Minimum Viable Product Framework Template

This minimum viable product framework template has 4 pages and is a MS Word file type listed under our business plan kit documents.

Sample of our minimum viable product framework template:

MINIMUM VIABLE PRODUCT FRAMEWORK In new product development for businesses, a minimum viable product (MVP) emphasizes the effect of learning. MVP is a version of a new product with sufficient features to attract first-adopter customers. During the early stages of the product development cycle, MVP validates a product idea. For some industries like software, the minimum viable product helps the product team get user feedback early. Over time, that helps in iterating and improving the product. Most times, a company chooses MVP because they intend to release a product to the market early and test the idea. Importance of Minimum Viable Product for Businesses For small and medium enterprises (SMEs), here are some significant reasons why MVP is important: Gaining Investor Buy-In Most SMEs rely on investor buy-in to get funding for a project. For a business owner to get the buy-in, it's imperative to build confidence in the product pitched. Investors also need to understand the product's ability to produce the desired results. With an MVP, businesses can know whether their ideas will work before pitching them to stakeholders/investors. Testing Business Ideas Providing core product features instead of the entire package helps businesses verify their product idea. Ventures can thereby easily figure out whether their product concept resonates with the target audience. After the product launch, the SMEs can know the social groups and their methods of interacting with the product. With that information, businesses can channel app functionality to suit the target audience. Building a Monetization Strategy When building a strategy, it's crucial to test all assumptions with the MVP