Beware Of The "Minimum Viable Product"

You’ve heard the term, MVP, or “minimum viable product”? It’s big in the lean startup community. Around since 1999, the term was coined and defined by Frank Robinson, and thrown around a lot by Steve Blank, and Eric Ries. Ries defines MVP as “…that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.” It seems to be the early stage tech mantra these days. But be wary, the MVP can be a trap.

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How To Get Rich Quick

For years, this is how companies built value: They identified a need in a market, sized the opportunity, developed a viable solution for that need, ran the numbers and defined potential. Establishing value was a market-driven process, pure and simple. Investors calculated their ROI based on the market opportunity and an ability to scale, then gauged risk factors and plunked down the bucks. Then along came the promise of technology and the internet.

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