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Michael Seibel - How to Plan an MVP
8 segments available
YC CEO and Partner Michael Seibel shares his approach to building an MVP and getting your first users as a pre-launch startup. Startup School is YC's free online program for founders. Transcript and lecture slides here: https://www.ycombinator.com/library/6f-how-to-plan-an-mvp This lecture is part of YC's Startup School, a free online program and global community of founders. Register and join the community at https://www.startupschool.org/ Chapters (Powered by https://bit.ly/chapterme-yc) - 0:00 Introduction 0:41 First, talk to users 1:40 Goal: launch quickly 2:40 After launching, get feedback 4:30 Lean MVP 5:37 Real-world examples 8:21 Heavy MVPs 9:33 Launches aren't special 11:22 Hacks for building an MVP quickly 12:57 Don't fall in love with your MVP
Segments Timeline
Understanding MVP: The Basics
Michael Seibel introduces the concept of a Minimum Viable Product (MVP), emphasizing its simplicity and the importance of talking to users before building. He explains that an MVP is the simplest version of a product that can deliver value to early users, and stresses the need for founders to engage with potential users to identify their problems.
"my name is michael uh i work here at y combinator i helped run the accelerator uh before that i did two yc startups um one 2007 and one in 2012. and today i'm going to talk to you about a minimum viab..."
Launch Quickly: The YC Ethos
Seibel shares the core goal for pre-launch startups: to launch quickly. He encourages founders to release their MVPs, even if they are not perfect, to start gathering user feedback. This approach is rooted in the ethos of Y Combinator, which has guided startups for over a decade.
"i always get this strange question of how do i get my first users which always kind of confuses me because theoretically you decide to solve a problem that you know someone has so the way you get your..."
The Importance of User Feedback
In this segment, Seibel discusses the critical role of user feedback after launching an MVP. He highlights the common mistake of founders waiting to gather feedback until their product is fully developed, stressing that early feedback on a basic version is invaluable for iterating and improving the product.
"the next one is talk to your users any of them after you've launched this mvp and get feedback this is one that's also extremely common mistake because most founders in their heads have a idea of what..."
Lean MVP: Building Efficiently
Seibel explains the concept of a Lean MVP, which should be built quickly and with limited functionality. He advises startups to focus on solving the highest priority problems for a small set of initial users, allowing for rapid iteration and improvement based on real user needs.
"like to kind of distinguish between iterating and pivoting a lot of founders once they've figured out how to build something fall in love with it and so if it doesn't work for a certain set of users t..."
Real-World MVP Examples
Michael Seibel shares real-world examples of successful MVPs, including Airbnb, Twitch, and Stripe. He illustrates how these companies started with very basic versions of their products, emphasizing that even billion-dollar companies began with what many would consider 'shitty' MVPs.
"like your mvp is too special okay uh here is a classic example uh this is one of airbnb's first landing pages uh in 2008 i believe one of the things that you might be interested in about in airbnb's f..."
When Heavy MVPs Are Necessary
In this segment, Seibel discusses scenarios where a 'heavy MVP' might be required, such as in heavily regulated industries like banking or biotech. He encourages founders in these fields to start with simple websites or explanations of their product to begin engaging with potential users.
"is pretty shitty in very few cases you have to build a heavy mvp i just invented that term heavy mvp when i made this presentation two days ago so uh you know maybe it becomes a thing if you're in an ..."
The Misconception of Launching
Seibel addresses the misconception that product launches are significant events. He emphasizes that the true goal is to acquire customers and learn from them, rather than focusing on press coverage or hype. Founders should prioritize getting their product in front of users as soon as possible.
"now i want to talk about launching for a second because a lot of founders have this misconception about launching um they see big companies launch stuff and they assume that's what startups do in fact..."
Hacks for Rapid MVP Development
Michael Seibel shares practical hacks for building an MVP quickly, including time boxing the development process and writing down specifications. He warns against falling in love with the initial MVP, encouraging founders to view it as just the first step in a longer journey of product development.
"extremely quickly first time box your spec so your spec is the list of stuff you need to build before you launch time box it say okay what happens if i want to launch in three weeks okay well the only..."