First comes the idea, and then comes the MVP. Startups often jump into MVP development early, pouring in time, resources, and funds even when they’re stretched thin. But what is an MVP, what does it entail, and should we reconsider its components?

An MVP, or Minimum Viable Product, is the pared-down version of a product, with just enough features to make it operational and deliver on the idea.It's designed to test your concept with early adopters and to provide the basis for future iterations or pivots. This sounds simple enough—create a basic, functional product and see how it performs. However, the "minimum" and "viable" aspects of MVP are often neglected or diluted, and it's crucial to revisit their true meanings and stick to the basics. 

Let’s see how MVP has changed over time and what can be done to ensure that we get the MVP formula just right.  

Different Definitions of MVP Over the Years

The term MVP was introduced in 2001 by Frank Robinson who focussed on finding the ideal balance between maximum and minimum, just enough features “to cause adoption, satisfaction and sales but not big enough to be bloated and risky.” Although the essence of the idea remained, it was Eric Ries' Lean Startup that embedded MVP into startup terminology. Ries emphasized creating the most minimal product version that will maximize the learning.

Robinson prioritized user satisfaction and ROI, while Ries honed in on the educational value of testing hypotheses. Despite differing focal points, both definitions highlight the need to balance the "minimum" and "viable" aspects, ensuring that MVPs set you up to learn more and secure investment. 

What “Minimum” Actually Means in MVP?

In theory, it's no rocket science to figure out the minimum. You just need to pin down the essential features that will draw in early adopters and push them to market quickly. It's your first iteration, a chance to gather feedback and test the waters.

But in practice, starting with a minimal approach and sticking to it is tough. One common pitfall is scope creep, where you start with a lean plan but gradually add more features. This often happens because the scope isn't clearly defined from the get-go. Every new idea or feature seems like a good addition, but before you know it, your MVP is overloaded. This bloated MVP consumes more resources and funds, delays your launch, and ultimately risks failing in the market.

Another significant risk is losing sight of the core problem your product aims to solve. As development progresses, it's easy to get sidetracked by secondary features. This shift in focus can weaken your product's value proposition and confuse users about its primary benefits.

That's why it's crucial to define what "minimum" means for your product. Focus on the essential features that validate your idea and satisfy early adopters, without bloating the MVP. Keep it lean, gather feedback, and iterate based on real user feedback.

How Important is “Viable” in MVP?

Eric Ries makes it clear that "minimum" does not mean a bare-bones product. For an MVP to gather valuable feedback and iterate, it still needs to be functional. If it’s too simple and lacks core functionality, it’s more likely to fail than provide useful insights.

The skateboard-to-car analogy really drives this point home. Imagine your final product is a car. Developing an MVP doesn’t mean just making a front tire. A tire alone does not show any of the car’s functionalities or use cases. Feedback on a tire is most likely to disappoint you as it’s useless on its own for users. Instead, think of your MVP as a skateboard. While it’s not a car, it serves the primary function of transportation. Users can see the potential and provide more meaningful feedback.

The goal of an MVP is to be minimal but scalable. A throwaway MVP wastes resources and is unlikely to secure investor funding, as investors need to see real potential.

Success Stories of MVPs that were Minimum and Viable

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• Amazon: From Books to Everything

Jeff Bezos founded Amazon in 1994 when he noticed the growing number of internet users and had an idea to have an online store that sold everything under the sun. But starting with everything was not feasible. So, Bezos narrowed down his options from 20 products to just one, books. This was a low-risk, high-reward move for both the vendor and the customer. Initially, orders were filled manually; every time a customer placed an order, Bezos would purchase the book and ship it out himself. As demand grew, so did Amazon. More features were added, and more products were sold, all based on user feedback. This iterative process turned Amazon from a simple online bookstore into the e-commerce giant it is today.

• Airbnb: Simple Start with a Single Feature

Airbnb got its start as AirBed&Breakfast back in 2007, thanks to Brian Chesky and Joe Gebbia. Faced with an impending rent payment and no clear way to make money, the friends came up with a clever idea. Noticing that their city frequently hosted major conferences, they realized there was a demand for affordable lodging. To test the idea, they put together a simple webpage offering an air mattress, free Wi-Fi, and breakfast for $80 a night. They targeted event attendees specifically, and soon saw that the demand was there. The next step was to see if others would be willing to rent out their rooms. Their MVP featured just the basics: an option to list a room and an option to book one. As they gathered feedback, they continuously added new features, eventually transforming into the Airbnb we know today.

Last Word

In conclusion, determining the right balance between "minimum" and "viable" is essential for creating a successful MVP that attracts investors. Both Frank Robinson's and Eric Ries' interpretations emphasize that an MVP must be functional and capable of providing valuable insights. This focus not only facilitates early market entry but also enhances the product's appeal to investors, who seek evidence of potential scalability and growth. The iterative process, driven by user feedback, refines the product, helping it achieve product-market fit. By adhering to these principles, startups can develop MVPs that are not only viable but also set for success in the competitive market landscape.