Let’s take a look at a few case studies that show how the concept of MVP works.
Alexander Poon, a cofounder of a software system that automates real estate showing schedules, and his team learned programming skills and then after divisive feedback from customers pivoted to bootstrap a software solution available on all platforms.
They began by conceptualizing their vision for their business, planning for everything from validating the idea to making decisions about the tactical considerations for the product.
After running the idea through their friends and family, they conversed with potential customers and learned quite a bit about how to optimize their product for their market. They created an MVP and used it to measure customer behaviours and after several iterations had their product ready for market.
Alec Pestov is the founder and CEO of vGIS Inc., a company that developed a software program to transform traditional Esri GIS (geographic information systems) data into augmented reality visualizations and holograms. For four years he was a client of RIC Centre, beginning with his first product called Meemin. The company launched their MVP in 2017 and over several years and iterations of the MVP, gained a net positive cash flow.
He has two main lessons to share:
1. Always be able to sell the product before it is built.
2.If you’re just going on the intuition that your product will solve a problem, that’s a recipe for disaster.
Chris Houston was the CEO and founder of SurfEasy, which was a VPN service that focused on security at large companies. He now acts as the VP of mobile product development at Symantec. At SurfEasy, he launched a low fidelity MVP to find out if customers were interested, and from the results of that created a Kickstarter a campaign to raise money for the product.
Mark Oleniuk is a cofounder and managing partner at ResQ, which is an app that organizes on-demand maintenance and preventive fixes for restaurants. They validated interest in their business before building the app by beginning as a manual process and handling service requests for clients. From the results of that, they were able to build the ResQ product.
As these case studies show, launching an MVP and treating it like a science experiment lets you determine if a product is marketable and what features are desired by customers.
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