My presentation at Lean Startup Machine Washington DC, May 31-June 2, on what is an MVP. It also discusses a specific type of MVP, called concierge MVP, and provides a real-life example.
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Minimum Viable Product (MVP)Lean Startup Machine DC
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
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It’s about validated learning
So customers’ problems are squarely at the center, not our solution
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
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That version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.
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MVP, despite its name, is not about creating minimal products… In fact, MVP is quite annoying, because it imposes extra overhead. We have to manage to learn something from our first product iteration. In a lot of cases, this requires a lot of energy invested in talking to customers or metrics or analytics.
The definition’s use of the words maximum and minimum means it is decidedly not formulaic. It requires judgment to figure out, for any given context, what MVP makes sense.
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MVP breakdown
Product
• Useful
• Deliver real value
• Tangible
✗Landing page
✗Smoke test
✗Mockup, prototype
Viable
• Solve real world problems
• What will customers “pay” for?
✗Half-baked, buggy
✗Smallest collection of features
✗Don’t ship s**t!
Minimum
• The absolute necessary features needed day 1 to solve customers’ top problems
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Key concepts
• Maximum amount of validated learning
• Be systematic about identifying riskiest assumptions
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Concierge MVP
• “Manual” version of your ultimate solution
• Short-term solution to gain critical insights on your customers– They’re needs what do they actually care about?– They’re actual behaviors what will they actually pay for?
• Short-term solution to gain critical insights on your solution– Most important elements your solution will need (features)– Most important benefits your solution provides (value proposition)– In terms of importance to the customer (not you)
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
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Online Payment Forms
Concierge MVP
• Manually-coded HTML forms to take payments
• Almost 100 built!
Most common types of payment forms desired
What’s most important to them in a form
Frequency of changes Reporting Potential early
adopters!
Learnings
MVP
• Code put through rigorous UAT
• Sales preparedness
Learnings
Buyer vs. User personas Sales model Pricing Value prop & competitive
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
This work by Shardul Mehta is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA.
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Important Stuff!
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