The creation of a MVP is essential for your Startup! What is actually a MVP?
MVP means Minimum Viable Product and refers to a product or prototype that allows you to test the reaction and utility of your invention on the customers/market. As part of the name suggests (Minimum Viable), the prototype should require as fewer resources possible, which means spending few money on raw materials and its construction must be fast.
With the MVP you will certainly identify some negative and positive feedback by the customers. This will be very good for you to do some adjustments in order to improve your product and finally reach the final product.
Check out our example to see how we planned our MVP and actually developed our prototype by clicking here.
Exercise: Describe how you will plan to develop your MVP. What will be the costs? On whom are you going to try it? When do you expect to start selling your MVP?
After knowing all these Primary Essential Tools, you are ready to start the journey through the 9 blocks of the Business Model Canvas! We hope you are excited about your innovation because we have high expectations on seeing it implemented in the market!