A minimum viable product (MVP), is a thought that is based on the Lean Start-up methodology. Eric Ries first introduced this concept. It is a fundamental concept if followed in a start-up, it can result in immense market growth for the start-up.
Of course, minimum viable product example in large scale had success with good market growth statistics.
There is a site which is known as the Point, developed by Andrew Mason. It was a social media platform designed to get together a group of people to complete a task which was not possible for them to do alone, like raising funds. But this was not working as the users were not showing much interest in this idea.
Andrew decided not to quit, and later with the use of the same domain thought to make some changes by creating another site called The Daily Groupon. Here they started posting several deals every day. They waited for the user to sign up. And when a user signed up, they sent them a PDF document to their mail Id using Apple mail. After this has worked, they understood that their users like their business and their ideas, and their MVP has resulted in giving them a great start.
It is an online store that has huge market value and is being owned by the Amazon since 2009, for the worth of 1.2billion. This site deals with shoes. At the beginning when it started, Nick Swinmurn the founder of this company, and at present, the co-founder, started this site by going to store selecting a shoe over there and clicking its photos and giving it to his site. He wanted to see the response of the customer for an online store.
So when a customer orders the shoes, Nick himself used to go to the store, buy the same shoes, and deliver it to the customer who ordered them, everything was done manually. This made his customers believe that it was a new online store.
This is a good example of MVP, by not wasting too much money or time investing in your idea and then have it result in failure, hence, dealing with a considerable loss. It is not a bad option to deal with customer’s responses and feedback before delivering or investing everything in your idea.
It is a site that was providing a service to their customers to help them sync their files. The founders of this site are Drew Houston and Arash Ferdowsi. Houston and his team decided on how to understand if their customers will appreciate their idea or not. They decided that before preparing the product, they must take real user’s feedback.
They went from door to door for real user feedback. They gave the residents a glimpse of how their idea will be working and what their key points are. But with all this, they hadn’t concluded yet. So they decided to create an explainer video that will have all the information about their idea. And a video with proper explanation can take the attention of many people. This happened when the users signing up went from 5k to 70k, overnight. This event took place when there was no product. This idea gave Houston and his team a perfect result and a clear picture of how to prepare their final product and launch it in the market.
So, the use of MVP has and is continuing to result in many success stories and. It is a good scheme for all entrepreneurs to start their business after taking all the measures in the MVP methodology.