Assignment: Minimum Viable Product
In this section we will explore what is your MVP and create a strategy to complete the task at hand. Remember our goal in this class is to ACT, not be theoretical about the business. The faster you can develop your product or service, the faster you can get to market and get feedback about your business concept and assumptions made.
The minimum viable product includes the following steps:
1. Define a goal for your MVP. What are the minimum features you want to test in your product and service for the first phase?
2. Create a strategy. What steps and tasks do you have to complete to reach the goal set? Who is responsible for doing what? What are the available resources? What are the lacking resources.
3. Execute on the strategy. Follow all the steps, deadlines and tasks created in your strategy to achieve your goals on time and within budget.
4. Test and launch your MVP-1. Take your product on a test run with your potential customers. Let them explore the feature and solutions you built.
5. Collect data. Based on the interaction of the customer with your concept did they like it, how can you improve it, what are your next steps.
All these steps will lead to better understanding of your business concept and your customer segment. After MVP-1 you should have enough information to make informed decision regarding your business.
For MVP, all teams will be required to submit a pitch video about their business concept. We will discuss the details of the pitch during one of the upcoming lectures in more details.
In this assignment, we will follow the steps highlighted in the lecture and second video to create an MVP list and a strategy.
Complete the attached assignment. Submit one PDF document to the discussion board section per instructions given.