Wed, 14 December 2022
Minimum Viable Product Mental Model
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
The minimum viable product called MVP tests the market before building the final product.
The MVP is designed to gain customer feedback and show market validation to the investor.
It tests the riskiest assumptions with small experimental products.
The MVP is not an early version of your go-to market product but can take many forms.
There can be more than one MVP as the startup should always be testing the market and customer reactions.
While asking customers what they want is a useful step, giving the customer a product to use elicits much deeper feedback.
Most MVPs start as mockups of the application proposed to prospective customers.
If the feedback is positive a small version of the product is built and tested with prospective customers to see if and how they would use it.
A key test of an MVP is will the customer pay for it.
It’s important to charge for one of the MVP products to test a customer’s willingness to pay.
MVPs can be landing pages, one-function mobile applications, a crowdfunding campaign, or others.
Each one is designed to test the interest of the customer and how to engage them.
The MVP is an ongoing process and not a one-time test.
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