In business, MVP stands for Minimum Viable Product. It means building the simplest, leanest version of a product, using as few resources as possible to deliver the idea's main value proposition. Thus, it is possible to validate the product before its launch.
An MVP isn’t special, so continue improving on your problem until it can eventually be resolved. In the video, YC CEO and Partner Michael Seibel shares his approach to building an MVP and getting its first users as a pre-launch startup.
An MVP is a product with enough features to attract early-adopter customers and validate a product idea early in the product development cycle. In industries such as software, the MVP can help the product team receive user feedback as quickly as possible to iterate and improve the product.
Getting a tech startup off the ground is an exciting time for any founder. During the set-up phase, it is likely to hear the term ‘MVP’ being used in relation to product development. But what exactly does this MVP abbreviation stand for? And how does it relate to the early stages of founding, developing and growing a startup business?
In relation to setting up a startup there are always plenty of buzzwords in the startup world, and nowhere more so than the technology sector. So why is ‘MVP’ an important term to add to your startup wordlist? MVP is a concept that comes from a book called ‘The Lean Startup’ by Eric Reis and the basic principle is relatively simple.
Rather than putting huge amounts of time into creating a detailed business plan and painstakingly carving out and sculpting the perfect product, you should put that time into determining what the minimum requirements are to get a product out there in the marketplace – something people will use and eventually be prepared to pay for.
Another great video to watch comes from YC partner Kat Mañalac about how to launch again and again until results are achieved. An MVP will test the product's potential for this through app engagement, longevity and lifetime value. With a Minimum Viable Product, you can gather data and insights on how users interact with your product to assess how quickly they understand its purpose and flow.
Prof. Carl Boniface