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This presentation details the differences and methodologies behind the product development process. Covering the definition and usage of 3 major tools that can be utilized in a startup. MVP: Minimum Viable Product MMP: Minimum Marketable Product MVV: Minimum Viable Vision Prepared & presented by Larry Thorpe as a mentor for Teach for America 2013 Notes included in download
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MVP’s – MMP’s – MVV’s What are they?
What’s the difference?Why should we care?
“Everything should be made as simple as possible, but not simpler” - Albert Einstein
(Simple does not mean easy)
MVP – Minimum Viable ProductMMP – Minimum Marketable ProductMVV – Minimum Viable Vision
Release early,Release often
1 | 0How many features
would you rather have?
Product development approach
Start
Simultaneous Launch
Sequential Pivot
Start
OR
Build for fast releaseIntegrate customer feedback
- Time wasted in getting the right customer requirements
Build a great product with lots of features
- Time wasted in building something nobody wants
MVP
Resulting MVP
Minimal Viable Product
An experiment to validate the hypothesis
• Needs to solve a real problem• The MINIMUM set of features
needed to learn from early adopters
• NOT The final versionProduce/Code
Produce/Code
Minimum Viable ProductAn MVP should have just enough to deliver value to your early adopters
get paidgather feedback for future development
DigitalExplainer Video• 1-2 minutes
Explains: – Product / Service– Why someone should buy it
• Makes people say, “Sign me up!”
Landing Page• Single page website with “Call To Action” • MINIMAL TEXT!! (8 seconds to capture visitors interest)
• Has ANALYTICS to track visitors interaction• Collects information so you can follow up
PhysicalPrototype• 3D Printing• Arts/Crafts• Maker/Hacker Spaces
ServiceConcierge MVP• Manual Product or Service Delivery
– Expedite learning by working directly with your end-user
– Fastest way to answer your biggest question, • “is my product solving a real problem that is worth paying for?”
To get paid! Your MVP should be valuable enough to justify it's initial cost.
You can use it to build capital to pay for further development without having to borrow.
MMP• Based on the idea that less
is more• Shippable product with the
smallest feature set that– Still addresses the user
needs – Creates the right user
experience• Product with just the right
features and a great user experience
The key to creating a successful MMP is to “develop the product for the few, not the many,” - Steve Blank (founder of Lean Startup Methodology)
Minimum Marketable
Product
Sell it BEFORE you build it
How did they do it?
How they did it?
PIVOT
Landing Page
Explainer
Video
Concierge
MVP
MVP IS MORE A PHYLOSOPHY THAN ACTUAL
RULEMVP IS NOT A
RECIPE FOR SUCCESS
WHAT IF I TOLD YOU
MVP – Multiple Iterations throughout the growth processMMP – Developmental Product intended to gain market shareMVV – Company True North & Guiding Vision
Questions?
“Don't Let a Minimum Viable Product Minimize Your Minimum Viable Vision”
- Hunter Walk
Larry ThorpeGrowth Hacker
Business DevelopmentStartup Enthusiast
