Finding cofounders · MVP Development

What's the next steps after finishing my MVP Product ?

Ahmed Mohsen Full-Stack Developer , I build (Websites|Mobile Apps|Games|Chatbots)

October 28th, 2019

As the title say , I finished my MVP Product and don't know what's next ?


Some experts advised me to look for a cofounder - as my project still based on a single founder , as it's known commonly , investors don't like the single founder concept


I tried to deal with the network here , but people have different interests

my tries did not reach me to a good match


Returning to my main question I already published my MVP product online , what's the next step ?

Paul Garcia marketing exec & business coach

October 29th, 2019

It is NOT true that investors dislike solo founders. What investors dislike is disorganization and lack of a plan. What investors like is a team supporting you (can be employees, advisors, consultants, etc.) and they don't have to be co-founders. They like when you invest your own money. And they like to see customers using your product. They especially like to see that the written plan you have turns out to be what is happening in reality. Your projections should match what is happening with your first users.


The real question is why do you need investors at all? What did your validated marketing strategy tell you about how you would gain customers? Are you beginning to see the revenue projected? What expenses are you incurring that were not covered by the initial revenue you expected to come in? In other words, what will more money allow you to do. Investors will not give you money to advertise or to figure out your market. They are interested in helping companies with some proven success get over a hurdle where scaling up to meet increasing demand requires capital.


Since you haven't said anything about customers and only that you have an MVP, I wonder if you skipped the early work of market validation, which if you did, you need to go backward and do now.


Often when seeking co-founders ideas get rejected because they're still ideas, not plans.


The MVP is the very last step. All the other steps come before it. So if you followed the right course, you will be seeing your marketing taking effect and customers signing up already. So, tell us more about why you need a co-founder now and what you need money to do? If you've gotten to MVP, you shouldn't need any more founders. And if you need money with an MVP ready, you should already have customers. What is your actual situation?

Alexandre Azevedo Founder of The Traction Stage Blog & Podcast

October 31st, 2019

Hi, Ahmed!

It's great to know that you already have an MVP running! Congrats. :)

Now, it's time to check if the riskiest assumptions about your idea are right or wrong.

In practical terms, while building your MVP, you must have thought about the metrics that will validate your assumptions.

MVP's role is to check how excited your customers really are about your solution.

For example, if you've just launched an app, you need to start measuring customers interaction with it. How many people...

  • Downloaded it?
  • Subscribed?
  • Used your app?
  • Kept using it?
  • Paid?

These are just some examples of metrics that will guide your conclusion on your product validation.

If some of those metrics are not performing as expected, ask yourself WHY. Investigate and understand to iterate.

Besides that, I would put some thoughts on getting a co-founder and/or funding.

Your first mission as a founder is to gain traction, so the decision of getting a co-founder or raising money must be related to helping you on that.

Once you've built your MVP by yourself, I would think about trying to validate the MVP before getting money or a partner in the venture.

Of course, getting a co-founder and raising money can speed up the process (and relieve some pressure from your shoulders).

But, if you can generate some traction before going to other people, that may ease the process of convincing them (once your idea was already validated).

However, trying to generate traction by yourself will demand money, effort and time. Do you have them to invest in your startup?

Best,

Alex



Ashit Vora Software Engineer, Working as a consultant for past 9 years, Interested in solving real problems

November 8th, 2019

What feedback did you get from your customers using the MVP?