Minimally Viable Product a Different Kind of MVP
In the world of sports the MVP is the "Most Valuable Player" who makes the greatest contribution to winning the game. In the world of product development a different but equally important MVP deserves attention. This MVP is the Minimally Viable Product. Since most new product ideas fail, the goal is to fail as quickly and inexpensively as possible. That's the point of the MVP. The MVP embodies the core concept(s) of a new product idea and is developed enough to test for meaningful market feedback. If the feedback is positive, more investment is justified. If not, call it a fail and move on.
Here at I-City we regularly advise inventors to develop their ideas as MVPs. In our case we mean something we could offer for sale (or license) - something that, in Kickstarter fashion, will only go into production if there are enough orders to justify making it.
However you go about it, the concept of MVP is simple. Spend as little as possible to prove that your idea is viable, or not.
- Mike Marks
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