The development of an MVP is not limited to startups; it can also be an effective strategy for larger companies

In his book The Lean Startup, Erik Ries defines a startup as

“a human institution designed to create a new product or service under conditions of extreme uncertainty.”

This definition can also apply to large, established companies that may face similar levels of uncertainty when creating or innovating products or services.

?? An MVP is a key tool for tackling these challenges, as it allows for the rapid and efficient testing and validation of a business idea or hypothesis, reducing risks and costs.

? Here are some ways an MVP can benefit larger companies:

1. Innovate and explore new markets or technologies: It allows companies to assess the viability of new ideas without committing significant resources upfront.
2. Develop new products or features: It facilitates the integration of new functionalities into existing products, helping to refine development based on market feedback.
3. Test and validate changes in processes or services: It helps identify improvements and make adjustments before a full-scale implementation.
4. Reduce complexity and development time: It minimizes the risk of large investments in projects that may not succeed.

In summary, any company seeking to innovate, reduce risks, and improve efficiency can benefit from developing an MVP.??

?? Inspiring Examples of MVPs

1??Amazon

In its early days, Jeff Bezos relied on a report about the future of the Internet to identify opportunities in e-commerce. Initially, he narrowed down a list of potential products to five and decided that selling books at lower prices would be the most promising option. Amazon’s MVP was a simple website with a limited catalog of books. This approach allowed him to learn and adapt his business model based on user behavior and feedback. What began as a basic MVP evolved into the world’s leading e-commerce platform. ????

2??Dropbox

To validate its product, Dropbox created a simple video explaining the features of its solution. This MVP in the form of a video not only helped generate interest and attract early users but also provided valuable feedback crucial for the final product’s development and launch. This example shows that an MVP does not always involve developing software; sometimes, it’s about validating a market hypothesis in the most cost-effective way possible. ??

How is your company using MVP to innovate?

Tell us about your experience and let’s keep learning together. Innovation is within everyone’s reach! ?