MVP

1. Summary

Ranks

Liquidity

-

Developer

-

Social

26

Momentum (beta)

0

Stack Rank™

-

Price

$2.29 0.0%

Market Cap

$37,580.00 (#8257)

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Price
52W High price	$17.72
52W High date	13th May 2021 (3 years ago)
All Time High (ATH) Date	25th Nov 2024 (2 months ago)
All Time Low (ATL) Date	25th Nov 2024 (2 months ago)

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Description

MVP (Minimum Viable Product)

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MVP (Minimum Viable Product)

MVP is a concept used in product development, primarily in the Lean Startup methodology, to represent a product with the least features and functionality required to gather feedback from early users and validate the product idea. It is designed to maximize user learning with minimal effort. An MVP often includes only the bare essentials needed to solve a specific problem, making it the most fundamental version of a product to appeal to early adopters.

Key aspects of an MVP include:

• Validation: It aims to test an idea by obtaining user feedback and gauging market interest.
• Minimalism: It involves building a minimal version of the product with only necessary features to collect useful feedback.
• Iteration: The MVP is a starting point for refinement, allowing developers to make adjustments based on user reactions and preferences.

Benefits

Using an MVP can help:

• Reduce resource waste by focusing on the most critical features first.
• Accelerate development by prioritizing learning and iteration.
• Minimize investment before committing to a full-scale project.
• Improve the final product through early feedback and refinement.

Common Misconceptions and Pitfalls

• Small but not viable: Focusing solely on the "minimum" aspect while neglecting the "viable" part can result in a low-quality product.
• Confusion with MMF/MMF: Minimum Marketable Feature (MMF) and Minimum Marketable Product (MMP) focus on earning, whereas MVP focuses on learning.
• No further iteration: Failing to incorporate user feedback or limiting scope too heavily can hinder progress and success.

Best Practices

• Define the problem: Identify the issue or need the MVP aims to address.
• Conduct market research: Gather information on the target market and competitors.
• Map user journeys: Understand how users will interact with the product.
• Prioritize features: Define essential features.
• Build, measure, learn: Release the MVP, collect user feedback, and iterate accordingly.

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