A Minimum Viable Product (MVP) is an early version of a product that has enough features and functionality to attract early adopters. Its a way to test your hypothesis or product idea without spending the time and money to build the full product.
Understand the Intent
What is MVP?
"Minimum viable product" is a term coined by Frank Robinson and popularized by Eric Ries, founder of the Lean Startup methodology.
According to Ries, an MVP is the version of a new product that allows the team to gather the maximum amount of proven customer knowledge with the least amount of effort.
In reality, the idea of an MVP has little to do with development. Founders and many developers often confuse the concepts of an MVP and a technological prototype.
Working with over 500 product managers and product owners at MASSIVUE, we’ve seen a lot of confusion around what an MVP (Minimum Viable Product) really means. So, we wanted to share our take on it here.
As an entrepreneur or product manager, it’s important to understand the concept of Minimum Viable Product (MVP). While there are many different definitions out there, I believe that the best way to describe MVP is as a Market Validated Prototype.
At its core, an MVP is a market validated prototype. It’s a product that has just enough features to satisfy early customers and gather feedback for future iterations. The emphasis is on the word “validated” because it’s important to remember that an MVP is not just a random collection of features or a rough sketch of a product idea. It’s a prototype that’s been designed with specific goals in mind and tested with real users to see if it meets their needs.
The goal of an MVP is not to launch a full-fledged product, but to test the assumptions that underpin your product idea. By putting your prototype in the hands of real users, you can see if your idea resonates with them and if there’s enough demand for it in the market. An MVP is essentially the bare minimum version of your product that you can release to the market in order to test and validate your assumptions. It’s not meant to be perfect, and it’s not meant to have all the bells and whistles of a fully-fledged product. Instead, it’s meant to be a simple, stripped-down version that allows you to test your idea and gather feedback from your potential customers.
The beauty of an MVP is that it allows you to test your product idea with minimal investment. Instead of spending months or years developing a full-fledged product, you can get a prototype in front of customers in a matter of weeks or months. This not only saves you time and money, but it also allows you to gather feedback and iterate quickly.
But the key to the success of an MVP is that it needs to be market validated. This means that you’ve taken your prototype to your target market and received feedback from real users. This feedback allows you to validate or invalidate your assumptions, and make any necessary changes before you invest more time and resources into building a fully-functional product.
By understanding the importance of MVP as a Market Validated Prototype, you can save yourself time and money by avoiding building a product that nobody wants. Instead, you can create a product that solves a real problem for your target market and meets their needs. So if you’re an entrepreneur or product manager, remember to always focus on your MVP and make sure it’s market validated before investing more time and resources into your product.
So, the next time you’re thinking about building a new product, remember that an MVP is a market validated prototype. It’s a way to test your assumptions, gather feedback, and iterate quickly. And most importantly, it’s a way to build products that your customers really want.