What is a Minimum Viable Product (MVP)

William Meller - What is a Minimum Viable Product (MVP)
A Minimum Viable Product (MVP) is a version of a product with just enough features to be usable by early customers who can then provide feedback.

MVPs are products with enough features to attract early-adopter customers and validate product ideas early in the product development cycle. An MVP can assist the product team in iterating and improving the product as quickly as possible in industries such as software.

The primary benefit of an MVP is that you can gain an understanding of your customer's interest in your product without fully developing the product. 

The MVP is also helpful to define a product that should NOT be developed. This will save a lot of hours and effort on a solution that will not be attractive to real customers.

The sooner you can find out whether your product will appeal to customers, the less effort and expense you spend on a product that will not succeed in the market.

The MVP plays a central role in agile development since the methodology is built on validating and iterating products based on user feedback.

Imagine a Mexican food truck business model. To start or run a business, we have two options:

1. Develop the most efficient possible truck that delivers the most delicious Mexican food to all corners of the city.

2. Start with the main product (your Mexican food recipe), then add bags from your car and try to sell them around town.

In the MVP, you will find the main value proposition of the food truck: to offer Mexican food anywhere (or whenever they are requested in summer).

Time and money can be saved by validating ideas! 

The concept of MVP gained popularity after Eric Ries described it in his book The Lean Startup.

MVP is a core component of a team's experimentation strategy. 

They hypothesize that their customers have a need and that the product they are developing meets that need. 

Next, the team delivers something to those customers in order to determine if the product meets their needs. 

The team continues, changes, or cancels work on the product based on the information gained from this experiment.

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