Minimum Viable Product
The MVP is the output of the prototype and is exactly enriched with the minimum worth needed to fulfill the desired needs. Most of the time, the MVP is designed to convince stakeholders and investors to invest into the business vision.
The minimum viable product (MVP) is a suitable method for lean oriented startup managers, to reduce risks, wrong inventions and to gain market- and organizational insights. They can use the gained knowledge for further product developments.
MVP's can and will be inserted in many ways
- Product development
- Business model and strategy development
- Software development
- Service development
- Designing of service organizations
Business Evolution Management Framework (BEM) and Minimum Viable Product
up4d BEM Software and Minimum Viable Product
The up4d BEM Software manages the evolutionary data for entrepreneurs, supports the application of best practices in minimum viable products (MVP) and successfully supports in the process and strategy development according to the BEM evolutionary cycle.
Goal of the Minimum Viable Product
Lean oriented managers use the minimum viable products (MVP) to reduce unnecessary efforts and risks and to prohibit themselves from wrong investments. With feedback from investors, share- and stakeholders, the MVP will be enriched with new requested features in further evolutionary cycles to convince investors, share- and stakeholders, market partners and the organization to invest.
In evolutionary cycles, a market- or organizational input gets enriched with investors, share- and stakeholders and with feedback from early on to improve the innovation with experiences, knowledge and market requested features and to develop a useful market or organizational input. This method minimizes risks and wrong inventions.