Minimum Viable Product (MVP) Definition
A Minimum Viable Product (MVP) is a development technique in which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product’s initial users.
Minimum Viable Product (MVP) Key Points
- An MVP is a product with just enough features to attract early adopters and validate a product idea early in the product development cycle.
- The purpose of an MVP is to test hypotheses about a product without building the full product.
- Feedback from MVP users helps in making data-driven decisions and in avoiding unnecessary features.
- In the context of blockchain and crypto, an MVP could be a basic version of a decentralized application (dApp), a blockchain protocol, or a crypto token.
What is a Minimum Viable Product (MVP)?
A Minimum Viable Product (MVP) is a concept from Lean Startup that emphasizes the impact of learning in new product development. Eric Ries, defined an 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. This validated learning comes in the form of whether your customers will actually purchase your product.
Why is a Minimum Viable Product (MVP) important?
An MVP is important because it allows companies to validate or invalidate their assumptions about a product before investing significant resources into development. It helps in understanding what customers really want and avoid building products that customers don’t want. It reduces time to market and allows companies to learn from customer feedback and iterate on their products.
Who uses a Minimum Viable Product (MVP)?
Startups, entrepreneurs, product managers, developers, and companies of all sizes use MVPs. In the blockchain and crypto space, MVPs are commonly used by blockchain startups to validate their product idea before investing significant resources into development.
When to use a Minimum Viable Product (MVP)?
An MVP should be used at the beginning of a product development cycle when a new product or feature is being considered. It is used to test the viability of the product in the market and to gather feedback from early users.
How to create a Minimum Viable Product (MVP)?
Creating an MVP involves several steps. First, identify the problem that needs to be solved and the target audience. Then, define what features are necessary to solve this problem. Develop these features and test the product with early users. Gather feedback and use it to refine the product or pivot if necessary. In the context of blockchain and crypto, this could involve creating a basic version of a dApp or a blockchain protocol, releasing it to a small group of users, and iterating based on their feedback.
