{"id":16163,"date":"2018-03-28T16:15:09","date_gmt":"2018-03-28T16:15:09","guid":{"rendered":"http:\/\/192.168.52.5\/3347\/site\/blog\/?p=16163"},"modified":"2022-04-04T13:35:49","modified_gmt":"2022-04-04T13:35:49","slug":"mvp-market-ready","status":"publish","type":"post","link":"https:\/\/www.aceinfoway.com\/blog\/mvp-market-ready","title":{"rendered":"How to Create, Improve and Pivot a Minimum Viable Product?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_37 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\r\n<div class=\"ez-toc-title-container\">\r\n<p class=\"ez-toc-title\">Table of Contents<\/p>\r\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\r\n<nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.aceinfoway.com\/blog\/mvp-market-ready\/#Minimum\" title=\"Minimum:\">Minimum:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.aceinfoway.com\/blog\/mvp-market-ready\/#Viable\" title=\"Viable:\">Viable:<\/a><\/li><\/ul><\/nav><\/div>\r\n<div  class=\"fusion-fullwidth fullwidth-box nonhundred-percent-fullwidth\"  style='background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;padding-top:0px;padding-right:30px;padding-bottom:0px;padding-left:30px;'><div class=\"fusion-builder-row fusion-row \"><div  class=\"fusion-layout-column fusion_builder_column fusion_builder_column_1_1  fusion-one-full fusion-column-first fusion-column-last 1_1\"  style='margin-top:0px;margin-bottom:0px;'>\n\t\t\t<div class=\"fusion-column-wrapper\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;\"  data-bg-url=\"\">\n\t\t\t\t<div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep sep-single sep-solid\" style=\"border-color:#cccac9;border-top-width:1px;margin-left: auto;margin-right: auto;margin-top:30px;margin-bottom:3px;\"><\/div><div class=\"imageframe-align-center\"><span class=\"fusion-imageframe imageframe-none imageframe-1 hover-type-none\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.aceinfoway.com\/blog\/wp-content\/uploads\/2018\/03\/MVP-02.jpg\" width=\"851\" height=\"390\" alt=\"MVP-02\" title=\"MVP-02\" class=\"img-responsive wp-image-16226\"\/><\/span><\/div><div class=\"paragraph\">\n<p>The first time Eric Ries, author of The Lean Startup, spoke about MVP he described it as- \u201c<span style=\"color: #078abf;\"> A <a href=\"\/product-engineering\/\"><strong>Minimum Viable Product<\/strong><\/a> is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort&#8221;.<\/span><\/p>\n<p>If you have an excellent idea to solve a\u00a0certain problem and it looks really promising, don&#8217;t rush to burn through your cash on building up a complete product. Also, don&#8217;t set yourself up for long periods of diligent work behind shut doors with the sole purpose of launching your product in the market.<\/p>\n<p>Entering a market with a new product can leave even the most well-established companies reeling under the pressure of launching a \u2018product\u2019 that can generate serious buzz and demand. Things only get 10x worse for Start-ups and newbies.<\/p>\n<p><strong><span style=\"color: #5f6263;\">As a company, before you go to the market with a new product it\u2019s important to have a clear answer to these 2 questions &#8211;<\/span><\/strong><br \/>\n<span style=\"color: #000000; font-size: 17px;\"><strong><br \/>\n1) Do customers really need the product or service?<br \/>\n<\/strong><\/span><span style=\"color: #000000; font-size: 17px;\"><strong><br \/>\n2) Are they willing to buy it?<br \/>\n<\/strong><\/span><\/p>\n<p><span style=\"font-size: 18px;\"><strong><span style=\"color: #3cb371;\">MVP<\/span><\/strong><\/span> is a concept that can help\u00a0to answer these questions.<\/p>\n<p>MVP (Minimum Viable Product) is a dummy\/ demo\/ basic product that allows you to receive genuine feedback from your potential customers, helping you know what they need and then creating a finished product based on the general consensus of what the final product be like. The essential aspect is to avoid creating a product that has no demand or bring any value to the user.<\/p>\n<p>MVP &#8211; A stripped-down, minimalist version of the idea of your product with just the core features.<\/p>\n<p><strong>Let\u2019s break down the concept of MVP &#8211;\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0<span style=\"font-size: 18px;\"><span style=\"color: #f73d66;\">Bring out the wrecking ball! <\/span><\/span><\/strong><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-16227 size-full aligncenter\" src=\"\/blog\/wp-content\/uploads\/2018\/03\/MVP-04.png\" alt=\"Minimum Viable Product\" width=\"851\" height=\"390\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Minimum\"><\/span>Minimum:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Minimum, for a hypothesis or idea, does not mean a raw product created in a rush. Minimum means a product that has been developed with just the core features (primary) in the minimum possible time. It\u2019s important to note that only 40-45 percent of all features of a product is truly important to end-users and usually, up to 60 percent of the features are either\u00a0under-utilized or at times never even used by the customer.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Viable\"><\/span>Viable:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Viability allows Start-ups and developers to focus only on the top features when designing a prototype. Top features are the break down of your \u2018superb\u2019 idea or hypothesis to discover their true value based on user needs.<\/p>\n<p>MVP allows you to reduce the launch time by focusing only on the core features and to start receiving immediate feedback from the users. This allows you to go back to your drawing board with the constructive feedback, re-design the prototype, re-launch it, receive constructive feedback until you have struck off all the major feedback points as accepted and implemented, with minimal deviation from your core idea.<\/p>\n<p>It is important\u00a0to realize that MVP is NOT a product but the process of creating \u2018that\u2019 Product. In my next blog, I am going to explore the 3 major points to implement when calculating an MVP\u2019s market value. Stay tuned\u2026<\/p>\n<\/div>\n<div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep sep-single sep-solid\" style=\"border-color:#cccac9;border-top-width:1px;margin-left: auto;margin-right: auto;margin-top:5px;margin-bottom:3px;\"><\/div><p class=\"bio_tag\"><strong>#<\/strong>ArtificialIntelligence <strong>#<\/strong>AI <strong>#<\/strong>DisruptiveTechnology <strong>#<\/strong>ArtificialNarrowIntelligence <strong>#<\/strong>AI&amp;Ace <strong>#<\/strong>AdvancedTechnology <strong>#<\/strong>AceInfoway <strong>#<\/strong>CustomerFirst <strong>#<\/strong>pole-vaultphenomenon<\/p>\n<div class=\"fusion-clearfix\"><\/div>\n\n\t\t\t<\/div>\n\t\t<\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":769418,"featured_media":16230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[53],"tags":[60,61,63,62,65,58],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.10 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>How to Create, Improve and Pivot a Minimum Viable Product?<\/title>\r\n<meta name=\"description\" content=\"How to Build, Improve and Pivot an MVP? 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