Updated: Apr 7, 2020
The MVP concept is really well known in agile and startup environments. If you're about to start something, this should be the first mindset to wear. If you're already familiar with it, come back next month for us to chat about Cloud. ;)
One of the most valuable concepts that I have seen in life is the MVP - Minimum Viable Product. The cartoon will help with further explanation of how to apply.
What to do
The first goal is to deliver aggregated value, but with minor efforts. It should really be the first version of the product.
When the process has a simplified delivery, it allows for a quick feasible result. The customer then is able to provide feedback, validate perception, as most of the time measurements can be taken to enhance the next versions.
With the first version in place, the second goal is to collect the feedback and proceed with the next round with a more mature product.
Deliver → Collect data → Increase Maturity. And keep this cycle while you're having a positive interaction with the market and validating the concept, but never keep the focus to your long-term goal.
The positive side
Spend fewer efforts and time to gather feedback from the market
Lower cost to change strategy
Easily validate product enhancements in the right direction
The down side
It may spend more time/efforts to get the final product - as it had no rounds of maturity increase
Product may be completely different than the first ideation (could be a good thing too)
Don't get trapped
When someone is obstinately pursuing something, it may be hard to see alternative ways of doing the same thing. Entrepreneurs and/or tech devs may be trapped in their own complex thought processes and it is hard to see alternatives. When it happens, the suggestion is to ask the most critical and candid friends/colleagues, less of the supporters. From these interactions, you will probably see the biggest flaws your product is having.
A real example
Last weekend I got myself chatting with an entrepreneur about a product that went to the market, and is looking to go to their second round of maturity. Their goal is to allow the customer to remind to access the platform and perform actions.
While they were investigating complex integrations with banks, to deliver the communication at its the best time to remind the customer, a good and simpler suggestion was to send notifications. It would allow them to remind, and not spend even 10% of efforts and monetary investments, to accomplish "about" the same result.
I hope you have a happy customer!
Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official view of the FCBB.
A passionate and energetic person, who enjoys the intersection of business and technology, especially when useful and making a difference in people's lives. Works independently, prioritizes and multitasks in a dynamic environment, adapts quickly to change and manages multiple projects simultaneously, and who loves that!