{"id":3488,"date":"2021-04-06T17:44:19","date_gmt":"2021-04-06T12:14:19","guid":{"rendered":"https:\/\/www.speakin.co\/edit\/?p=3488"},"modified":"2021-04-06T17:44:19","modified_gmt":"2021-04-06T12:14:19","slug":"minimum-viable-product-setting-the-scene","status":"publish","type":"post","link":"https:\/\/www.speakin.co\/edit\/minimum-viable-product-setting-the-scene\/","title":{"rendered":"Minimum Viable Product \u2013 Setting The Scene"},"content":{"rendered":"<p>Over the last few weeks, I\u2019ve been trying to structure my blogs around themes instead of simply writing one-off articles. The first series I did focused on the five factors affecting product development. While I was doing this, Corona happened. So, I dedicated a few posts to that. Continuing this theme, I will now focus on every start-up\u2019s holy grail and every start-up\u2019s nightmare: the\u00a0Minimum Viable Product (MVP). My idea is to set the scene with a bit of context, dispel some common myths, focus on three essentials, and then bring it all together. The examples I will use are likely to be the usual suspects; \u00a0kebabs and coffee. All of this is my take on the matter. If you look on the Internet, you will find many different opinions.<\/p>\n<p>As a product development house, my company\u00a0<a href=\"https:\/\/equitusengineering.com\/\">Equitus Engineering Limited<\/a>\u00a0often speaks to start-ups. A common theme in the start-up field is a great idea but little to no cash and no resources to deliver on that idea. A misconception associated with this situation is that \u2018since we don\u2019t have the cash to make a full product, let\u2019s do a minimum viable product (MVP)\u2018. This is a bit like saying since we don\u2019t have enough cash to make a kebab, let\u2019s have some yogurt and spices.<\/p>\n<p>So, what exactly is a Minimum Viable Product and why is it important?<\/p>\n<p>As a start-up, your product idea is usually based on one or more hypotheses and some data you\u2019ve obtained via market research or academic research, or in the rare case, you have a gut instinct. Now, in one of my earlier posts about innovation, I spoke about the holy trinity of\u00a0desirability,\u00a0viability\u00a0and\u00a0feasibility;\u00a0the three factors against which you must test your hypotheses\/data\/gut-instinct before embarking on full-scale solution development. A minimum viable product will help you just that. It should at the very least tell you whether or not the idea is worth pursuing any further.<\/p>\n<p>To summarise this post, a minimum viable product is a basic version of your product that will fulfil all requirements\u00a0functionally,\u00a0legally\u00a0and\u00a0regulatory. It will help validate your hypotheses about a certain problem and its solution and give you a go\/no-go to develop this solution further. It is important because it will help you get some quick wins for the minimum expenditure of resources.<\/p>\n<p>In the next post\u00a0we look at where to begin and how to begin on this journey.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over the last few weeks, I\u2019ve been trying to structure my blogs around themes instead<\/p>\n","protected":false},"author":133,"featured_media":3795,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3,1234,1233,40],"tags":[],"_links":{"self":[{"href":"https:\/\/www.speakin.co\/edit\/wp-json\/wp\/v2\/posts\/3488"}],"collection":[{"href":"https:\/\/www.speakin.co\/edit\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.speakin.co\/edit\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.speakin.co\/edit\/wp-json\/wp\/v2\/users\/133"}],"replies":[{"embeddable":true,"href":"https:\/\/www.speakin.co\/edit\/wp-json\/wp\/v2\/comments?post=3488"}],"version-history":[{"count":0,"href":"https:\/\/www.speakin.co\/edit\/wp-json\/wp\/v2\/posts\/3488\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.speakin.co\/edit\/wp-json\/wp\/v2\/media\/3795"}],"wp:attachment":[{"href":"https:\/\/www.speakin.co\/edit\/wp-json\/wp\/v2\/media?parent=3488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.speakin.co\/edit\/wp-json\/wp\/v2\/categories?post=3488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.speakin.co\/edit\/wp-json\/wp\/v2\/tags?post=3488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}