The Minimum Viable Product (MVP) can provide customers with a prototype, explanation, or even a basic version of your product that allows you to learn a great deal about the customer fit as well as what your next steps are with product development.
The Learning Objectives for this lesson are:
- Familiarize yourself with the MVP concept
- Choose an appropriate type of MVP for your industry
- Build your MVP
- Leverage you MVP in your venture
The theory behind MVP (Minimum Viable Product) is based on the idea of validated learning, which is a key concept in the Lean Startup methodology. The goal of validated learning is to minimize the risk and cost of product development by testing key assumptions about the product and its potential market as early as possible.
According to the theory of MVP, it's better to launch a basic version of a product quickly and inexpensively, rather than spending a lot of time and resources developing a full-featured product that may not meet the needs or expectations of your target market. This allows you to gather feedback from early adopters, validate your assumptions, and make informed decisions about future development and direction.
By launching an MVP, you can test your assumptions, gather data, and make iterative improvements to the product based on customer feedback. This process of validated learning helps you minimize the risk and cost of product development, increase the chances of success, and create a better product that meets the needs of your target market.
In summary, the theory behind MVP is to use the minimum viable product as a tool for validated learning, gathering feedback, and making informed decisions about future development and direction. This approach helps minimize the risk and cost of product development and increases the chances of success in the long term.