Minimum Viable Product (MVP) is a product with just enough features to satisfy early customers and validate the product concept. It is important to build an MVP because it helps you to:
An MVP should be fast and frugal. It should not take a lot of time or money to build.
Examples of MVPs:
The goal of an MVP is to validate whether a simplified solution indeed has any takers at the smallest scale. If it does, you can build further based on the feedback from the early users. If it doesn't, you need to analyze the reasons and make changes to your product.
In the absence of an MVP, you might end up creating a product that does not meet the needs of your target market. This can lead to costly changes or even the failure of your business.
Tally is an example of a company that used an MVP to great success. The company started by building simple software that could be used by accountants. They then collected feedback from users and improved the software based on their needs. This helped Tally become a market leader in the accounting software industry.
The episode intro will discuss the importance of MVPs and how they can help you to build successful products. We will also share some examples of MVPs from different industries.
