Chapters (Powered by ChapterMe) - 00:00 - Introduction 00:25 - What is an Minimal Viable Product (MVP) 00:42 - Talk to users before writing code 01:42 - Goal of a pre-launch startup 01:49 - - Step 1 - Launch quickly (MVP) 02:13 - - Step 2 - Get initial customers 02:41 - - Step 3 - Talk to customers and get feedback 03:05 - - - Founders mistake - They think that MVP doesn’t have all features, and getting feedback on it is useless 03:36 - - Step 4 - Iterate (improve the product) 04:30 - Lean MVP (in most cases) 04:38 - - Very fast to build (weeks not months) 04:53 - - Very limited functionality 05:10 - - Appeal to a small set of users 05:24 - - Base to iterate from 05:40 - - Example 1 - Airbnb 05:54 - - - No payments 06:08 - - - No map view 06:15 - - - Part-time CTO 06:28 - - Example 2 - Twitch (Justin.tv) 06:47 - - - 1 channel 06:54 - - - Low res video 07:13 - - - No video games 07:28 - - Example 3 - Stripe (/dev/payments) 07:39 - - - No bank deals 07:48 - - - Few features 07:51 - - - Founders would integrate it for you 08:22 - Heavy MVP (in a very few cases) 08:32 - - Significant regulation (insurance, banking) 08:47 - - Hardtech 08:53 - - Biotech 08:57 - - Moonshot 09:36 - Founders Mistake - Often founders see how big companies launch their products and want to do so (have a lot of press/buzz) 10:30 - Launch simply means to start getting customers 10:51 - Learning from customers is easier with an MVP than without 11:22 - Hacks for building an MVP quickly 11:27 - 1. Time box your spec 11:47 - 2. Write your spec 12:23 - 3. Cut your spec 12:57 - 4. Don't fall in love with your MVP! 13:28 - End
Awesome lecture! Thank you Michael! Two most important sentences for me from this lecture: 1. Do not speak with your users about new features, speak with them about their problems and you figure out the solution. 2. You will recognize that you have product market fit once you spend your time maintaining your app online instead of figuring out new features and developing them.
`Don't fall in love with your mvp. It's just step one in a journey.. .. You wouldn't fall in love with a paper you wrote in the first grade, and like that's like the level of impact often your mvp has.` This resonates so much.. Thank you dude.
As far as I'm concerned, this is the most precise and knowledge-filled MBA for an Hustler or Startup-hungry person. Dang! So good. Thants YC and Michael
Straight to the point! One thing though is I think there's a maturity curve associated with MVP's and as time goes on, MVPs have to be better. Just because people's expectations and the technology available is better. You simply could not build an airbnb style business and accept no maps and cash transactions - the bar is too high.
I think you are right. Though it is also easier to incorporate items like maps than it was then. I worked on such a start up project and it looked way better than the first airbnb.
I paused in the middle of the video just to thank you Michael, I can call you best teacher I have ever had in this topic. I was almost feeling disappointed after watching many videos to learn more about launching my idea untill I found one of your videos very useful and subscribed to Y Combinator. Just stopped by to say thank you for your great job and let you know you helped helped me a lot. Cheers
Love this no bs, quick to point advise. I've done almost all those mistakes in my first projects when I started out as a startup guy, but not this time! ;) *Ready to crush it.*
Its amazing this awsome Y C Video is free in a time where everyone is selling their mostly BS course online. You guys are doing amazing service for a lot of people.
Love the analogy! Treating your MVP like a first-grade paper - not the masterpiece of your life, but just the start - that's gold. This new angle really helps sidestep the usual MVP traps, like getting hung up on the details or striving for perfection right out of the gate. It's about progress, not perfection, and this mindset is a game changer!
Wow this is exactly what I needed to hear. It’s been almost a year since I started developing my app and haven’t launched because I’m to busy trying to make it perfect the first time. That’s the biggest mistake you can make in your startup.
Thank you Y Combinator and Michael Seibel. He's amazing and would love for him to host his own podcast or Startup show. He's helped me so much. Awesome vid
This is a great class for me. With my team, have to achieve our first Basic version to offer put on the market. We are creating a new way to make business.
Startup is all about timing. Momentum. Building an MVP as soon as possible to validate its general idea is the best way to go. Failing is not the problem - failing slowly is the problem. One of the many keys to startup success is to fail FASTER, therefore learn FASTER how to adjust your product to its market.
