MVP stands for Minimum Viable Product, and refers to the simplest form of your product that you would feel comfortable releasing to a public audience. An MVP is more mature than a prototype, but is less complete than a launch-ready product might be.
For example, an MVP might have all of the features that uniquely define your product, while missing some of the extra bells and whistles that are not critical to the overall experience.
Investors – especially Venture Capital groups – are becoming increasingly unlikely to invest in a paper napkin business. That is to say, they want to see an MVP. However, if your team has few or no technical co-founders, building an MVP can be quite difficult.
This is a catch-22 situation; you need money to build an MVP, but you need an MVP to raise money!
One of the biggest challenges that face non-technical startup teams is that of getting to the MVP stage. The cost of hiring developers out of personal funds can be prohibitive, and top-tier developers are reluctant to work for mere equity (plus they receive countless such offers).
This is where Convergence enters the equation.
If your software-based business is well-planned and your founders are both ambitious and confident in their ability to raise money post-MVP, Convergence may be able to help your project fly.
We are able to offer flexible terms to select startups that require a reduced cash commitment up front.
Fill out this application form to the best of your ability and we’ll get back to you. Below are brief descriptions of what we’re looking for:
Summarize your business for us. We’d like to know what problem you’re solving, what particular market you will be entering, what differentiates you from the competition, who your users/customers will be, etc.
Describe to us your current team structure. We’d like to know who the key players are and what their roles are/have been.
Have you already tried to raise money for your business? If not, why not? If so, how did it go?
As a tech business, you have software needs. That’s why you’re reaching out to us! Quickly go over (at a high level) what you envision your MVP product will look like. For example, your product might require apps for both Android and iOS, a supporting back-end system and a simple informational website.
Your primary reason for needing an MVP is to raise your next (and perhaps first) round of money. Explain to us what your plans and needs are for this post-MVP fundraising attempt.
Please go over your plans for the first 12 months beginning at the time of the MVP’s completion. Include all important milestones, objectives, etc.