ECELL organizes session on “Minimum Viable Product (MVP)” for TE students

On July 13, 2024, the Entrepreneurship Cell at our college hosted an insightful lecture as part of their “Entrepreneurship: Idea to Startup” course. The session, led by Mr. Josiah Fernandes, focused on the critical concept of Minimum Viable Product (MVP) and featured Thejus Joseph, an expert in startup strategies and legal compliances.

The lecture began with a warm welcome from Ms. Shreya Joshi, who introduced the significance of MVP in entrepreneurial ventures. Mr. Joseph provided a comprehensive overview of the Minimum Viable Product, emphasizing its pivotal role in the early stages of product development. He discussed the concept of “building things that don’t scale” initially, highlighting how startups should focus on creating a flawless product through manual efforts and consumer testing to understand user needs. He elaborated on the importance of starting with a small team while accommodating multiple users, using examples like Airbnb and Dropbox to illustrate how these companies began with simple, non-scalable solutions before achieving massive growth.

In addition to the technical aspects, Mr. Joseph addressed the legal compliances required for MVPs across various business structures. He explained the importance of adhering to legal standards from the outset to avoid future complications and discussed Employee Stock Option Plans (ESOPs) for attracting and retaining talent. He also spoke about the legal considerations for different business structures, specifically sole proprietorship and Limited Liability Partnership (LLP). He highlighted that sole proprietorships offer simplicity and control but come with the risk of unlimited liability, while LLPs provide limited liability protection and better capital-raising opportunities but involve more complex registration and potential partner disputes.

To provide practical insight, Mr. Joseph shared case studies of successful startups, including Airbnb, Dropbox, and MyGate, illustrating how they started with basic prototypes and evolved through consumer feedback and iteration. The lecture emphasized that developing a Minimum Viable Product is crucial for transforming an idea into a successful startup. By validating concepts early, understanding user needs, and ensuring legal compliance, entrepreneurs can significantly enhance their chances of success. Attendees were encouraged to apply these principles to maximize the feasibility and impact on their innovative ideas. The chairperson of the Entrepreneurship Cell, Mr. Josiah Fernandes, presented a letter of appreciation to the speaker, setting a tone of gratitude and respect for the session.