“The less the better”: this new concept founds the strategies followed by Startups.
What is the Minimum Viable Product (MVP)? The Minimum Viable Product (MVP) is not a product as such, but rather a strategy basically aimed at learning and perfecting the idea.
The Minimum Viable Product (MVP) enables to quickly launch the idea (product or service) onto the market with the minimum features possible. What is the purpose? To minimise the cost and speed up as much as possible the first part of the project. This would be similar to including the product launch within the stage of market research and business plan. It means including the first users in a stage of testing and improvement in order to obtain the project’s most important answers. Is it saleable?, to whom?, at what price?.
Who is this strategy addressed to?
This strategy may represent the best market research, the best learning and the greatest source of information, from which, through diverse metrics and parameters, it can be possible to draw conclusions validated to implement the idea as soon as possible and with the greatest success. This strategy is not conceived as a product launch for the public at large, but for the so-called “early adopters”, those first users who make the leap to know new products; those who do not see risk in changing and like to experiment. Furthermore, this type of users are usually very active in their interactions, which always helps to implement and improve the product or service, even modifying or adapting significant parts of the project on many occasions.
The concept of prototype is sometimes mistaken with that of Minimum Viable Product (MVP). Actually, these are two very different concepts. A prototype seeks to identify the possibility of producing your idea. On the contrary, the Minimum Viable Product (MVP) seeks to know if the customer appreciates the value of the proposal and if he/she is willing to pay for it.
For this reason, the Minimum Viable Product (MVP) is consolidating itself as one of the keys and primary contributions of the increasingly known Lean Startupmethodology.
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