This was great! Another reason not to fall in love with your MVP - 99% of MVP's don't actually make a dime... be prepared to graveyard it and try something new. :)
This is a great lecture! Thanks a lot! We agree that gathering feedback after the launch of your product is crucial for its success and continuous improvement. The most valuable feedback comes from unexpected sources. While it's essential to collect feedback from your target audience, don't overlook the potential insights that can be gained from "fringe users" or those who may not be your primary target market. Fringe users often bring a fresh perspective, providing unique insights that can lead to innovative ideas and improvements. Their unbiased viewpoint can uncover hidden pain points or reveal new use cases that you may not have considered before. Embrace the diverse range of perspectives and experiences that can enrich your understanding of user needs and preferences.
@Y combinator Can you guys please upload the follow on questions in a separate video maybe ? They were so beneficial and now they are gone from this video 😔😓 Hope it’s ok to do that, thanks for sharing this and thanks to Michael for all the help
This is very helpful, I really enjoy that they are looking to empower leaders by guiding them by human centered principles i..e putting yourself in the mind of the customer, partner, or investor.
One thing He didn't mention is that AirB&B had a manual MVP before their own MVP. They posted airbeds of their own apartments on Craigslist during a tech convention because the hotels are fully booked. So yea do a manual/no code MVP first before a custom code MVP.
Short Notes : The goal of a pre-launch startup: Launch quickly (MVP) • Get initial customers • Talk to customers and get feedback • Iterate (improve the product) Lean MVP (in most cases) • Very fast to build (weeks not months) • Very limited functionality • Appeal to a small set of users Heavy MVP (in very few cases) 4Significant regulation • (insurance, banking) • Hardtech • Biotech • Moonshot Hacks for building an MVP quickly • Time box your spec • Write your spec • cut the spec • don't fall in love with MVP nb: 1. Do not speak with your users about new features, speak with them about their problems and you figure out the solution. 2. You will recognize that you have product-market fit once you spend your time maintaining your app online instead of figuring out new features and developing them.
Anyone feel that they know how Michael would answer this question; "If so few start-ups have product market fit...why is there so much discussion about it." It appears that there have been innumerable successes who did not have product market fit...what do those start-ups have in common.
Definitely guilty of the trying to build the perfect MVP prior to officially launching it but overall, he is spot on. I think the key is to launch quickly and realize that your early users will most likely just be guinea pigs to test your product. They will probably hate the product but hopefully they will tell you why they hate it before they leave. Overtime, improvements will be made and you will be able to monetize the users better.
Love this Michael.. i am an early stage cofounder and often get confused with so much market research to be done, can u advice on how many users should I talk to? Appreciate it
That is absolutely true. I had difficulty figuring out the essence of the product. In my case, it was not the UI, it was not the API but the glue code that integrates different tools. Glue code is much faster to release and start getting feedback. You also reuse what is already out there instead of building it from scratch.
Great video. I have been in love with the Big Vision I have, and was determined to leap frog a few steps 😳😅…But I’ve now finally succumbed to just creating something fractionally like the end solution…and just getting going on that!! 😀👊🇦🇺
Totally agree that buzzwords and startup jargons are so annoying lol. Imagine someone saying, "We're building a *lean startup* around *AI* and *Deep Learning* to create an *Uber for Cloud storage* ".
Chapters (Powered by ChapterMe) -
00:00 - Introduction
00:25 - What is an Minimal Viable Product (MVP)
00:42 - Talk to users before writing code
01:42 - Goal of a pre-launch startup
01:49 - - Step 1 - Launch quickly (MVP)
02:13 - - Step 2 - Get initial customers
02:41 - - Step 3 - Talk to customers and get feedback
03:05 - - - Founders mistake - They think that MVP doesn’t have all features, and getting feedback on it is useless
03:36 - - Step 4 - Iterate (improve the product)
04:30 - Lean MVP (in most cases)
04:38 - - Very fast to build (weeks not months)
04:53 - - Very limited functionality
05:10 - - Appeal to a small set of users
05:24 - - Base to iterate from
05:40 - - Example 1 - Airbnb
05:54 - - - No payments
06:08 - - - No map view
06:15 - - - Part-time CTO
06:28 - - Example 2 - Twitch (Justin.tv)
06:47 - - - 1 channel
06:54 - - - Low res video
07:13 - - - No video games
07:28 - - Example 3 - Stripe (/dev/payments)
07:39 - - - No bank deals
07:48 - - - Few features
07:51 - - - Founders would integrate it for you
08:22 - Heavy MVP (in a very few cases)
08:32 - - Significant regulation (insurance, banking)
08:47 - - Hardtech
08:53 - - Biotech
08:57 - - Moonshot
09:36 - Founders Mistake - Often founders see how big companies launch their products and want to do so (have a lot of press/buzz)
10:30 - Launch simply means to start getting customers
10:51 - Learning from customers is easier with an MVP than without
11:22 - Hacks for building an MVP quickly
11:27 - 1. Time box your spec
11:47 - 2. Write your spec
12:23 - 3. Cut your spec
12:57 - 4. Don't fall in love with your MVP!
