A Minimum Viable Product (MVP) is a fundamental version of a new product that includes essential features that define its value proposition. The primary aim of an MVP is to enable a faster time to market, attract early adopters, and achieve product-market fit from the outset.
Eric Ries, the person who brought the concept of an MVP to the forefront, described it as “a version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.”
Why Build an MVP?
The primary purpose of creating an MVP is to launch a product quickly based on an established idea while working with a small budget. Building an MVP enables businesses to collect feedback from users, refine the product and include it in future iterations. By developing an MVP, businesses can identify the right audience, draw ideas from experiences and save time.
The Importance of Validated Learning
Validated learning is a process that involves building a product in small, incremental steps and testing assumptions at each stage. It is a more effective approach than building a finished product from day one and hoping it will hit the mark.
Instead of building a product to secure customers and generate revenue, you’re building a product designed to maximize learning. This approach ensures that businesses do not spend money on a product only to discover that there is no market for it.
The Riskiest Aspect of New Products
The riskiest aspect of new products is not technology, but rather the market. Will people use it, and will they pay for it? To mitigate this risk, businesses should focus on building an MVP to validate their assumptions about the product’s marketability.
How to Build an MVP
To build an MVP, businesses should focus on creating a product with the minimum features required to satisfy early customers. This approach involves testing the product and using feedback to determine the next steps towards the final product.
In conclusion, building an MVP is an effective launch strategy that has worked wonders for many businesses. Instead of rushing to code the next big thing, focus on building an MVP first, and use validated learning to refine the product and ensure its success.
