What Does MVP Stand For? It’s Not What You Think.

MVPs are a key concept in the business and technology worlds, especially in product development and the start-up ecosystem. They mark the starting point of a product’s journey, paving the way for innovation and evolution based on real-world feedback. Explore MPVs in different contexts, including what MVP stands for, advantages and disadvantages, how to use it to minimize risk and enhance the consumer experience, and how to start building an MVP.

What does MVP stand for? 

The term minimum viable product (MVP) represents a product version that has just enough features to satisfy early customers and gather feedback for future iterations. It is not a stripped-down, barebones version of the final product but a functional version that addresses the users’ key problems efficiently without any unnecessary embellishments. For example, the MVP of a design where the end product is a car would be a skateboard, not a wheel. A skateboard still provides the mobility function for the user to get from one point to another, while a wheel would have no functional value. 

An MVP is a great way to test your idea of what your customers want in a low-cost way. If you have a theory about how to solve a particular user concern, your MVP can be a quick and effective way to see if users will adopt your solution.

Elements of a minimal viable product

Creating an effective MVP involves a balance between value, usability, and feedback. For starters, the MVP must provide value to its users. It needs to address a real problem or need that the users have, offering a practical solution. The idea is that if your users do not adopt the solution, you can iterate on your design in the early stages before spending large amounts of time and money. Some key elements of an MVP include:

• Useful but basic: Your MVP must be a usable, functional product rather than a sketch or a concept. It might not have all the features of the final product, but it should work well in its existing form.

• Designed for feedback: Your MVP should have a design that can generate feedback. The primary purpose of an MVP is to learn from users, and that can only happen if the product allows for user feedback in some form. You should be able to make quick changes to your product based on the feedback you receive.

• Testing a hypothesis: Your MVP should test a specific feature, solution, or idea. Based on what you learn, you can continue to scale and adjust your product or strategy. Your MVP is essentially a way to see what customers want and whether your ideas align with your audience’s behavior.

Advantages and disadvantages of MVPs

When using MVPs, you might experience several advantages and disadvantages. 

Advantages include:

• Testing a product with the base number of features necessary

• Providing insights about user behavior, including what they want and don’t want

• Uncovering additional product requirements

• Providing a starting point for future iterations

Disadvantages you may encounter include:

• Some product types may not have expendable features

• Some companies may be uncomfortable launching a bare-bones product

• Teams may struggle to find the right balance between including important capabilities and keeping the product features minimal

What is MVP used for in business? 

In business, especially in startups and product development, an MVP acts as a risk mitigation tool. Instead of investing substantial time and resources into developing a full-fledged product without assured market acceptance, businesses develop an MVP. 

This allows you to test the core ideas of your product in the actual market, gauge consumer interest, and gather valuable feedback. The process helps you steer your product development in the right direction while minimizing the risk of failure.

Types of MVPs 

You can have two main types of MVPs: low-fidelity and high-fidelity. 

• Low-fidelity MVPs usually require minimal development and are bare-bones solutions for a specific problem or challenge. This could be something like a landing page or marketing campaign. Low-fidelity prototypes are typically looking for proof-of-concept, seeing if the solution has the potential for customers to adopt. 

• High-fidelity MVPs, on the other hand, offer more features and a more complex design to look for ways to optimize business strategy and test how much customers will pay. This includes things like single-feature products and piecemeal MVPs, which is a very simple version of your final product.

Successful MVP examples

Several current big-name companies started their journeys with an MVP. Facebook initially launched as a basic social network exclusive to Harvard students before expanding quickly to other universities and then the global landscape. AirBnB began as a simple website for the founders to rent out an air mattress in their apartment before expanding to a multi-billion dollar company. LinkedIn started small as well, with the first users only able to create a simple profile and post jobs in 2003 before expanding to offer endorsements, postings, and all of the exciting functionalities we see today.

Careers that use MVPs

As you become more comfortable using MVPs, you can apply this skill in several careers to test concepts and reduce the likelihood of high-cost failures. Some careers that especially rely on MVPs include:

• Product managers: Product managers lead the MVP development, defining what features it should have and determining its scope.

• Entrepreneurs: Those launching new business ventures or programs often start with an MVP. This allows them to test their ideas without significant upfront investment.

• UX designers: These professionals focus on the MVP’s user experience and interface design, ensuring that early adopters can easily navigate and use the product.

Get started building an MVP

When you start building your MVP, you’ll want to have a clear understanding of what the most “bare bones” version of your concept is. To guide you through the process and minimize distraction, focus on these tips:

• Focus on a core problem: The MVP should focus on answering key questions and solving a specific challenge for its users. Adding too many features can complicate the product and distract from its main value proposition. 

• Keep it simple: The MVP should be simple and user-friendly. Remember, the goal is to get the product to the users quickly, gather feedback, and iterate. The design just needs to work and deliver value, and experimentation is key during this phase.

• Add in more features as you go: As you gain more information, you can gradually add in more complex features and functionalities. The key is to pay attention to what you are learning and make sure you design with the user in mind.

Start working with MVP resources

Find out more about MVPs and the product development process with exciting courses and Specializations by top universities on Coursera. Consider completing the Product Ideation, Design, and Management Specialization by the University of Maryland. Learning in-demand skills, such as how to effectively manage the product design cycle, utilize design strategies, and design for the end user, could be an asset in your career.