13:28 - End
“Fix the fucking screwdriver” is something that’s imprinted on my mind. Genuinely the most helpful advice I’ve gotten as a founder.
"I work here at y combinator" - the CEO of y combinator
This what makes Michael so likeable
That's what I thought after I read his wikipedia page XD
bravo 😊🙌🏽
No "Fucking" duh I work here.
Exactly! Also dude funded Twitch and sold it for US$1 Billion and is like "I funded 2 companies". That's what humility looks like
Gotta love a straightforward lecture. No fluff, no sugarcoating.
Awesome lecture! Thank you Michael! Two most important sentences for me from this lecture:
1. Do not speak with your users about new features, speak with them about their problems and you figure out the solution.
2. You will recognize that you have product market fit once you spend your time maintaining your app online instead of figuring out new features and developing them.
`Don't fall in love with your mvp. It's just step one in a journey..
.. You wouldn't fall in love with a paper you wrote in the first grade, and like that's like the level of impact often your mvp has.`
This resonates so much.. Thank you dude.
I love this guy. He is just genuine, straight forward and articulate.
True
YC is doing such a public service with this quality content :)
Thank you 🙏
i was ready to risk everything, but just before i was going to, ycomb opened my eyes.
really great service they are doing
I love how he paraphrases the questions. Clearly, he's heard a thousand versions of the same question.
Ya totally gets me. I think I love his persona too.
I know! I hate it when speakers don’t do that or don’t even bother repeating the question in any way.
As far as I'm concerned, this is the most precise and knowledge-filled MBA for an Hustler or Startup-hungry person. Dang! So good. Thants YC and Michael
I like how his class was straight to the point, engaging and fun.
1. Timebox your spec
2. Write your spec.
3. Cut the spec.
4. Don't fall in love with your MVP.
This.
I usually also suggest to design the system UI, at least in wireframes. Design helps to visualize, and will help to adapt spec.
That.
Makes a tonn of sense.
Straight to the point! One thing though is I think there's a maturity curve associated with MVP's and as time goes on, MVPs have to be better. Just because people's expectations and the technology available is better. You simply could not build an airbnb style business and accept no maps and cash transactions - the bar is too high.
I think you are right. Though it is also easier to incorporate items like maps than it was then. I worked on such a start up project and it looked way better than the first airbnb.
I paused in the middle of the video just to thank you Michael, I can call you best teacher I have ever had in this topic. I was almost feeling disappointed after watching many videos to learn more about launching my idea untill I found one of your videos very useful and subscribed to Y Combinator.
Just stopped by to say thank you for your great job and let you know you helped helped me a lot.
Cheers
This is gold for every aspiring entrepreneurs.
This video was so helpful for me in getting my MVP out and stop trying to change and perfect it, thank you.
Same!
@@kajlac u 6
.u
How has your mvp been going!?
How long do you take to build your MVP
This is probably the most simple and helpful video I have watched out of thousands in my 4 year entrepreneurial journey.
One thing I really like about Michael Seibel is his honesty. The fact that he cusses in his talks honestly makes me trust his words so much more.
Love this no bs, quick to point advise. I've done almost all those mistakes in my first projects when I started out as a startup guy, but not this time! ;) *Ready to crush it.*
Good luck! You can do it!
stop watching garyvee
Zopcuk App stop wasting time.
That's the spirit bro!
I hope you do. You can absolutely do it.
really appreciate the dude repeating each question after it's been asked
Thank you YC for this talk, all of the other talks, and everything that you're doing for the startup community worldwide.
