Minimal Viable Product (MVP)

After 10 years in business, it’s amazing how much has changed and how much has stayed the same. We’re always looking to advance our product or service: how do we cut costs; be innovative and drive a stagnant business forward; or innovate a process that increases revenue. One of the biggest changes that we have witnessed over the years is going from, how do we build the biggest and best software that will capture and change process or experience; to today, where we challenge ourselves to build the smallest possible minimal viable product (MVP). So, you may ask, why is this? Well, today we have so many solutions out there that it doesn’t make sense to be the pioneer, but rather it makes better sense to test, iterate and go back to the market and find the correct positioning – letting the market take your product where it needs to go! After having our OPN (Open People Network) panel discussion with some great entrepreneurs, we learned a few more ‘tricks of the trade’ on how we can all do to be better, and be more productive, when it comes to MVP.

Here are my key takeaways:

1) Test, test, and test again
2) It doesn’t matter how small the segment is, just validate, and move forward…
3) Spend the least amount of money to test your theory
4) Plan your test phase, and exit
5) Know when enough is enough
6) Move to production and iterate quickly
7) Don’t be scared go after it

Watch the Show!

Yours Truly,
Jeffery Potvin