No – it’s not LeBron James or even sports related. It represents the work and achievement of a Minimally Viable Product and for entrepreneurs looking to start a company or launch something new it is one of the most important milestones. I learned about prototyping quite some time ago, but the term MVP was introduced to me by Eric Ries via The Lean Startup – great blog too. The difference between a prototype and an MVP is that the later represents an idea that customers understand and are willing to pay for. The difference between “can something be built or done” and “should something be built or done.”
An MVP does not need to be perfect or fully functional. In fact it specifically shouldn’t be. There should be additional work around moving the technology forward, engaging the market at an appropriate scale and building a business around the opportunity. An MVP is really only step one but it is a big step. This achievement allows an entrepreneur and her team to cross the threshold from idea to tangible, measureable, thing – think form, shape.
So, if you are in the process of developing an innovative product or service and need assistance around engaging customers for feedback or design assistance, contact us here in Middlebury, Vermont. We know innovation and we know entrepreneurship and we can assist you with both.