Why you need more than a barebone MVP in 2023.
I had an argument with an investor/founder yesterday, and he went on a rant about the quick MVP ideology. Many entrepreneurs and product managers believe that launching a product quickly with a barebones minimum viable product (MVP) is the key to success. However, I think that in 2023, this approach is outdated and ineffective.
A minimal viable product (MVP) with barebones features is designed to be used by early adopters, providing essential functionalities to test the product concept and gather market feedback quickly.
However, I disagree with this approach. I believe that in 2023, a barebones MVP falls short. Here are two reasons why:
Customers are concerned about the app's look and feel. If you are enhancing an existing product, you must deliver a superior user experience compared to your competitors. A barebones MVP may not meet customer expectations and preferences, potentially creating a negative impression that drives them away.
Early traction does not guarantee product-market fit. While a barebones MVP may attract initial users, it doesn't ensure that they will remain or pay for your product. Relying on early success may provide a false sense of validation and confidence in your product's efficacy, potentially causing you to overlook the genuine problems or needs of your customers.
In conclusion, a barebones MVP is not enough in 2023. If you want to build a successful product, you need to build a polished product that delivers value and delight to your customers. This is not easy, but it is worth it.
I also believe it depends on what industry/type of product you're building.. (there's quite a few variables here)
But generally speaking top of my mind I think it's the TAM and competition/other similar products and their maturity. Sometimes it's speed, sometimes it is quality like you said.
What approach would you suggest to an early stage startup that has few months of runway and have to show initial traction to secure more funds?