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Process & Methodology

Minimum Viable Product

Also Known As

MVPPrototypeBeta

A Minimum Viable Product (MVP) is the simplest version of a product that can be released to test core assumptions and gather validated learning with minimal effort.

What is an MVP?

The Minimum Viable Product concept, popularized by Eric Ries in The Lean Startup, is a development technique where a new product is built with just enough features to satisfy early customers and provide feedback for future development.

MVP Principles

  1. Minimum: Only essential features, nothing extra
  2. Viable: Must actually work and deliver value
  3. Product: Something customers can use (not just a mockup)

Types of MVPs

  • Concierge MVP: Manually perform the service before automating
  • Wizard of Oz MVP: Appears automated but has humans behind the scenes
  • Landing Page MVP: Test demand before building
  • Single-Feature MVP: One feature done well
  • Piecemeal MVP: Cobble together existing tools

Common MVP Mistakes

❌ Building too much (not minimum) ❌ Building too little (not viable) ❌ Perfecting before releasing ❌ Ignoring feedback after launch ❌ No clear success metrics

MVP in Venture Studios

Studios accelerate MVP development through:

  • Shared engineering resources
  • Design systems and templates
  • Proven tech stacks
  • Rapid prototyping capabilities

Example Usage

“They launched their MVP in 6 weeks and immediately started collecting user feedback.”

More Process & Methodology Terms

Ideation

Ideation is the systematic process of generating, developing, and refining new business ideas within a venture studio, typically guided by the studio's thesis and market research.

Validation

Validation is the process of testing assumptions and gathering evidence that a startup idea is worth pursuing, typically through customer interviews, prototypes, and market experiments.

Pivot

A pivot is a structured course correction in which a startup changes one or more fundamental elements of its business—such as target customer, problem, solution, or business model—while retaining learned insights.

Go-to-Market Strategy

A go-to-market (GTM) strategy is the comprehensive plan for launching a product into a market, including target customers, value proposition, pricing, distribution channels, and customer acquisition tactics.

Playbook

A playbook is a documented collection of best practices, processes, frameworks, and templates that venture studios use to systematically build startups, codifying learnings from past successes and failures.

View All Glossary Terms