For practical purposes, a Minimum Viable Product or MVP is that version of a product with the 1) barest features that an 2) early adopter 3) would buy that 4) maximizes user feedback with the 5) least effort. Take away any of the five points and you’re left with something other than an MVP. MVP’s are not necessarily the simplest, cheapest, or fastest product to develop, per se. While the focus is on producing a product, an MVP can and should be considered as part of a process and strategy, well-suited to Lean Startups.
“Fail fast and frequently,” is practically a Silicon Valley Mantra, but to make it practical requires adding – Painlessly. With this in mind, it’s worth doubling down on finding the right product-market fit before you start investing too heavily into the development of your MVP. Avoiding time and money on features users may not want also helps to maximize feedback on your core feature – instead of everything but.
Indeed, while a Crowdfunding Project is not an MVP – the objectives are perfectly suited to one. We’ll discuss Crowdfunding Projects separately, suffice that they’re a great way to generate feedback on your core product idea and see how much people are willing to pay for it. It’s also an option for startups wishing to avoid the stress associated with interacting with investors. This is not to say crowdfunding is easier.