What Is MVP? Defined In 200 Words
Eric Ries, the author of ‘The Lean Startup’ defines MVP as ‘that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort’.
MVP is a functional product that has enough features for it to be shipped to its original set of users. Originating from the fundamental concept to reality, MVP is an independent system on its own. It showcases the essential version of system focussing on a small user-base.
Delivering customer value is prime directive of an MVP.
It helps you verify product feasibility, team assumptions about the product, usability and market demand.
Dropbox and Uber are two popular organizations who have leveraged the potential of MVP.
An easy way to explain MVP
Features of MVP
- Amplified Production Eagerness
- Provides apt subset of features to keep users happy
- Creates value for users with regular feedback and enhancement
- A minimal form of your comprehensive product
- Gives valuable visions into the system
- Gathers high retention in a small investment
- Helps in avoiding wastage of time, money and efforts
- Firms the path for increased feasibility and value
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