitch it! That’s right. Start pitching it to friends, family and anyone you meet. By pitching it you get immediate feedback from the market you may one day sell to. As each pitch is done you’ll listen, learn what works, iterate and re do it just a little better next time.
For the best pitch structure I’ve seen read the ‘Sammo Pitch’ by Australian tech entrepreneur and author Steve Sammartino who says it like this:
Statement 1. You know how… state the problem.
Statement 2. Well what we do is… your idea.
Statement 3. In fact… a number which demonstrates the opportunity.
If you can’t structure just three paragraphs to describe the problem you want to solve, how you’re solving it and why it’s a big opportunity no one is going to invest in you anyway.
For example…hear my pitch from our startup Shopilist.
You know when traveling abroad it can be really tough to find the best local shopping, and more often you find yourself stuck in a tourist trap.
Well what we do at Shopilist is help local insiders create shopping guides unique to that city, which you can enjoy or reach out for a personal tour.
In fact tourists spend over $500b a year in shopping.
There i’ve put it out there. For any feedback please share, we’re always refining it — we’re excited by what we’re creating but eager to hear feedback.
For any VC you can send the cheques to my mother, she needs it more than me. Otherwise reach out here.
So there’s just a few MVP hacks we’re employing in our startups. If you saw value in this hit the like button. Please also share with someone who needs a kick up the bum!
