At FLDWRK we talk a lot about MVP and we don’t mean Most Valuable Player (although we do believe you all are the real MVPs – seriously). But as we use it in our startup programs, MVP means Minimum Viable Product, Program, or Service. So let’s dive a bit deeper to understand what this really means and why it is important.
MVP means that people are exchanging their time or resources to use or engage with your product, program, or service.
Let’s break it down with some good old definitions.
Minimum: The least amount possible.
- It doesn’t need to be completely flawless, all built out, or completely developed. In fact it shouldn’t be. But it should work and be something.
Viable: Capable of working successfully
- It works and people want it. Their willingness to purchase, donate to, or engage with your it indicates that it resonates with people and it is capable of surviving.
Product, Program, or Service:
- You might have a physical product, a program for people to participate in, or a service that you are providing. You’ve developed something that is tangible and people can interact with.
So MVP is a Minimum Viable Product, Program, or Service that people are willing to exchange time, resources, or energy to interact with.
Why Does It Matter?
Arriving at MVP means that you did not spend unnecessary time, energy, or resources in building out the fullness of your future vision only to discover that you probably should’ve done a lot of things differently. The MVP mentality understands that you definitely will need to change things, but the benefit is that you don’t need to backtrack or undo a lot of work. You just need to move forward, pivot, and adjust as you go. You don’t need to have an established organizational structure, a business plan, be a legal entity, or have employees. Freeing, right?
Take a look at these measures to determine if what you’ve developed so far qualifies for MVP. If not, no worries there. Our Pilot Program is all about helping you arrive at this point.
- Your idea has a well articulated purpose and objective connected to your unique story and journey. This is what makes your idea so compelling and inspiring!
- You have concrete problem & solution statements. The problem or issue you’re addressing is clear – and your solution is not only deeply rooted in your personal “why”, but it’s also a valuable and well-formed solution that best meets the needs of the population you’re serving.
- Your solution is built with enough definition to test, iterate, and validate for scalability and repeatability.
- You can envision the future of your idea & the impact it will have on the world – and have the roadmap you need to get there.
- You’ve identified key customer segments and started customer discovery in your target audience. You understand the people that will be receiving the value of your solution & idea, have gotten to know them, started customer interviews, and have learned valuable information from them to guide your idea’s development.
- You’ve built something that provides value to your audience. Your customers or audience have started to exchange their time, money or energy for the value you’ve created & are offering them.
So there you have it. That’s what MVP is. FDLWRK’s Individual Coaching helps you get there! If you’ve already arrived at MVP, and would like to move on to develop a comprehensive business model, we’d love for you to consider joining the Launch Program.