Minimum Viable Problem

I came across the phrase Minimum Viable Problem recently and I immediately took to it. The simple reason is that it emphasizes that we should focus on building solutions to the most pressing problems, not building features we believe our users want.

Why is this so important? A study by CB Insights showed that 35% of startups failed because there was ‘No market need’. Another recent study by Failory also showed a similar result, stating that 34% failed due to ‘Lack of Product Market Fit’.

The solution, build a product that solves a meaningful problem for your target market. If your target market is big enough, and your solution is significantly better than the competitive alternatives, then you are already doing better than the 35% who failed to find a market need.

Not only will this solve the main cause of startup failure, but it will also help with several others. These include ‘Got outcompeted’, ‘Product mistimed’, ‘Poor product’, ‘Pivot gone bad’, and also ‘Marketing Problems’.

Looking at each of these individually:

Got outcompeted: by focusing your efforts on finding the best possible solution for the problem you are trying to solve, and ensuring that it is significantly better than the competitive alternatives, then you should be the one who is outcompeting the others.

Product mistimed: If the problem you are trying to solve is relevant to your target market today, then this should not happen. If you are purposefully building a solution for a future problem, then have a look at my post about bleeding edge to understand the inherent risks.

Poor product: If you know you are solving a genuine problem, then you can confidently focus your efforts on building a great product that solves that problem.

Pivot gone bad: Startups pivot when there is a major shift in their product offering. This usually happens when they realise that their existing product offering doesn’t solve a genuine problem. With this realisation, their focus should be to first understand the problem, and then come up with the solution. This will significantly improve their chances of a successful pivot.

Marketing problems: Problems with marketing often come down to not having the right message that resonates with the audience. However, if you are solving a genuine problem for your target market, how can they not pay attention? Keep the message simple, and then focus your efforts on finding a way to get that message across to them.

In conclusion, when building your Minimum Viable Product, also think Minimum Viable Problem, to ensure that your solution addresses the most pressing needs of your target market. You will immediately have a significantly better chance of success than those startups that don’t.

Minimum Viable Problem