A minimum viable product (MVP) is a concept from a Lean Start-up that emphasizes the impact of learning in new product development. Eric Ries defined an MVP as that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort. This validated learning comes in the form of whether your customers will actually purchase your product.
It is a version of a product with few features to satisfy early customers and provide feedback for the future. Gathering insights from an MVP is often less expensive than developing a product with more features, which increases costs and risk if the product fails, for example, due to incorrect assumptions
Well-planned use of an MVP means that a team may dramatically change a product that they deliver to their customers or abandon the product together based on feedback they receive from their customers. The minimum aspect of MVP encourages teams to do the least amount of work possible to get useful feedback.
- Be able to test a product hypothesis with minimal resources
- Accelerate learning
- Reduce wasted engineering hours
- Get the product to early customers as soon as possible
- The base for other products
- To establish builders abilities in crafting the product required
- Quickly Brand building
Key MVP elements
An MVP must include these key elements in production quality:
Functionality - the set of features must deliver clear value to the user,
Design - the design of the MVP must be up to the highest industry standard,
Reliability - production quality standard needs to be achieved by rigorous testing
Usability - the MVP must be easy to use and intuitive,
Results from a minimum viable product test aim to indicate if the product should be built, to begin with. Testing evaluates if the initial problem or goal is solved in a manner that makes it reasonable to move forward.
Most start-ups fail. But many of those failures are preventable. The Lean Start-up is a new approach being adopted across the globe, changing the way companies are built and new products are launched.