Before we begin, let’s start with some definitions. I also want to give credit to Vlad Pavlov for coming up with the core concepts. I have simply written them down and expanded upon them a bit.
MVP Phase = building MVP
POC Phase = proof-of-concept in Ontario where we continue to iterate on the product
Betty is raising ~ $1.7M to build an MVP that tests Betty’s core product pillars (i.e. slots only, female audience, awesome UI/UX, automated bonusing and gamification). The business simultaneously needs to pass all regulatory hurdles in the MVP Phase to enable the POC Phase.
Before we begin, I’d like to propose the two overarching goals of the MVP Phase:
Reach the POC Phase with urgency (~9 months)
The MVP should be of the highest quality
How can we build quickly without comprising quality? We will achieve this by identifying the parts of the projects with the most variable timelines and attack them asynchronously. If there is a blocker, that should be tackled upfront. Here is a potential list:
Wallet and bonusing engine
15+ integrations
Getting product GLI certified
Registration flow iteration (i.e. conversion rate optimization from registration to deposit)
UI/UX iteration (i.e. refining user flows, testing how the content should be organized, tweaking site copy, optimizing CTAs etc.)
If we attacked these problems linearly, it might look like this:
There is a world where we can get a head start on ALL of these projects even before the POC Phase starts by defining sub-MVPs:
MIP = minimum integratable product = minimum product that can kickstart the for the 15+ integrations
MCP = minimum compliant product = minimum product that can be submitted to GLI labs for testing to commence the certification process
RegFlowMVP = MVP of the registration flow that we can start buying traffic against and start optimizing (i.e. Jordan Tuch created this using ClickFunnels )
UI/UX MVP = MVP for front end that we can start buying traffic against and start optimizing (i.e. maybe this is the lobby with games in demo mode)
In summary, if we focus on unblocking big bottlenecks upfront, we can unleash work streams that would have otherwise not have been started for many months. Also, if we enter the POC Phase with a registration flow and frontend that we’ve already started iterating against, we can both compress the length of the POC and also increase the probability of success (i.e. raising a $15M to $20M Series A).