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Module 1: The Lean Startup Mindset

Module 2: Defining Your Vision

Module 4: The Minimum Viable Product (MVP)

Module 5: Validating with Customers

Module 6: Pivoting or Persevering

Content

Assignment

As we mentioned from the previous lesson, the "Build" phase of the Build-Measure-Learn loop is often misunderstood. It’s not about rushing to create a half-built product; it’s about creating a tool for learning. This tool is your "Minimum Viable Product (MVP)."

1. What is an MVP?

An MVP is the version of a new product that allows a team to collect the maximum amount of validated learning about customers with the least amount of effort. The key word here is "learning." The goal of an MVP is to test your riskiest assumptions, not to launch a perfect product.

person pointing map

Your MVP is NOT:

  • A product with minimum quality.

  • A rough, ugly prototype.

  • The final product you intend to build.

person pointing map

Your MVP IS:

  • Designed specifically to test your Leap-of-Faith Assumption.

  • A valuable, functional experience for your first users.

  • The fastest way to start the learning cycle.

2. Types of MVPs

Not all MVPs are created equal. The type you choose depends on your hypothesis and the resources you have. Here are a few common types, and we’ll explore them in more detail

MVP Type

Landing Page MVP

Concierge MVP

"Wizard of Oz" MVP

Video MVP

Description

A simple, one-page website that describes your product's value proposition and asks visitors to sign up for more information or a waiting list.

You manually perform the service for a handful of customers to learn what they need and if they would use your service. There is no software or product built yet.

You build a front-facing product that appears to be fully functional, but all the back-end work is done manually by you and your team behind the scenes.

A simple video that explains your product's value proposition and shows how it works. A call to action (like signing up) is placed at the end.

Best for

Testing a Value Hypothesis or Customer Hypothesis quickly and with very little cost.

Deeply understanding a customer's problem before building anything.

Testing the user experience and a complex product idea without investing in building the technology.

Validating a product concept quickly and powerfully (Dropbox famously used this).

*Remember, the key is to select the MVP that provides the most learning for the least amount of time and money.