Lean Startup: Minimum Viable Products

December 1, 2010Rich Collins & Patrick Vlaskovits with

input from Eric Ries

Today’s Agenda

• What is an MVP?• Why do we use them?• MVP Myths• Examples• Exercises

Similar Ideas: Quantum of Utility

“We advise startups to launch when they've added a quantum of utility: when there is at least some set of users who would be excited to hear about it, because they can now do something they couldn't do before.”

-Paul Graham

Similar Ideas: Minimum Feature Set

“The reality is that the minimum feature set is 1) a tactic to reduce wasted engineering hours (code left on the floor) and 2) to get the product in the hands of early visionary customers as soon as possible.”

-Steve Blank

Definition of MVP

“…that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.”

-Eric Ries

Why MVP?

Avoid building things nobody actually wants.

Build-Measure-Learn Loop

MVP Myths

• Minimalism may not be the goal.• Aesthetics/design may matter.• Not “release early, release often”!• Not "one and done”

Iteration based on Validated Learning

Gall’s Law• A complex system that works is invariably found

to have evolved from a simple system that worked.

• A complex system designed from scratch never works and cannot be made to work. You have to start over, beginning with a working simple system.

**"A simple system may or may not work."

Minimum is judgment call.

It’s not always cheap.

MVP Examples from “Real World”

• Landing Page Smoke Tests (AdWords, Craigslist, Bill Gates, Dropbox)

• In-house built solution – Ovia• Screenshots & LOIs (Sell the vision)• Kickstarter Campaigns• Wizard of Oz• Links to nowhere (Zynga)• Screencasts• Infomercial Tests

Exercise: Hypotheses

• Write down all of the hypotheses that you'd like to test with a Minimum Viable Product. Prioritize them from most to least risky to the success of your startup

Exercise: Tests

• For the hypotheses with the highest priority, create some tests that could falsify them.

Exercise: MVP Series

• Consider the possible outcomes of the tests. What follow on tests could you create to gain further insight into the hypotheses.