Minimal viable product (minimum viable product), MVP

The minimum viable product ( minimum viable product , MVP ) is a product with enough functions to collect data and explore options for further product development. [1] Collecting information from MVP is often cheaper than developing a product with many functions, which increases costs and risks if the product does not work, for example, due to incorrect assumptions. The term was coined and defined by Frank Robinson around 2001 [2] and was popularized by Steve Blank (Blank, Steve) and Eric Ries (Rhys, Eric) [3] [4] [5] [6]. It may also include a preliminary market analysis.

Content

• 1Description
  • 1.1 Objectives
  • 1.2 Testing
  • 1.3Known quotes
  • 1.4Marketing
  • 1.5 "Canvas business models"
• 2New applications
  • 2.1 Minimally Viable Technology (MVT)
  • 2.2Minimally viable co-founder (MVC)
  • 2.3 Minimally viable team
• 3Notes

Description

A minimally viable product has only those basic functions that are sufficient for product deployment, and no more. Developers typically deploy a product to a subset of potential customers, such as early followers, who are considered more forgiving, more inclined to feedback, and able to understand the product’s vision from an early prototype or marketing information. This strategy aims to avoid creating products that customers do not want to buy, and to obtain the most accurate information about the cost of attracting customers. “A minimally viable product is a version of a new product that is used to collect the maximum number of confirmed customer hypotheses with minimal effort.” [1]

MVP can be part of a strategy and process aimed at creating and selling a product to customers. [7] This is the main artifact in the iterative process of generating ideas, prototyping, presentation, data collection, analysis and training. The MVP function tends to minimize the total time spent on the iteration. The process is repeated until the desired product / market is obtained, or until the product is deemed unviable.

Steve Blank usually refers to the minimum viable product as the minimum set of features. [8] [9]

Goals

• Be able to test a product hypothesis with minimal resources
• Speed ​​up learning
• Reduced engineering hours spent
• Get product for early customers as soon as possible
• Base for other products
• Creating Product Development Ability

Testing

The results of the minimum product viability test indicate whether the product should be as originally intended. Testing assesses whether the original problem is solved or the goal is reached so that it is reasonable to continue product development.

Famous Quotes

• Steve Blank: “You sell a vision and provide a minimum set of functions for visionaries, not for everyone.”

Marketing

The release and impact assessment of a minimally viable product is a market testing strategy that is used to analyze product ideas soon after they are generated. This is facilitated by fast application development tools and languages ​​common to developing web applications.

MVP is designed to create a market need in front of a large investment of time and money. MVP differs from the open source release methodology at an early stage, often releasing a release that takes into account user preferences, allowing them to determine the functions and future of the product. MVP begins with a product vision that is maintained throughout the life cycle, despite the fact that it is created on the basis of explicit and implicit (indirect) feedback from future customers of the product.

MVP is a strategy that can be used as part of Steve Blanc’s [client development] methodology, which focuses on constant iterations and product refinement based on customer feedback. In addition, the representation of non-existent products and functions can be refined using statistical testing based on web hypotheses by A / B testing.

"Canvas business model"

Canvas business models are used to map the main components and actions for a start-up company. A minimally viable product can be developed using the business model canvas components: [11]

• Customers
• Price offer
• Channels
• Connections

New applications

Concepts from a minimally viable product are applied in other aspects of start-ups and organizations.

Minimally Viable Technology (MVT)

Minimally Viable Co-Founder (MVC)

Finding people to create a minimum viable product is a common challenge for new companies and startups. The concept of a minimum viable co-founder is based on finding a co-founder with the following attributes:

• The trust
• Exclusively in the construction or sale
• Company obligations
• Personally cute
• Productive
• Reasonable
• Rational
• Realistic

Minimally viable team

The founders with the company at an early stage are faced with the problem of creating a team with a minimum number of people and costs. The process begins with listing the main functions of a particular company (for example, engineering, operations, finance), and then boils down to abstract tasks and skills that a company must have to work.