Minimum Viable Product

Steve Blank said

You’re selling the vision and delivering the minimum feature set to visionaries, not everyone.

The MVP is called minimum, as you should spend as little time and effort to create it as possible.

But this does not mean that it has to be quick and dirty.

But try to keep it as small as possible to accelerate learning and avoid the possibility of wasting time and money, as your idea may turn out to be wrong!

You need to validate 2 kinds of hypotheses before you start MVP.

1) Technical

Are you capable from technical point of view? if not there is no product.

2) Market

Is market ready to accept an buy the product? if not there is no product.

Above 2 hypotheses should be validated in your Product Backlog.

Few inspiring MVP are:

Amazon (launched Amazon B2C, Prime, alexa, echo, etc..)

Dropbox (Starting out as a demo video MVP, Dropbox explained the benefits of storing data in one place. The feedback from users helped the then-startup receive the funds.)

Facebook (Started to connect friends in social media, and now it's one of the biggest social media getting lot of revenue)

What is expected from customer in MVP?

Basic features
Performance
Excitement
Personally likable
Reasonable

Client want MVP products to be converted as MMP (Minimum Marketable Product).

Comments

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