Its amazing this awsome Y C Video is free in a time where everyone is selling their mostly BS course online. You guys are doing amazing service for a lot of people.
That's a man who has mastered the art of time value of money.
Love the analogy! Treating your MVP like a first-grade paper - not the masterpiece of your life, but just the start - that's gold. This new angle really helps sidestep the usual MVP traps, like getting hung up on the details or striving for perfection right out of the gate. It's about progress, not perfection, and this mindset is a game changer!
I love the way this guy comes to the point without too many stories. Short, crisp and very valuable.
"I work here at Y Combinator".... love it... he is the CEO.
"Turns out launces aren't that special at all"
That rained on my parade while simultaneously shined light on it.
Thank you.
Every time I saw his video ,I fell in love with his teaching.
Wow this is exactly what I needed to hear. It’s been almost a year since I started developing my app and haven’t launched because I’m to busy trying to make it perfect the first time. That’s the biggest mistake you can make in your startup.
Yep, this is not about development, but about finding the right market, and relevant business model that will work. It takes some experimentation.
This entire series brings me so much joy
This video has changed how I have started looking at my startup.
Talk to users to discover problems and not features 🔥🔥
Thank you for sharing Michael ❤
VALUE packed and no BS approach, more please !
Quick, concise, and to the point. This is how talks should be. Thanks Michael.
Timeless quality and better lack of BS, THX
Thank you Y Combinator and Michael Seibel. He's amazing and would love for him to host his own podcast or Startup show. He's helped me so much. Awesome vid
This is a great class for me.
With my team, have to achieve our first Basic version to offer put on the market.
We are creating a new way to make business.
Startup is all about timing. Momentum. Building an MVP as soon as possible to validate its general idea is the best way to go. Failing is not the problem - failing slowly is the problem. One of the many keys to startup success is to fail FASTER, therefore learn FASTER how to adjust your product to its market.
There are some golden nuggets to be found here!
'I'm him' ~ This video. This is the best mvp explanation I've seen by a mile.
The fact this all is free, boggles my mind
0:14 he is so self aware 😂 (such an insightful talk! ❤)
The gist of it:
Don't build castles in the air! Get feedback!
As Tyson said: "Everybody has a plan until they get punched in the mouth."
Michael is one the interesting and funny(I guess) person I hope I can meet him . Big like .... He's so likeable
No stupid questions, just people.. This guy is gold.
This was great!
Another reason not to fall in love with your MVP - 99% of MVP's don't actually make a dime... be prepared to graveyard it and try something new. :)
This is good- I wish I had seen this video 2 years ago
This is the most fun presentation yet on YC. The first time I actually laughed, and yet, great info.
This is one of the best videos on YT.
This is a great lecture! Thanks a lot!
We agree that gathering feedback after the launch of your product is crucial for its success and continuous improvement.
The most valuable feedback comes from unexpected sources. While it's essential to collect feedback from your target audience, don't overlook the potential insights that can be gained from "fringe users" or those who may not be your primary target market.
Fringe users often bring a fresh perspective, providing unique insights that can lead to innovative ideas and improvements. Their unbiased viewpoint can uncover hidden pain points or reveal new use cases that you may not have considered before.
Embrace the diverse range of perspectives and experiences that can enrich your understanding of user needs and preferences.
Excellent. Thank you! "Go to market with any MVP to keep the momentum up. Big Time!
This video is by far the best one amongst all others. Thanks a billion for such valuable information you shared.
this guy is amazing gives the best advice
@Y combinator
Can you guys please upload the follow on questions in a separate video maybe ?
They were so beneficial and now they are gone from this video 😔😓
Hope it’s ok to do that, thanks for sharing this and thanks to Michael for all the help
What a wonderful intelligent follow is he....!!!! Love u man
Thank you michael, this is super clear and concise on how to bulid mvp.
Great job simplifying the concepts! I can't believe you covered so much ground in under 15 min.
One of the best videos I've seen about MVP. Great stuff
Thank you for such an informative lecture. You addressed several of the mistakes that I've made. Now I feel liberated to move forward.
I'm learning so much watching these video.
Thanks once again Michael. Great one YC
This is very helpful, I really enjoy that they are looking to empower leaders by guiding them by human centered principles i..e putting yourself in the mind of the customer, partner, or investor.
This was so good! Thanks! Forget about the one big special launch! ... For real!
