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Entrepreneurial Tip #2: Get Your MVP Out There Fast
Product Development
Jun 28, 2022
Innovify
It’s a big mistake to wait to publicly launch the product once it’s perfect. For example, startups spend (or waste) time and money building features which are the least important against the value proposition and delay the Go-To-Market date.
Being passionate about the idea is great but it can blind people into wanting to achieve perfection (everything in one go). Much worse, it can mean building something the startup wants but not what potential customers want.
Those erring here totally miss the meaning of the Minimum Viable Product (MVP), which is – the minimum work you need to achieve maximum value.
What goes into an MVP is defined by the Pareto Principle (aka the 80–20 rule) and the Kano Model (a product development theory classifying 5 customer preferences as shown in the diagram)
- 80 per cent of the value is created by 20 per cent of the effort
- And it takes the remaining 80 per cent of the effort to capture the remaining 20 percent of the user value
- Hence, one should focus on the most important functionalities that will capture the 80 percent of the user/customer value
So, don’t wait until its perfect, once you’ve got your MVP, get it out there fast!
Innovify is an end to end digital product management company with a focus on startups. To learn more tips about avoiding the mistakes that startups make, read here.
