Two approaches I can think of:
1. Target mid market or smaller and grow with customers (will be slow)
2. Take a front-door-wrapper approach
You can't only offer raw materials tracking, but not accounting and shipping. There's just not a lot of value to the business unless you have everything coupled.
The MVP for an ERP is essentially, a fully featured and battle-tested system which is very expensive and time consuming to build before it's profitable.
I don't think starting a new ERP company from scratch makes sense for anyone. The best you would likely do is to become either a minor player (just look at the array of CRMs that aren't Salesforce), tailored to a very specific market niche, or an "ERP adjacent" platform of some kind. That last bit is the obvious play. The bread & butter of Enterprise Applications IT departments around the world is to build custom stuff that inherits data from ERPs or feeds data into ERPs and similar mission critical business platforms. Speaking as a guy who ran one of these departments in an F250 for about ten years, most of what they build is pretty crappy.
So you target firms that are not yet at the scale where they likely have or need ERP with something that does something they do need that would be integrated into an ERP when they get to that scale and build out from there.
No one is buying an ERP from a firm that doesn't either already have a deep relationship with the buyer or a track record in the ERP space or a track record in an ERP-adjacent space, and more than one of those is desirable, so be in the position that when you start trying to sell an ERP you have at least the last plus a stable of firms for which you also have the first.
I am a CS graduate from a 'famous' UK university (UCL). I'm also a qualified CAD engineer, project manager within agile (DSDM agile etc)...ITIL qualified etc. i.e I've spent a lot of time across these kinds of many tentacled systems that really do reach across the entirety of any large business. I've worked with these systems from FTSE 50 businesses to small 50 person manufacturing startups.
I've also been involved in the migration between PLM systems (horrible from a data perspective - all those CAD files etc) and also ERP systems (horrible but largely just the mapping between two different Entity Relationship Diagrams almost incomprehensible to any living human in terms of complexity).
It would be an incredibly ambitious undertaking to compete with one of the major players in either of these spaces. It is not something you could really even do at the scale of a start-up the likes of which YC and the media understand as 'start-up'. You would need so many not just 'early stage' founders with wildly different skillsets, you would need effectively an entire large manufacturing business, from end to end, in terms of personnel because your 'domain expert' essentially includes 'every business function you can imagine'. That's before you could even begin to think about software. It's a fascinating idea but think about it - procurement/purchasing, warehousing and logistics, engineering and design, sales and marketing, finance (very important here), HR, operations, R&D, Q&A...and these are just the ones I can think of that I have come across in my dealings with these systems. They really do touch every department.
The length of time to market would also be such that this kind of project would not really be appropriate to describe as a 'start up'. You'd essentially be creating a 'Unicorn Killer' and that unicorn killer would need insane resources to even have a chance at market success. The number and requirement for specialist migration tools into your new system from existing clients would be a 'massive' undertaking also.
It's such a bold idea but I think to describe an undertaking of that size 'start-up' would be to completely stretch the meaning of the term 'start-up' so far beyond its usage that the term would lose all meaning.
Then do the same for another slice, offer it to existing customers and make the completed slices work well together. Then another slice.
And along the way there could be profit to fund the next slice, as well as existing customers you can tap into to solve their problems. It would be simpler to niche down vs. the SAP/Oracle path of ERP-fits-all.