Newbies in Product Management (and the IT/Software space as a whole) are being led astray. I consider myself to be blessed because I learned the correct fundamentals and basics on subject areas that are today misunderstood and misinterpreted. One of such subject areas is the concept of an MVP (Minimum Viable Product).
There is this image that is used to depict an analogy about MVP (Minimum Viable Product). There are several variations of said image, but I won’t dwell so much on the image, the analogy and all that is wrong with it. Why? Because I want us to talk more about the correct thing.
So, let’s understand. What is an MVP? It is the most basic, working and useable version of your idea that you can deliver within a set time for customers to use as solution to their problem not minding whether they have to pay or not and also gives you some chance to gain a foot in the market. An MVP is basic and it works better than a Prototype or a Proof of Concept (POC). Sometimes the gap between a Prototype and an MVP is wide, other times it’s just a small gap and in some (rather rare) cases the gap is so small you don’t even notice it.
To create an MVP, you first have to decide what it is that you are making/building. Is it software, hardware or a combination of both? Please note, you do not start building an MVP when you have not done proper research and feasibility studies to ensure what you are tackling is a real/actual/existing problem. During your research phase you use POCs and Prototypes to aid your research, feasibility study. Ok, so you have decided what it is that you are building, I usually advice at this stage you can (and should) still make sure what you are doing is an actual solution to a real/existing problem!! Now ask: What is the most basic thing your product can have that you can give to the customer as a solution? MVPs are not set in stone! MVPs are based on an understanding of the problem you are trying to solve, the situation you are in and the conditions that exist in the terrain or business landscape you are venturing into.
- If your product is a scooter your MVP should be a basic version of THAT scooter!
- If your product is a car your MVP should be a basic version of THAT car!
- If your product is a wheelchair your MVP should be a basic version of THAT wheelchair!
- If your product is a HR software your MVP should be a basic version of THAT HR software!
- If your product is a fintech app your MVP should be a basic version of THAT fintech app!
By now you get the idea.
You do not start out trying to make a scooter and end up with a power bike. That is not an MVP!! NO, it’s NOT!! You do not start out trying to make a motorcycle and end up with a car. That is not an MVP!! NO, it’s NOT!!
All the stages you see in those misleading, misinformed, confused images are incorrect. MVP builds on lessons learned from your prototype and/or Proof of Concept during your research/feasibility study. Those lessons then translate into an answer to the question: What is the minimum that we can put together to give to the customer? Like I stated earlier it is not set in stone. Do a situational analysis, look at your research and the results of the research (POC and all). What is the most basic, working and useable state of the Product that you can deliver to the customer? Put those things together bring that basic, working, useable state into reality and that is your MVP!
Your MVP sets the stage for you to build newer improved versions of your product. Just ensure you stay close to the customer/users and continuously collect feedback. Compare the feedback with insights from the larger market/industry and you are on track to being a major player in your chosen field.
So, a quick recap:
- MVP is a basic working, useable version of your product.
- It builds on lessons learned from research, POC, Prototype.
- You need to understand the problem very well.
- You need to understand the market.
- It is not set in stone.
- You do not start out creating an MVP for one thing and end up with another thing!
- MVP is a structure upon which to build newer, improved versions of your product.
Hopefully, this simple explanation clears the misinterpretation of what an MVP means. And you never have to worry about its true meaning.
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