A minimum viable product (MVP) is a way to design and develop your product with sufficient features so that the product can be launched or sold to early customers. Once the product is launched and we have early beta customers, a constant feedback is taken from the beta customers and the future design and development is done on the product and this development is continuous.
A MVP has only those features that allow the product to be launched and sold.
An MVP is a strategy and process directed toward making and selling a product to customers. It is an iterative process of idea generation, prototyping, presentation, data collection, analysis and learning. One seeks to minimize the total time spent on an iteration. The process is iterated until a desirable product/market fit is obtained, or until the product is deemed to be non-viable.
The purposes of a MVP are, to:
- be able to test a product hypothesis with minimal resources
- accelerate learning
- reduce wasted engineering hours
- get the product to early customers as soon as possible
- base for other products
The benefits of testing with a MVP are that, it:
- brings more value to the product’s market value proposition
- reduces rework
- creates customer relations at an early stage
- brings focus to critical business functions (Sales and Marketing)
In the future articles, I will focus on describing the benefits of a MVP and discuss the principles of the lean startup methodology.