Building a Minimum Viable Product (MVP) is crucial - launch quickly with minimal features and iterate based on customer feedback, rather than extensive upfront planning.
Successful MVP examples include Airbnb's basic accommodation booking, Twitch's single-streamer website, and Stripe's manual account setup - all focused on learning from early users.
Target "desperate" customers with urgent problems, and learn from actual interactions with the MVP rather than just customer surveys.
Meeting Notes:
The Importance of Building a Minimum Viable Product (MVP)
Michael Seibel defines an MVP as launching something quickly with minimal features and iterating based on customer feedback, rather than doing extensive research upfront.
The "Midwhip Meme" illustrates how first-time founders who just launch a basic product can often discover what customers want faster than founders who try to build a perfect product from the start.
Key benefits of launching an MVP quickly:
You only truly start learning about users when you put a real product in front of them.
Letting customers see the product evolve can make them more excited and likely to use/pay for it.
Iterating based on real user feedback is far more valuable than extensive planning upfront.
Michael Seibel addresses fears like early customers disliking the MVP - he explains that early adopters expect imperfect products and are open to helping improve it.
Examples of Successful MVPs
Airbnb's early MVP:
No payment integration (had to arrange payment separately)
No map functionality to see listing locations
Could only book air beds, not full homes/rooms
Only available during conferences in each city
Twitch (JustinTV) started as:
Single page with one streamer (Michael Seibel's co-founder Justin) broadcasting 24/7
No video games except occasionally playing simple games
Extremely expensive video streaming costs
Stripe (Flash Payments) MVP:
Had to manually file paperwork each night to set up customer accounts at a small bank
Very limited API features, too basic even for YC startups like Twitch initially
Identifying the Right Customers for Your MVP
Target "desperate" customers with urgent "hair on fire" problems - they will use an imperfect MVP to solve their pain.
Customer surveys alone are limited - customers are experts on their problems but not necessarily the best solutions.
The key is learning from actual customer interactions with your MVP, not just gathering feedback, to discover the right product solutions.
Tips for Building and Launching an Effective MVP
Set a clear, short deadline (e.g. 2 weeks, 1 month) to avoid scope creep.
Document a concise feature spec to avoid debating what to build.
Ruthlessly cut unnecessary features - only include the minimum for users to start using it.
Avoid falling in love with the initial MVP - it will change significantly through iterations.
The Power of an MVP Approach
An MVP lets you build a dedicated user base invested in the product's evolution.
Focus on providing a great experience to a small core user group over scale initially.
The iterative MVP approach of launching quickly and learning from customers is key, even for companies like Apple that are renowned for great products.
Michael Seibel highlights how products like the original iPhone and iPod went through many iterations based on customer feedback after initial launch.