Thursday, August 7, 2014

What is an MVP?

I recently had the good fortune to work with Socionext a Dutch based Amsterdam organisation working with a whole bunch of university students on the Wits campus. What i loved about their model was the MVP or Minimum viable product. The MVP model is exactly the way innovation and entrepreneurship should be managed as it is quick, simple, intensive and full of surprises.

5 Golden Rules of MVP’s
Eric Ries
  1. The goal is to begin the process of learning.
  2. Aim your MVP at early adopters. They don’t care about per-
    fect solutions. They care about being first users....
  3. Any additional learning you do beyond what is required to
    start learning is a waste.
  4. Be prepared for your MVP to bring bad news (and essential
    feedback).
  5. No matter what happens, don’t give up hope. Keep on testing,
    learning and growing. 

    So the students on the course had to first find a great idea using my newspaper technique and then do a MVP ( all in 5 days)

    I dont think we thought it possible but working 9-5 for 5 days showed it is possible. A lesson in itself.

    Great ideas like Train Surfing ( Literally standing on top of a train and surfing as a commercial enterprise), The sale of alternative milk (Like Yak milk), and even a self branding program for students.

    The students made it, delivered the MVP and even sold it...all in 5 days!

    Steve Blank talking about the MVP (2 minute video): http://www.youtube.com/watch?v=joNKkWPafZs

    I am going to take the MVP model and inculcate it into my Ideas Generation technique and limit the MVP to 2 weeks. Im very excited by this model and believe it will create the volume needed from idea to reality.

    “Your job as a founder is to quickly validate whether the model is correct by seeing if customers behave as your model pre-
    dicts. Most of the time the darn customers don’t behave as you predicted.” Steve Blank