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Minimum Viable Product

One of the reasons why startups struggle is that their original product is based on expectations. Entrepreneurs make the mistake of believing their invention can solve problems in the best possible way on the market. In reality, this thought often needs verification.

The definition of a Minimum Viable Product

MVP stands for Minimum Viable Product. It’s a product with enough features to be usable by early adopters. Customers can validate the idea and provide feedback for future development. This is nothing more than taking the smallest possible step to test a business concept and gain knowledge on it. The idea is to gather as much information as possible.

What is the purpose of Minimum Viable Products?

Sometimes products can be kept hidden in development for too long. MVPs gather feedback allowing further versions to be built with a reflection of specific customer needs. It should enable you to make decisions on whether the product attracts interest and what set of features the customers are looking for. Many of today’s popular products developed MVPs, for example, Dropbox, Airbnb, or Amazon. The primary advantage of an MVP is learning about interest without completely designing it.

Lean Startup Methodology and Minimum Viable Product

The lean startup philosophy covers the minimum viable product principle. The aim is to shorten product development cycles. It combines agile and lean methodology with customer development. This approach was described by Eric Ries and his method reasonably minimizes risk for new product development. 

 

To learn more about MVP, see the blog posts below.