The Startup Velocity Question: Is it the Product?

Product and Technology are not the same. 

While technology failures are difficult to recover from, product issues can be addressed.

Often, once a startup starts to engage with the market, it develops a more sophisticated understanding of the market’s needs. Features, functions, integrations, APIs – a lot of input comes into the company through customer immersion.

Perhaps, there isn’t enough runway to build all that the market asks.

A judicious calibration of a Minimum Viable Version 1.0 that can credibly get customers to write checks is necessary.

If investors see that such understanding exists within the team, they do not mind writing a check for a couple of million dollars to bridge the gap.

And then, product gaps can be bridged to meet the market’s requirements.

Key Takeaways:

• Product and technology are distinct aspects of a startup.
• Product issues are often more addressable than technology failures.
• Market engagement leads to a better understanding of customer needs.
• A Minimum Viable Version 1.0 is crucial for attracting initial customers.
• Investors may provide additional funding if they see a clear product roadmap.

My Question to You:

Does YOUR Minimum Viable Version 1.0 attract paying customers?

If you think you need help, consider 1-on-1 Private Consulting with me. I will diagnose and create a path forward in an hour.

Photo Credit: Ben Larcey/Flickr.com

This segment is a part in the series : The Startup Velocity Question