Minimum? Viable? Product? - Start-Up Hyderabad
Loading Startup Hyderabad

Minimum? Viable? Product?

 1 year ago    

We all know what is a product. But what is viable. And what is minimum-viable? The primary purpose of a product in a startup is to help the target userbase. Bring to bear the value proposition of the product. The utility and usefulness promised. Now, how does one go about ensuring this value?

Viability of the key to any success. Viability to the users in the market, and viability in the product building, and viability commercially. One way is to build the complete product, take it to market and then assess viability. This can be extremely expensive, if any of the assumptions or hypothesis of value proposition come undone. Lot of time and resources lost, And worse, may be extremely expensive to make changes to the product or the course. That is where the Minimum Viable Product (MVP) comes very handy.

mvp
img courtesy: onemonth.com

MVP is to capture the most critical assumptions and value to the customers, and attempt validating in smaller chunks instead of the completely built product. And herein lies the challenge on what these smaller chunks may be. How to identify what is the most minimal set of capabilities one should build. This depends on what is the most immediate assumption or proposition that needs to be assessed. Capability or assumption that is most critical to pique customer interest. Most critical to get customers to experience the value in the offerings. Most critical to understand the full product.

What is critical to validate depends on stage of the startups journey. In very early stages maybe just to assess the reactions to the concept. Later it maybe the validation that customers may use the product. Then if customers will pay anything at all for the product. Customers will pay the expected price for the product. Maybe validate scaling horizontally(functional), vertically (markets) or geographically. But at every step of startup early stages, there is something most critical to validate at that time. And assessing what is minimally needed to validate is the MVP at that point. That helps validate. Learn. Pivot.  Accelerate

Comments

comments

Ramesh Loganathan

Hyderabad enthusiast, Shiva/Shivaji fan, adjunct faculty.. observing Hyderabad grow into a beautiful, creative, innovation minded tech startup city.

OUR BLOGGERS

  • Saritha Keshamoni

    Saritha Keshamoni

  • Ramya Sayaboni

    Ramya Sayaboni

  • Sruthi Malla

    Sruthi Malla

  • Ruchika Agarwal

    Ruchika Agarwal

  • Neeha Jayaram

    Neeha Jayaram

  • Sameeksha Bansal

  • Rahul Das

    Rahul Das

  • Srinivas Aki

    Srinivas Aki

  • Saloni Anand

    Saloni Anand

  • Dhivya

    Dhivya

  • Soumalya Chakraborty

    Soumalya Chakraborty

  • Sravya Gowrisetty

    Sravya Gowrisetty

  • Ramesh Loganathan

    Ramesh Loganathan

  • Monika Guwalani

    Monika Guwalani

  • Nischala Agnihotri

    Nischala Agnihotri

  • Nikita Kiran

    Nikita Kiran

  • Harshita Goel

    Harshita Goel

  • Ankur Mehta

    Ankur Mehta

  • Neha Mohsin

    Neha Mohsin

  • Maddy Anand

    Maddy Anand

  • Ayyappa Nagubandi

    Ayyappa Nagubandi

  • Chandra Mouli Koduri

    Chandra Mouli Koduri

  • Ayushi Pandey

    Ayushi Pandey

  • Divya Jyothi

    Divya Jyothi

  • Saptarshi Roy Chaudhury

    Saptarshi Roy Chaudhury

  • Amita Sood

    Amita Sood

  • Surya Vallae

  • Vana Korrapati

    Vana Korrapati

  • Ambika Asta

    Ambika Asta

  • Priyanka Mechineni

    Priyanka Mechineni

  • Anish Tadimarri

  • Vinita Surana

    Vinita Surana

image title here

Some title