MVP product
A minimum viable product (MVP) is a product with just enough features to satisfy early customers, and to provide feedback for future development. An MVP is not a minimal product, it is often much more than the minimum. The goal of an MVP is to test fundamental business hypotheses and to learn whether customers will buy a product, not to determine what the product is.
The MVP is the most basic version of a new product. It allows a team to collect the maximum amount of validated learning about customers with the least effort. The MVP is a core concept in Lean Startup. (Link a lean startup post)
There are a number of techniques to create an MVP. There are two popular techniques:
- Lean Startup Design: Develop an MVP by building the simplest thing that could possibly work, as quickly as possible.
- Agile Development: Develop an MVP iteratively and incrementally, based on validated customer feedback.
The MVP concept was created by Frank Robinson, a San Diego-based entrepreneur, who was working on a new project with a team. The team was developing a technology solution, but they were not sure what the solution was going to be. They asked Frank to help them to figure it out.
The way Frank works is to create a new product in small chunks, called a series of MVPs. He then takes the MVPs to customers, and gets feedback on them. He uses the feedback to improve the product, and he repeats the process over and over again. In the end, the product becomes clear, and the team knows exactly how to develop it.
Most startups fail because they are not able to get traction in the market. It is very difficult to predict how a new product will be accepted by the market, and most startups fail because they are not able to get the traction they need. If a startup can learn how to fail fast, then they will be able to test their ideas with customers early in the process, and they can adjust the product based on customer feedback.