Minimal viable product
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minimal viable products generally accelerate: the first minimal viable product takes three quarters, the second only two, the third just one and then they start to come in every other week or so. Each time you will be able to validate or refute your next hypotheses faster than before. Funders and investors should look for this in any endeavour as it demonstrates a healthy startup’s runway to increase the number of pivots you can make before you must have lifted off.
- every minimal viable product that results from a pivot both destroys and creates product infrastructure, platform and features, so this accounts for just a part of the acceleration;
- as the product evolves, it turns into legacy, potentially slowing development down;
- learning critical things about needs, customers, markets, and strategy will accelerate development and pivots.
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- HBR » David Aycan,Paolo Lorenzoni » The Future of Prototyping Is Now Live
- Smashing Magazine » Grace Ng » A Guide To Validating Product Ideas With Quick And Simple Experiments