Is a minimum viable product a fancy way of saying prototype? Or is it a proof of concept? A proof of concept determines if the technical challenge can be solved and usually comes before the minimum viable product (MVP). Building on that proof of the prototype(s) is a necessary stepping stone as you iterate towards the MVP. But technically, a minimum viable product should prove two concepts. The first, building on the proof of concept — knowing that developing this app is actually feasible. And two, that customers are willing to pay for the app. Continue reading for the core tenets of the minimum viable product methodology or jump to our full infographic below. We include examples from companies who have built immense value after first proving the business model through building their MVPs. What is a Minimum Viable Product? A minimum viable product is the most rudimentary form factor or feature set that early adopters will use and contribute feedback to during the product development phase. One caveat here is that the MVP should solve the core problem the value proposition aims to address while demonstrating value to customers. So an MVP is like a beta test? Yes, and no. While you should get your MVP into the hands of real, paying customers and test how they use and navigate the app, a formal beta test usually comes once the lessons from the MVP have been implemented and the app is slightly more sophisticated. We could argue semantics until we’re blue in the face, but let’s instead dig into why you should build an MVP for your company. what is a minimum viable product with candle to lantern to light bulb evolution Why Build a Minimum Viable Product? Why not the maximum viable product? The foundation of an entirely new product idea is the hypothesis of how the world should be. As Patrick Collison, founder and CEO of Stripe, puts it, “You’re trying to figure out in the early days of starting a product: are we wrong or is the world wrong?”1 It’s important to put your world-changing hypotheses to the test with the smallest amount of money, time, and features required to make a standalone product. Here are the main benefits of building an MVP: 1. Prevent waste building something nobody wants Let’s imagine you set out to build a new mobile app, which took months to design and thousands of dollars to develop. It was almost ready to launch but was further delayed to get all the bells and whistles built. You finally get the product into the hands of users and quickly determine nobody uses the bells or whistles. This is where the minimum viable product could have saved time and money. Build the basic foundation of the product to prove it works for customers and they are willing to pay for it. Once you are validated in your endeavor, other features can be rolled out — the figurative bells and whistles, if you will. 2. Get the product into the hands of users quickly There are many reasons to get the Colombia Phone Numbers List product into the hands of real users as fast as possible. The previous section is one such reason but another is to gain what we have coined an edge case education. Once the product is in the “wild” there’s no telling how people will choose to employ it in their lives. In some cases, the product will be used for a different end goal than you initially intended and these edge cases can be a great educational tool. Bumble, for example, noticed many users were finding the product helpful for networking and meeting potential business partners. This observation led them to develop Bumble Bizz, a platform to connect professionals. Perhaps you discover a more intuitive way for users to interface the product, or an entirely new market that you had not anticipated — the minimum viable product can facilitate this customer discovery process. 3. Quickly prove or disprove your thesis It’s science. Well, it’s the fourth step of the scientific method — test your hypothesis. The minimum viable product will allow you to quickly answer Patrick Collison’s question: “Are we wrong or is the world wrong?” If the customer persona you envisioned using the product is willing to pay for your solution and use it in its intended way, then your hypothesis of the world is correct. If your product is met with disinterest and your target market is unwilling to pay for the product, it’s time to consider pivoting strategies. These lessons for pivoting are clarified by the methodologies of building your MVP. Minimum Viable Product Methodologies The methodologies behind building an MVP are meant to be quite simple and straightforward. In fact, Eric Ries’ Lean Startup concept breaks it down into three main categories: build, measure, and learn. 2 It’s essential to build the bare minimum and measure the actual performance. There is no better stress test for a product than actual usage, or lack thereof. If the MVP is not finding success in the hands of users, it can be natural for the creator to make excuses for its failure.