How to Build an MVP with Michael Seibel
Michael Seibel, the Managing Director at Y Combinator and co-founder of Twitch, offers his expert insights on developing minimal viable products (MVPs). His authority on the subject stems from selling Twitch to Amazon for $1 billion in 2014 and his extensive experience coaching numerous startups at Y Combinator.
Here are some fascinating points from his discussions:
👉 Seibel encounters many founders aiming to create perfect, "god-like" products—dubbed "the fake Steve Jobs"—due to fears of customer loss. He argues that founders shouldn't fret over losing customers. Instead, the focus should be on getting the product into customers' hands and learning from their feedback.
👉 He presents three case studies of the initial software launches of successful companies, including Airbnb, Twitch, and Stripe. These examples illustrate that successful products can be launched quickly, with limited functionality, targeting a niche audience.
👉 Seibel also provides practical advice on building an MVP swiftly. Founders should impose strict deadlines to manage time effectively, identify all the necessary features for the MVP's launch, and then pare down to the essential elements that customers truly need. Importantly, he cautions against becoming too attached to the MVP.