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Building a Minimum Viable Product (MVP)

Building a Minimum Viable Product (MVP)

Going to Market With a Minimum Viable Product according Venture Accelerator Partners

If you are working in a software development company or in a startup you will often hear the words minimum viable product (MVP) and other buzzwords from the famous Agile Methodologies.

Many people in an office or in a small team will have a different understanding of what the definition of a MVP is and it´s important to share and build a common understanding for everyone involved.

So what is a MVP and how did we get to this kind of product development?

The main reason is creating a new product or service also includes a lot of planning, coding or other development work and often takes a few months or even years to launch. The time and cost to the market is too high that any boss would commit to it and the brilliant idea ends up in nothing.

Out of this problem the agile development and lean startup field came up with the idea of building a minimum viable product which is a version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.

This is especially helpful in the digital world when creating an ecommerce platform or mobile app as the process to the MVP can be quite short and you can get real valuable customer feedback from early stages and then build a product they love from the very first prototype.

Your MVP should solely focus on solving the problem with the most basic solution. From there you use the lean startup circle which means to build fast and measure each new iteration and upgrade your product often to create a product that fits the market and is successful.

This approach has some real benefits especially for startups, it allows them to create a high ROI with a low risk. With early customer feedback it is likely to fit the product to the customers desire without wasting too much time on features which are not needed.

Other benefits that are related to the higher ROI is that less money and time is spent when building this unnecessary features.

IdeaHunt was started as somewhat like a MVP with a minimum of features to make the product usable and now with the help of the founding members and every user the community and product matures.

The 10 Key Principles of Agile by Kelly Water

1 Active User Involvement Is Imperative
2 Agile Teams Must Be Empowered
3 Time Waits For No Man
4 Agile Requirements Are Barely Sufficient
5 How Do You Eat An Elephant?
6 Fast But Not So Furious
7 Done Means DONE!
8 Enough Is Enough
9 Agile Testing Is Not For Dummies
10 No Place For Snipers

There was an initial hunt for IdeaHunt to find new features for it and make it more popular, by doing this it was taking feedback directly from the users and was able to grow and build features the early adaptors or so called trendsetters needed.

Do you have an idea in mind or already created an MVP and you are looking for customers or users to help you find the next key features. Why not start an Ideahunt?

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