MVP , Minimum Viable Product

By Gunjan Kejriwal on May 23, 2013 8 Comments / 2310 views

Hello everyone !

I have a small start up which is currently in it’s toddler phase. I have heard a lot of people talking about an MVP. I have an idea about the MVP concept most of which i have gathered from online resources. As more and more people today are taking the entrepreneurial route , the number of people providing consulting services ( paid ) to these start ups have also increased. As such , free flow of knowledge and learning from them is difficult to obtain and inaccessible.

In the simplest of terms what i understand from an MVP is an approach to make a prototype of your product in the simplest of ways integrating the basic functionalities.

I would like to ask the family of fellow Rodinhooders here , am i approaching in the right direction ?

Also , i would like to ask you to list out the advantages of following this approach !

P.S – i really avoid MANAGEMENT JARGONS , trying to understand things in the simplest of way is the key i believe.

Waiting to hear what you have to say.

Thanks in advance !

Comments

Gunjan Kejriwal

8 Comments

Manish Golchha May 24, 2013, 6:12 am

Gunjan, MVP is an approach to make a prototype of your product in the simplest of ways integrating the basic functionalities.

This holds true but your prototype must be accessible to your consumers. Add functionality through which your customer can at least start doing traction and then make changes as per their feedback. MVP means instead of waiting for perfect product, try out with prototype and then make iteration as per market response.
Aparna May 24, 2013, 6:34 am

MVP is simply put is to get a clear understanding of your customers. put out a product that will reveal stuff about your customers that will help improvise product.

after MVP, you should have clear answers to answers like what customers really want. On what basis customers choose this product. what kinda of decisions customers go through to signing up the product (like why majority prefer yearly, or monthly than one time etc.).

eg: if you are launching a online product have a sign up page for various options that you have. check out which variation of the product (for example, monthly, one time or yearly). You don’t have to deliver the product. But you will know which variation customers prefer and add feature to that. etc etc.

hope that helps!
Aparna May 24, 2013, 6:36 am

if you would like detailed answer (no jargons), head out to :

https://www.udemy.com/lean-startup-sxsw-2012-videos-and-presentations/#dashboard

https://www.youtube.com/watch?v=fEvKo90qBns
Gunjan Kejriwal May 24, 2013, 6:40 am

Thanks Manish. I kinda had a similar thought. Thank you for asserting that….
Gunjan Kejriwal May 24, 2013, 6:42 am

Thanks Aparna !
That is good.. 🙂
Gunjan Kejriwal May 24, 2013, 6:46 am

Now i have a followup question to you –
Does the mvp help you in generating interest of potential investors ? Or rather can i say , the mvp can be used as a proof of concept for potential investors ?
Also , can an mvp be considered as the beta ( first usable ) version of the product ?
Aditya Babbar May 24, 2013, 8:58 am

Gunjan

MVP is the First Usable Product which wins you your first Customers.

Customers bring Revenues.

Revenues allow you to improve your MVP (Minimum Viable Product) with features and addons, to transform into an MVP (Most Valued Product)

Lots of Customers win you Traction.

Traction wins you Investors.

I hope that avoids any jargon.

– Aditya
Gunjan Kejriwal May 24, 2013, 12:58 pm

Thanks Aditya !

That was crisp.. ::)