This is how to define an MVP.

There is a fine balance in new business model design between creating something with real value, and over-engineering and wasting energy. To create this balance we need to understand potential value, as well as potential resource needed.

There are many formal ways to define opportunities and define potential value (such as the Market opportunity navigator, or the Value Proposition Canvas), however many of these are ways to define a 'Rolls Royce' product. In order to figure out the features of an MVP we need to consider how much value we can create for the lowest resource.

What follows is a subjective, but lightweight way to define an MVP before testing the concept with customers.

Defining an MVP

1. List all the potential features that your solution could provide; all the Gain Creators and Pain Relievers.
2. Categorise each feature based on perceived value to the customer: Very-High, High, Medium or Low (this is where the subjective part comes in...)
3. Categorise each feature based on perceived effort needed to create these features: Very-High, High, Medium or Low. You can consider barriers to entry, technology, skills etc. (subjectivity part II...)
4. Map these features onto a matrix of these axis:

Building an MVP is about providing value with the minimum effort/time needed. You should confirm your assumptions in both axis: validate feature value with customers, and effort needed with technical teams.

The MVP should be defined by the features that give the greatest value, for the lowest effort:

Try not to move things around too much after validation, in particular adding features to the MVP when you don't need them.

Remember: The biggest trap to fall in with MVP design is to keep adding features. An MVP works best when you follow discipline.