A minimum viable product (MVP) is defined as the version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort. The first step is to figure out the problem that needs to be solved and then start developing the MVP. The idea of the MVP is that you do not actually need to have the final product. You just need to have a method of proving that your product is highly demanded by the public. MVP is very crucial because it products do not work if creators just jump into a solution without getting users or demand for it.
MVP development is linked to the business model canvas, specifically the customer segments and value proposition. The product to be created has to have a proven value which different customer segments showing interest in the product.
Adrian shared about how Dropbox managed to capture investments through MVP. Initially Dropbox went through many pitching but were unable to get much attention from investors. However, the CEO realised that continuous pitching did not work if they could not show that people wanted their product. He did a demonstration video online about a version of the product that was not released to the public yet (Not fully working). The product proved to be useful as it gathered many viewers, and it gave him and investors confidence that the product is valued by customers.
Another way of proving product value without having the actual product itself is by using a landing page to test the value proposition. When a product is not available, it can still be “Faked” to be working. Imagine having a website that offer some services, the website gathers information and tracks the number of users entering their website. When users click sign up, and try to log in. They meet a “Sorry the product is not up yet, however, when it is up, you may use this discount code to enjoy some benefits as an early supporter!” message. It is a very smart way to test a product’s value and to check if its worth the effort to follow through and to build up the final product, at the same time, retaining possible future customers.
I feel that this is related to prototyping. A UI designer can create a prototype to prove that people need their application, without having to code up the final product. If the product is proven to not work, the company can just think of another solution without suffering much losses from hiring coders or technical people to build the product. Therefore MVP is very important in product designing and should be carried out to test if a product is worth making.



