Understanding the MVP: A Foundation for Innovation

At its core, the MVP represents the idea of keeping things simple when developing a product.

It serves as the first iteration of a product that only includes the absolutely necessary features needed to test assumptions, gather feedback, and confirm hypotheses.

The origins of the MVP can be traced back to the lean startup methodology pioneered by Eric Ries. In his formative work The Lean Startup Ries advocates for a systematic approach to building and launching products in the face of uncertainty.

Central to this approach is validated learning, where teams quickly go through a feedback loop to validate or invalidate their main business hypotheses. The steps in that loop are:

1. Build.
2. Measure.
3. Learn.

The MVP is the ideal tool for this process, allowing teams to cycle through the feedback loop with minimal resources, in the most efficient way possible.

When you launch a product, there is always a risk that you might not find the right fit with your target market in the way you’re hoping to.

By embracing the simple MVP approach, teams can quickly get the core of their product to users at a relatively low cost.

As they learn more about product-market fit, they have the opportunity to iterate, pivot, or keep going based on real-world feedback.

This fast, low-risk process ultimately guides your product towards success.

Challenges with MVP today

Even though MVPs have been shown to work well, the meaning of MVP has changed in recent years.

Many teams now view the MVP as a full first release rather than a quick first version meant for testing. This shift has led to the development of extensive MVPs that take two years to make and look more like fully-fledged products.

This has led to the emergence of alternative terms and concepts like MLP (minimum lovable product) and MMP (minimum marketable product).

This increase in variations on the term MVP perhaps stems from a misunderstanding of what an MVP actually means, and from people wanting to expand the thinking in this space.

There are two issues with over-developed MVPs.

First, it goes against the fundamental principle of minimalism, as these bloated MVPs are far from being small in scope or functionality, and end up costing a lot.

Secondly, it takes longer to get the product to market, which delays crucial feedback and makes it harder for the teams to pivot or make improvements effectively.

To fight this trend, we need to reframe our understanding of the MVP and remember that it’s meant to be a tool for quick testing and learning as much as possible.

Rather than viewing the MVP as the finished product, teams should treat it as a step towards product-market fit.

Each version of the MVP should inform the next one, creating a process of continuous improvement.

The benefits of the MVP

Embracing the true essence of MVP development brings many benefits. By focusing on delivering value quickly and efficiently, teams can:

1. Reduce risk – by testing assumptions early and often, teams can mitigate the risks that come with product development and avoid costly mistakes later on.
2. Refine the business model – MVPs are a valuable tool for refining understanding your customers and planning the product roadmap. By gathering feedback from real users, teams can validate their assumptions and make data-driven decisions about the direction of the product.
3. Use resources efficiently – when teams focus on delivering the minimum viable product, they can make the most of their resources, time, and effort.
4. Increase confidence and buy-in early – MVPs are a great way to demonstrate tangible progress and get stakeholders excited about your product from the start, and win buy-in.

Tips for mastering the MVP approach

Focus on vision: Make sure your MVPs match the overall product strategy and vision to avoid scope creep and stay focused on delivering value to the customer.

Keep it minimal: Aim for simplicity in your features, design, and technology stack. Focus on delivering the smallest increment of value to the customer in the shortest amount of time.

Embrace ‘just enough’: Don’t over-engineer or over-design. Focus on delivering just enough functionality to address the main problem or need.

Prioritise pace over perfection. Aim for rapid iteration and continuous improvement. Don't let perfection be the enemy of progress.

Adopt hypothesis-driven delivery: Create evidence-based hypotheses that allow you to set measurable criteria for success. Define exactly what you want to test with each version of the MVP.

Let data and feedback guide your choices: Use metrics and analytics to measure how well your MVPs are doing and iterate accordingly.