In 2001, Frank Robinson, coined the word MVP, Most Valuable Player, which was further reframed as a Minimum Viable Product by Steve Blank, A silicon Valley-based entrepreneur & educator. He started the movement on customer development and the lean startup, which Eric Ries further popularized in 2011 by authoring the book title” The Lean Startup.”
What is a Minimum Viable Product?
Eric ries define it as an “A new product is a version, which allows a team to collect the maximum amount of validated learning about customers with the least effort.”Both validating and iterating products based on user input are also called the agile process by software industries.
You can build either in the form of a product or service that delivers customer value, which in inturns your customer provide first-hand information is MVP.MVP offers a clearer and faster journey to a fully-featured product. The MVP helps the product team receive user feedback as quickly as possible to iterate and improve it.
Imagine, if you have an out-of-box product or service Idea, what should you do if you aren’t sure whether it would be successfully implemented or not? Bringing a new product/service to market is always a significant risk. But to reduce the risk, you can develop a minimum viable product (MVP).
You may ask, “Give me an example of a minimum viable product?”
Amazon created a minimalist website, published photos and other details about books, and found several customers almost immediately ordering the books on their website.
Byju, an ed-tech-based company, started online video-based learning programs for K-12 segment students and is helping them to clear competitive exams. Within ten years, Byju becomes a unicorn and hold a revenue of over 10.5 billion USD.
A ride-sharing company like Ola and food delivery services like Swiggy and Zamato has also started by offering a minimum viable product.
You are not building the product initially; instead, you validate the problem and solution before starting it.
How To Create A Minimum Viable Product
Congratulation that you geared up for building minimum viable products!
Very few have the courage and confidence to start something to do their own. And if you have created, you must have some vision and mission to do the same.
Your mission drives you to achieve something that you are not clear about and how you will achieve it, but your commitment towards your goal takes you on the right path and right direction.
Start with something you aspire to solve with all your capabilities and capacity to align your company goal. Your WHY should be more potent than anything.
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