KR8: ?? MVP ?? What exactly is it? Discover our e-book!

Welcome to the next KR8 newsletter!

In this issue, we'll tell you more about MVP! Read about the definition, pros and cons, and more! Check out our e-book - it is a must-see if you want to become an MVP master!

The MVP definition

In the digital world, the concept has been promoted as part of the ideas of Product Development and Lean Startup, authored by Steve Blank and Eric Ries, respectively. Both presented the idea of a digital product implementation starting with an MVP. The precise understanding of what an MVP means may be contentious and often causes many emotions. Let us refer to the definition as formulated by Eric Ries.

“Version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.”

The definition, when broken down into parts, includes:

PRODUCT VERSION?– first or subsequent?

MAXIMUM?– product knowledge gathered through user feedback

MINIMUM?– effort, financial outlay, team commitment, amount of time

For a digital product, an MVP is a product usually, in the early stages of development, with a minimum number of functionalities of high value and allows the collection of feedback from users.

Using an MVP to validate ideas and user needs, and to test the business model and market, is probably the most popular scheme for emerging startups. This approach is characterized by the need for minimization, prioritization, and validation.?

The growing expectations of users and the increasing ease of adaptation to complex digital products are also significant here. Although the MVP concept appears to be a simple model, in practice, it can cause some difficulties, especially when it comes to deciding what should actually be built.

Pros and cons of MVPs

Advantages

• checking and testing hypotheses (technological, business) at the lowest cost
• limitation of the number of functionalities for optimal operation?
• investigating market trends in reality
• gathering meaningful quantitative and qualitative data
• gather arguments to make effective, relevant decisions (business, technological, UX)
• acquisition/expansion of user base
• greater chance of generating investor interest
• minimization of risk

Disadvantages

• difficulty in understanding the purpose of an MVP
• confusion between MVPS and other types of minimum products
• lack of a rigid minimum framework?
• difficulty in defining an appropriate scope?
• the temptation to add more functionality
• difficult to determine the ultimate audience

What will not be an MVP?

Not every emerging product will be an MVP. Here are some situations when a new digital product is something other than an MVP.

• A prototype or other form of idea representation is built to validate the idea with users.
• POC (proof of concept) because it explores technical possibilities rather than user feedback.
• A product that does not have a defined purpose and test area. In practice, this means a product is too large, and isolating a test area is impossible. It can also be a product already being developed as another version of a well-known solution. It can also include a product whose concept has already been validated with users using tools other than MVP and is well-known for what to build.?

Learn about alternatives to MVP, when to use and when not to use MVP, and what to do before you start building your own MVP. Read our e-book, subscribe to the list so you don't miss the next chapter, learn on a regular and systematic basis and develop your MVP knowledge for free!

Let us know if you have already taken a look at our e-book and what you think about this form of learning!

We are waiting for your feedback and see you in a week! ??

Team Kreatik