Stage Description and Characteristics
In this stage, founders will develop a functional Minimum Viable Product (MVP) that addresses the core problem they have identified. The MVP is now ready for initial user testing and feedback.
Key characteristics of this stage include:
MVP developed and deployed Initial user feedback collection Iterations based on user feedback Refining the product-market fit Key Challenges to be Solved
Developing a working prototype or MVP that functions as expected Testing your product with real users and gathering feedback Iterating and improving your MVP based on user feedback Ensuring the MVP effectively addresses the core problem Gaining user adoption for testing and feedback Analyzing user feedback for actionable insights Identifying key metrics to track product success Key Milestones to Reach
Build and test the MVP: Develop the MVP and test it with early adopters to gather feedback and validate the product idea Identify the MVP metrics to track and evaluate: Determine the key metrics that will be used to track the performance of the MVP, such as user engagement, retention, and conversion rates Refine the product based on user feedback: Use feedback from early adopters to improve the user experience and address any issues or challenges that users are facing Define ICP (Ideal Customer Profile): Develop an ICP based on customer discovery and early MVP validation feedback, to better target marketing and sales efforts Define the go-to-market strategy: Create a first draft go-to-market strategy that outlines how the startup will acquire and retain customers, including marketing channels and tactics to reach the target audience MVP developed and deployed for testing: Ensure the MVP is fully functional and accessible to users for testing and feedback collection Initial user feedback collected: Gather and document feedback from users to inform future product iterations and improvements Growth Tracking (KPI’s / Value Engine Metrics)
Number of active users (Customer Interest) Level of customer engagement with MVP (Customer Engagement) Conversion rate of MVP users to paid customers ideally but could also be a signal towards willingness to pay (Customer Conversion) User engagement and satisfaction metrics (Customer Value) Iterations and improvements implemented
Triggers to Graduate to next stage
A working MVP with basic features First user feedback and testing Basic metrics and analytics Well defined Value Proposition Canvas Well defined Jobs to Be Done Canvas Have MVP develop Stage completed in 6 months
Startup Support for this Stage
MVP Development and Deployment: Guidance on best practices for MVP development and deployment Support in selecting appropriate technologies and platforms Assistance in Agile Development and Design Thinking methodologies User Testing and Feedback Collection: Assistance in designing and executing effective user testing strategies Support in developing mechanisms for collecting and organizing user feedback Data Analysis and Insights: Help in analyzing user feedback to identify actionable insights Guidance on prioritizing and implementing product iterations based on feedback Product Iterations and Improvements: Support in refining the MVP based on user feedback and insights Assistance in implementing necessary changes and improvements Guidance on Design Sprint methodology Refining and testing go-to-market strategy Conducting market research and analysis to refine target customer personas and validate product-market fit Identifying early adopters and developing a strategy to attract them to the product Business Model Optimization: Developing and testing revenue streams and pricing strategies Conducting competitive analysis and refining the business model Refining the product roadmap and identifying opportunities for future growth Assistance with Business Model Canvas, Revenue Stream Development, SWOT Analysis, and Positioning Map methodologies Key Metrics and Success Tracking: Guidance on identifying and tracking key success metrics Support in using metrics to inform product strategy and decision-making Developing investor materials and refining the pitch deck Identifying and pitching to potential investors Develop non-dilutive and dilutive fundraising roadmap Develop an ideal investor profile Identify possible angel and seed investors aligned with the identified Ideal Investor Profile 
MVP Development