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How do you handle MVP development risks?

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MVP development is a crucial stage for startups, where you test your assumptions and validate your value proposition with real customers. However, it also involves many risks, such as building the wrong features, wasting time and money, losing traction, or facing legal issues. How do you handle these risks and ensure that your MVP is effective and compliant? Here are some tips to help you navigate the MVP development process and avoid common pitfalls.

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1 Define your goals and metrics

Before you start building your MVP, you need to have a clear vision of what you want to achieve and how you will measure it. What problem are you solving? Who are your target customers? What are the key features and benefits of your solution? How will you test your assumptions and get feedback? What are the success criteria and indicators for your MVP? Having these questions answered will help you focus on the most important aspects of your MVP and avoid unnecessary or irrelevant features.

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Najib Abusalbi, PhD

Independent Advisor (retired from SLB 2018)
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In my experience, many innovations never started with a clear vision of the end product, especially when that product is not being designed, or envisioned, based on market demands! The great inventors had a goal of creating products that serve society nonetheless, hence they may have had such a proposition in mind. More later….

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2 Build a lean and agile MVP

The essence of an MVP is to build the smallest and simplest version of your product that can deliver value to your customers and generate learning for you. This means that you should avoid over-engineering, scope creep, or perfectionism, and instead focus on the core functionality and user experience of your MVP. You should also adopt an agile approach, where you iterate and improve your MVP based on customer feedback and data. This will help you validate or invalidate your hypotheses quickly and cheaply, and pivot or persevere as needed.

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Gijsbertus J.J. van Wulfen

Award winning innovation keynote speaker helping you to create innovative mindsets at your event and your organisation. Contact me for a proven innovation method to double your effectiveness in 2025.
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EXPERIMENT BY PRETOTYPING instead of PROTOTYPING… What is pretotyping? YOU FAKE IT BEFORE YOU MAKE IT ???. Check it out here … Pretotyping is a technique for testing hypotheses and validating ideas quickly and cost-effectively, founded by Savoia. It involves creating a simplified version of a product or service to collect user feedback and understand market demand. For example, in the food industry, a company may pretotype a new salad recipe by offering a limited quantity to a small group of potential customers to gauge their interest before investing in full-scale production. Pretotyping helps reduce the risk of failure by assessing market response early in the development process. Check out an example of Tesla later in this article.

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3 Manage your resources and timeline

MVP development requires careful planning and management of your resources and timeline. You need to estimate how much time, money, and people you will need to build and test your MVP, and allocate them accordingly. You also need to set realistic and achievable milestones and deadlines for your MVP development, and monitor your progress and performance regularly. This will help you avoid overspending, underdelivering, or missing opportunities in the market.

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4 Protect your intellectual property and data

MVP development also involves some legal and ethical risks, especially when it comes to protecting your intellectual property and data. You need to ensure that you have the necessary patents, trademarks, copyrights, or licenses for your product, and that you comply with the relevant laws and regulations in your industry and location. You also need to ensure that you collect, store, and use your customer data in a secure and respectful manner, and that you follow the best practices for data privacy and security. This will help you avoid lawsuits, fines, or reputational damage.

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5 Learn from your mistakes and failures

Finally, MVP development is a learning process, where you will inevitably encounter some mistakes and failures along the way. However, instead of seeing them as setbacks or reasons to quit, you should see them as opportunities to learn and improve. You should analyze the root causes of your mistakes and failures, and identify the key lessons and action points for your next steps. You should also celebrate your achievements and successes, and acknowledge the efforts and contributions of your team and stakeholders. This will help you foster a growth mindset and a positive culture for your startup.

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Arie Brish

Business Professor, Independent Board of Directors, Advisor, Mentor, Investor, Speaker, Shadow CEO
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"learn from your mistakes & failures" is a harsh terminology. The purpose of the MVP is just that, however a more positive terminology was defined by Thomas Edison: Experiment to find out what works and what doesn't work. There are four main purposes for MVP: >> Experiment for the right technical approach. >> Collect early adaptors feedback. >> Use the above inflection points to augment the valuation of the startup and attract investments. >> Modify and expand incrementally based on the technical and market feedback to improve feasibility, manufacturability, and market fit.

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Gijsbertus J.J. van Wulfen

Award winning innovation keynote speaker helping you to create innovative mindsets at your event and your organisation. Contact me for a proven innovation method to double your effectiveness in 2025.
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PRETOTYPE AND IMPROVE LIKE TESLA Tesla used a Lotus Elise to interest potential buyers for their first car. In 2003, the founders of Tesla had an ambitious idea (an all-electric 2-door sports car). In order to convince potential buyers to order its car, Tesla created a pretotype of what the car would look like. Lotus supplied Tesla with a ‘glider’ Elise - which was filled with models of key components. This was not a prototype, because the vehicle didn’t function. Tesla was able to show buyers a close proxy for the final design. Tesla asked “Will you put down a $5,000 deposit to have it built to order?” From this test Tesla secured several hundred deposits, a non-trivial result to reassure their Investors.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Gijsbertus J.J. van Wulfen

Award winning innovation keynote speaker helping you to create innovative mindsets at your event and your organisation. Contact me for a proven innovation method to double your effectiveness in 2025.
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10 FAMOUS INNOVATIONS USING LEAN STARTUP MVP’s 1. Dropbox: used lean to develop its cloud storage product. 2. Airbnb: used lean to test market demand. 3. Instagram: followed the lean startup principles of building a MVP. 4. Zappos: rhe online shoe retailer, employed lean to test market demand. 5. Slack: a collaborative workplace platform, was built using a lean approach. 6. Groupon: the popular deal-of-the-day website used lean to validate its business model. 7. Squarespace: a website building platform, utilized lean to refine its product. 8. Buffer: a social media management tool, developed its product using lean. 9. GitHub: a web-based platform for collaboration employed lean. 10. Lyft: the popular ride-hailing app, used lean.

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How do you handle MVP development risks?

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1 Define your goals and metrics

2 Build a lean and agile MVP

3 Manage your resources and timeline

4 Protect your intellectual property and data

5 Learn from your mistakes and failures

6 Here’s what else to consider

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