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Minimum Viable Products
Transcript of Minimum Viable Products
(Lo-Fi) MVPs Two Main Types It is a methodology
that infuses lean thinking to the process of startup innovation The big picture "The MVP is
A STRATEGY to get the product into earlyvangelists as soon as possible
a TACTIC for cutting back on wasted product development hours
A TOOL for generating maximum customer learning in the shortest possible time"
- Steve Blank Some definitions “The MVP is fastest way to get through the Build-Measure-Learn feedback loop with the minimum amount of effort”
- Eric Ries From the Student “ The MVP is the smallest group of features that will elicit customer feedback about the validity of the customer problem or solution”
- Steve Blank From the Teacher “The MVP is the fastest way to achieve validated learning about the customer with the least effort"
- Bryan Long From itsy bitsy me Hi-Fidelity
(Hi-Fi) MVPs What do you want to Learn from your MVPs? Validity of Customer Problems
Validity of Customer Segment
Validity of Customer Solution
Validity of Key Business Assumptions Use Your MVP to learn simplest test to probe the intensity of customer interest in the problem or need a minimal feature of your product to gather feedback about the validity of the customer solution Examples of Lo-Fi MVPs "An interaction with the customer that focuses on investigating his or her problems to understand past behavior and see if it is top of mind."
- Lean Startup Machine Problem Exploration MVP Example: Face to Face Interview with your customer segment Product Pitch MVP "An attempt to sell the product to a customer in exchange for some form of currency: time, money, or work."
- Lean Startup Machine Example: Asking for Cash at the end of Interview, Landing pages, Video demos Concierge MVP "Delivering the product as a service to the customer to see if the delivery matches the customer’s expectations."
- Lean Startup Machine Example: Wizard of Oz MVP "Remove any feature, process or effort that does not contribute directly to the learning you seek"
– Eric Ries Hi-FI MVPs Example: a website with core features implemented, a demo
of the physical product It helps a startup reduce wasted effort
It reconceives a startup's effort as experiments
It emphasises customer-centric iterations or pivots Three main outcomes of the Lean Startup And the key to achieving the goals?
The Minimum Viable Product!