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Minimum Viable Product

Vedang

Vedang R. Vatsa

The MVP's purpose is to swiftly gather consumer input and enhance the product without having to commit a lot of time or money. The product may then go through cycles of refinement based on the customer's engagement with the MVP, resulting in a full-featured solution that consumers will adore.
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Minimum Viable Product (MVP) is a method of product development in which a new product is given only enough fundamental functionality to operate.

The phrase MVP isn't limited to software development and programming. Consider the following instances of well-known software entrepreneurs that used a minimal viable product to verify and enhance their early products:

  • Nick Swinmurn, the founder of Zappos, photographed shoes at a shop and put them on his website. When a buyer bought shoes via his website, he returned to the shop to buy them, then packaged and mailed them to the consumer.
  • Drew Houston, the creator of Dropbox, made a short video demonstrating how the service operated. The team had trouble appealing to prospective investors at first since they couldn't understand how the device functioned. Drew narrated the film, which visually demonstrated Dropbox's use.
  • Prior to a major political convention, the three Airbnb founders loaded air beds into their flat and placed an ad. People reacted to the advertisement and rented the air beds.

Again, the minimal viable product is more significant as a learning tool than as a product; it's used to determine whether consumers would utilise the product, then to identify areas for improvement and extra functionality.

The MVP should enable the team to gather as much user data and input as possible with the least amount of work. Because there are so many stakeholders and teams engaged with competing agendas, identifying what a genuine MVP should comprise is a challenge.

Originally published on Prosple India