Written by Craig Whitcomb
In the manufacturing world MVP stands for minimum viable product. But when it comes to Remarkable Venture Inventing I believe MVP stands for minimum valuable product. An MVP invention is the simplest design with no bells and whistles that solves a problem and brings value to the user. Think of it as a starting point, a way to gauge the initial value proposition of your invention without investing exhaustive time and resources. By prioritizing essential features that deliver immediate value, the MVP approach enables you to swiftly bring an idea to market and obtain valuable insights from real users.
Crafting a Minimum Valuable Product is akin to planting the seeds of innovation with a keen eye on growth. It’s about identifying the fundamental elements that make your invention valuable to users and concentrating efforts on bringing those aspects to life. In this context, the MVP methodology becomes a dynamic tool, allowing inventors to iterate and refine based on user responses, ensuring that subsequent development phases are guided by actual user needs and preferences. Ultimately, the MVP strategy not only accelerates the product development process but also enhances the likelihood of creating a product that resonates with its intended audience. Also, it gives room to continue a relationship with an established licensee or partner down the road when enhancements and features can be added.
It is exciting to picture your invention with lots of options and features to make it more awesome. However, it is important to put yourself in the user’s shoes and look at the solution from every angle and use. Remove unnecessary features and focus on the basic function to assure that the invention effectively solves the core, meaningful problem.
During early development look at each component of your idea and make sure that it contributes to the basic function. Even consider structural components and materials to make sure they are adequate yet affordable. Search for similarly designed products in different markets to see what structure and material was used and compare to your market. Even look for designs in nature to see if there are simple alternative options to your design. Bottom line, If it’s not required, remove it and leave it for later once your invention is proven.
Sticking with the Minimum Valuable Product often makes the process easier with better results. Prototype costs may be lower, cad drawings simplified, and your focus is narrowed to assure optimal design quality.
Once your MVP is proven you can later reconsider which features will enhance the solution. Perform tests to make sure added features are beneficial. Be conservative to avoid taking away from the experience of your basic invention. These features may also be strategically used as a negotiating tool in the future, depending on the licensee or partner.
Step back and evaluate the changes with the user in mind to assure that you are satisfied with the results. Once you have finalized your MVP invention, you are ready to start working on a prototype and proof of concept discussed in Remarkable Venture Inventing step 6.
Summary
To continue the Remarkable Venture Inventing series, read: Creating a Prototype with Limited Resources next.
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