Purpose of MVP | TeQ Mavens | Why a Minimum Viable Product?
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Wondering why it isn't a maximally viable product? When you plan to launch a new product or service, you are simply trying to confirm your hypothesis about the world and the people in the world.
Patrick Collison aptly quotes: “In the first few days after you launch a product, you try to figure out: are we wrong or is the world wrong?”
Patrick Collison aptly quotes: “In the first few days after you launch a product, you try to figure out: are we wrong or is the world wrong?”
It is crucial to test your innovative hypothesis with the least amount of money, time and features possible, i.e. the minimum! Below are the main benefits of a minimum viable product:
1) Clarity of vision
2) Minimum budget
3) Accelerate learning
4) Find the right audience
5) Minimal errors
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