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Minimum Viable Product (MVP)

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Synonyms
Minimum Marketable Product, Minimal Sellable Product, Minimal Usable Product

Definition

Understanding Minimum Viable Product

A Minimum Viable Product (MVP) is a product with just enough features to satisfy early customers, and to provide feedback for future product development. Originating from the Lean Startup methodology, it’s a strategy used for fast and quantitative market testing of a product or product feature.

Advanced Aspects of MVP

MVP is not about creating minimal products. If your goal is simply to scratch a clear itch or build something for a quick flip, you really don’t need the MVP. In fact, MVP is quite annoying because it imposes extra overhead. We have to manage to learn something from our first product iteration. In a lot of cases, this requires a lot of effort to build a sustainable infrastructure for data collection.

Usage Examples

1. Dropbox started as an MVP. The company first introduced a simple video explaining the technology and asked people to sign up for the beta version. The interest it generated validated the market need.
2. Airbnb started with a simple site renting out an air mattress in the founders’ apartment. This MVP validated the market need for a more affordable and authentic travel experience.
3. Uber began in San Francisco as a simple app to request premium black cars. This MVP validated the market need for a reliable and convenient transportation service.

Historical Context

The term ‘Minimum Viable Product’ was coined and defined by Frank Robinson and was popularized by Steve Blank and Eric Ries. It is a core component of the Lean Startup methodology and is included in Agile development.

Misconceptions

  • An MVP is not a minimal product, it’s a product with minimal features that can deliver customer value.
  • An MVP doesn’t mean a half-baked or unfinished product. It should be a usable and valuable product.
  • Building an MVP doesn’t mean you can ignore quality. Quality is a key part of the value proposition.

Comparisons

  • MVP vs Prototype: A prototype is used to validate the design, usability, and technical feasibility of a product, while an MVP is used to validate the business viability.
  • MVP vs Beta Product: A beta product is a pre-release version of the product shared with a limited audience for feedback, while an MVP is a product with minimal features that can deliver customer value.

Related Concepts

Related Articles
  • Glossary Lean Startup (LS)

    The Lean Startup is a modern approach to business development that promotes rapid iteration and customer feedback to drive innovation. It's a crucial methodology for entrepreneurs and innovators looking to build successful products or services in uncertain markets.

  • Glossary Build Measure Learn (BML)

    Build Measure Learn is a fundamental principle of the Lean Startup methodology, emphasizing an iterative process for product development and innovation. It underscores the importance of rapid prototyping, data-driven decision making, and continuous learning in achieving business agility and customer-centric solutions.

  • Glossary Minimum Marketable Product (MMP)

    The Minimum Marketable Product (MMP) is a key Agile concept that emphasizes the importance of speed and customer value in product development. It is the smallest set of features that a product can have while still providing value to customers and being marketable.

  • Glossary Prototype

    A Prototype is a preliminary version of a product, built before the final design. It's a tangible, interactive representation of your idea, allowing you to explore your concepts and your audience to interact with them, thus enabling effective feedback.

  • Glossary Proof of Concept (PoC)

    A Proof of Concept (PoC) is a small exercise to test a certain idea or method's feasibility in real-world scenarios. It's a critical step in the innovation process, helping to identify potential flaws or areas of improvement before full-scale implementation.

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Ethann Castell

Ethann Castell is an Agile Coach and Trainer with over 10 years of experience coaching teams across various industries. He is a Certified Agile Coach (ACP-ACC), Certified Scrum Master (CSM), and ICAgile Authorized Instructor. Ethann has authored two books on Agile methodologies and frequently shares his insights through speaking engagements and training programs. Connect with him on LinkedIn.