MVP: What is the minimum viable product, how to use it and examples

Minimum Viable Product, or MVP, is a methodology used primarily in the development of startups and innovative products.

It focuses on creating a minimum functional version that allows the collection of the greatest amount of validated learning with the least effort.

This process helps entrepreneurs test and adjust their business ideas quickly.

What is mvp and what is it for?

An MVP, or minimum viable product, is the simplest version of a product that can still solve users' core problems. This concept was popularized by Eric Ries in his book "Lean Startup." The purpose is to quickly test a business idea in the market with minimal costs and learn from user feedback.

The MVP allows companies to:

• Validate business ideas with the least possible risk.
• Save time and resources by avoiding developing a complex product without knowing if it will be accepted.
• Receive early feedback from end users.

How to implement an MVP?

Implementing an MVP follows a basic process:

1. Problem Identification: Determine the problem that the product will solve.
2. Hypothesis definition: Make assumptions about how the product will solve the problem.
3. MVP Development: Create a basic version of the product that allows testing hypotheses.
4. Testing and feedback: Launch the MVP to the target market and collect feedback.
5. Iteration: Making improvements based on user feedback.

Successful mvp examples

Many successful products and companies started out as MVPs. Here are some famous examples:

• Dropbox: It started with a simple video describing how the service would work. This helped validate interest before developing the full product.
• Airbnb: The founders used their own apartment to validate the idea of ​​renting shared spaces.
• Facebook: Mark Zuckerberg initially launched "Thefacebook" only for Harvard students.

These examples show how MVP can reduce risk by validating an idea before significant investment.

Relationship between MVP, C2B business model and B2B sales

MVP is not only beneficial in traditional B2C or B2B business models. Its application in a C2B business model also generates significant value. But what is C2B ? In this model, companies receive value directly from consumers.

Likewise, b2b sales can benefit significantly from developing MVPs to test complex products before launching them to other businesses or companies.

Importance of an MVP in product development

The MVP is crucial in product development because it allows:

• Mitigate financial risks by validating the market.
• Promote continuous innovation and adaptation to market demands.
• Save time in the development process by focusing efforts on relevant features.

FAQ

How to choose the right features for an MVP?

To select the right features for an MVP, focus on essential user needs. Identify critical problems your product must solve and prioritize features to directly address them.

How long does it take to develop an MVP?

The development of an MVP can vary from a few weeks to several months, depending on the complexity of the product and the resources available. The important thing is to launch as soon as possible to receive quick feedback.

Can an MVP attract investors?

Yes, many investors look for well-executed MVPs as proof of concept. A successful MVP demonstrates both the viability of the product and the team’s ability to execute it.

What happens after launching an MVP?

After launching an MVP, the next step is to analyze the data and feedback collected. This allows you to iterate on the product, adding improvements and features as their need and demand is validated.