One thing He didn't mention is that AirB&B had a manual MVP before their own MVP. They posted airbeds of their own apartments on Craigslist during a tech convention because the hotels are fully booked. So yea do a manual/no code MVP first before a custom code MVP.
That is done to address the business risk. Technically it's not difficult to build a reservation web app.
So valuable man! I'm going to be rewatching this A LOT!
I'd like to hear something more about marketing/selling part of a mvp. How to get first user, build email base etc. Starting from 0 is a problem.
So much intel packed into this 20 min session! Thank you Michael and Y Combinator ✌️
Loved the idea and way you described mvp! Crisp and short
an amazing human being. common sense in every word. )))
Hello to all future founders and best of luck everyone !
This video is so great 🤣 I loved the bit about the screwdriver and the mechanic, it's so true!!
So many people need to watch this!!!!
Thanks, super insightful
Fabulous, you are really ahead of your time. 🙂
So chill and to the point🙌
Simply Lovable content. Straight to Point.
Best information, and they can get the guy a mic holder.. I'm struggling to watch him hold the mic lol I don't know why
Amazing speech, thanks a lot sir!!!
Short Notes :
The goal of a pre-launch startup:
Launch quickly (MVP)
• Get initial customers
• Talk to customers and get feedback • Iterate (improve the product)
Lean MVP (in most cases)
• Very fast to build (weeks not months)
• Very limited functionality
• Appeal to a small set of users
Heavy MVP (in very few cases)
4Significant regulation
• (insurance, banking)
• Hardtech
• Biotech
• Moonshot
Hacks for building an MVP quickly
• Time box your spec
• Write your spec
• cut the spec
• don't fall in love with MVP
nb:
1. Do not speak with your users about new features, speak with them about their problems and you figure out the solution.
2. You will recognize that you have product-market fit once you spend your time maintaining your app online instead of figuring out new features and developing them.
Great things said in very simple manner. Thanks for insightful video..
Thank you from Korea!!!
So much clear info !
The Q/A was useful.
Very good and concise. Thanks!
Ayyy, I was 'like' 888. Ps, what a boss this guy is. Mr. Concise to the MVP's rescue!
Anyone feel that they know how Michael would answer this question; "If so few start-ups have product market fit...why is there so much discussion about it." It appears that there have been innumerable successes who did not have product market fit...what do those start-ups have in common.
Definitely guilty of the trying to build the perfect MVP prior to officially launching it but overall, he is spot on. I think the key is to launch quickly and realize that your early users will most likely just be guinea pigs to test your product. They will probably hate the product but hopefully they will tell you why they hate it before they leave. Overtime, improvements will be made and you will be able to monetize the users better.
Christopher N if they leave, your solution probably didn’t solve an extremely painful problem or they’re not early adopters, or both.
@@chaostheory16 Exactly but when they leave you need to get them to tell you why they're leaving....then you iterate on the comments given.
Fantastic insights! Learned so much in such a short period of time! :-) 🙏
Love this Michael.. i am an early stage cofounder and often get confused with so much market research to be done, can u advice on how many users should I talk to? Appreciate it
THis is great! Thank you Michael and Team!
Love this guy! I am makin notes.
I have been doing mvps for 4 years already, I have to say, no decent demo can be done within weeks, only landing page is possible ;).
That is absolutely true. I had difficulty figuring out the essence of the product. In my case, it was not the UI, it was not the API but the glue code that integrates different tools. Glue code is much faster to release and start getting feedback. You also reuse what is already out there instead of building it from scratch.
kind thx for clearing the blurry mvp definition.:).
It was very helpful for a beginner like me!
These videos are gold. Just watching YC videos you will realize that How wrongly you were executing things.
Great video. I have been in love with the Big Vision I have, and was determined to leap frog a few steps 😳😅…But I’ve now finally succumbed to just creating something fractionally like the end solution…and just getting going on that!!
😀👊🇦🇺
Thanks for this amazing talk, could so many interesting things
Totally agree that buzzwords and startup jargons are so annoying lol. Imagine someone saying, "We're building a *lean startup* around *AI* and *Deep Learning* to create an *Uber for Cloud storage* ".
Ali Mir right😂*insert Charlie Brown woom woom*
Thanks for great info Michael.
Super Duper Awesome!! Michael straight and easy to understand as always!! Thanks!!