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Minimum Viable Product (MVP)

The concept of an MVP comes from lean startup methodology, which encourages learning and building with scalability in mind. So with an MVP, you’re building the first small step at a low risk to your wallet and business that you can test, refine, and grow step-by-step. You’ll start with that small step to uncover the market’s interest in your product — this will teach you where you need to make improvements, scale back, or perhaps even add extra features to make the product marketable.

Setting up an effective MVP

Identify the customer pain points

This will give you a better understanding of your customers’ needs and pain points, identify which features your product needs at a minimum to provide value.

Describe the competitive landscape

Come up with a pros and cons list that showcases how your service does it better than the competition.

Test the MVP for validity

Stick to deadlines and have your testing team focus on the functionality and the ability to solve pain points.