270: Encore Episode – Minimum Viable Products: How to find out fast if your idea is legit

The Startup Chat with Steli and Hiten

On this episode we take a close look at the concept of Minimum Viable Product (MVP) and what it means and how to apply it to your business. The concept sprang up during the early startup movement and has become a bit muddled in definition over time. In a product development sense, it refers to the first thing you can release for a product in a minimal way that helps you start learning about your product and its viability.

We share some examples of how startups can begin the process of testing an MVP and pitching a concept to get response from potential customers. Testing often includes pitching something before release and before any real functionality.

Topics discussed today include:

• Using information gathered from single features used by testers to help you move forward
• How to determine a Minimum Viable Product by working backward
• How emotional detachment is a necessary tool for success
• Why perception changes when customers look at actual products vs mockups
• How launching something that lacks features can be a signal of eventual success

If you are interested in learning more about the concept of Minimum Viable Products there are many available resources, including this image from Spotify.

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