Purpose of an MVP

Welcome to the Altitude Accelerator blog series on creating a minimum viable product (MVP) for a software innovation. The series will cover topics including describing different types of MVPs, who should build them, whether or not to learn coding skills, how to create wireframes, collecting user feedback, and applying lean principles to development. These topics will be explored alongside real startup case studies.

What is the purpose of a MVP?

The purpose of an MVP is to validate your business model assumptions and determine if customers are willing to buy your solution. The typical path towards building an MVP goes something like this:

1. Make assumptions about a customer problem and a specific target customer who experiences this problem.

2. Talk to these potential customers to learn everything there is to know about this problem, the customer’s behaviour, the way they feel, and any other solutions to the same problem that exist

3. Propose a software-based solution to the problem that fills a gap in the market

4. Create a value proposition statement that articulates the key value the customer gets from the solution

5. Wireframe the solution based on data from initial customer conversations. 

6. Build an MVP – a functional early-stage version of your solution. This MVP should deliver on the core value proposition, but nothing more than that.

7. Collect user feedback, and refine your assumptions and the MVP

8. Sell your MVP – the value it delivers should be worth something to your customers

9. Work on the full commercial version of the software product

This series of posts will focus on how a startup founder can build an MVP with limited time and resources. The faster you get can to your MVP stage, the sooner you’ll know if your business is likely to make money, or if you need to pivot or change to a different idea. This is an efficient way to evaluate a new business idea without spending too much money upfront.

Good luck!

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