Would an explainer video on a landing page be a good minimum viable product?
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I would like to create this website but I have only $5,000 in cash(I know it's not a lot) and I'm willing to pull $1,000 from my retirement plan. The site will be a hotel booking website. I've read that it can cost millions to create a hotel booking website which I found to be a lot of money and something I don't have. I am planning on doing a video (explaining the site) on a landing page for sign ups and contacting businesses in which I plan to partner with for LOI. What are things I can do with the money I have? I want to possible seek some funding; what other things I can do to increase the chance of getting some funding from investor?
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Answer:
Only if your business is based around the idea of posting introductory videos on webpages. According to http://en.wikipedia.org/wiki/Minimum_viable_product an MVP is more than a document or video - I think you are asking too much of the audience. You'd be asking them to visualize the product functionality. Also note that another way the MVP is more than a video on a website is because it needs to be a process for collecting data and assisting analysis. By using a website you're going in the right direction because you can use readily available statistics tools and methodology for determining if visitors complete goals using the site. Eg For Amazon a goal would have been buying a book. Web analytics would allow tracking of how many people came to the site but gave up before checkout.
David Urquhart at Quora Visit the source
Other answers
Wow, this is a great gamble If you are planning to do something for just $6,000 -- I think you should consider spending more on the marketing and advertising side rather than spending everything to create an explainer video, which is not something that some investor consider as MVP. Also consider that just having an explainer video doesn't make it easy to be found on the internet. There are other cost that you should factor in, as well as some urgent expenditure that may be needed when you are about to meet an investor. Drawing some wireframes with an idea of how it can be used to present to investors is also a good way to spend your money. It doesn't cost you a lot (apart from buying the software to do it, where I would recommend Balsamiq mockup). If you really think that you want to spend some money to create an explainer video, consider spending less than $2,000. Here's what you can have for that amount of money. For more information about how much does this explainer video cost, visit http://breadnbeyond.com/packages/ disclaimer: I work for Breadnbeyond.
Andre Oentoro
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