You're almost across the finish line! If you've tuned into the previous installments of our “Yea or Nay” series, we have discussed strategies surrounding vetting your idea and building your initial team. Now it's time for the final step: building your minimum viable product.
The idea of an MVP was introduced to the world by Eric Ries, a Silicone Valley entrepreneur and Yale graduate, around 2008. As its name would indicate, the idea is simple. In his blog Startup Lessons Learned, Ries explains the idea of MVP as this,
“The minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.”
In other words, the minimum viable product is another crucial step in what I believe is the most vital key to business success: extracting as much customer feedback as possible. As N. Taylor Thompson of the Harvard Business review writes,
“In creating a minimum viable product, entrepreneurs choose between experiements that can validate or invalidate their assumptions about a business model. If your MVP is a worse product than your imagined final version, success validates your idea; failure, on the other hand, doesn’t necessarily invalidate it. If your MVP offers a better experience, then failure invalidates your business model; success doesn’t necessarily validate it.”
If you're racing to the finish line of startup success, here are some simple steps for building your MVP and determining whether or not your startup approach is valid.