Minimum Product vs. Minimum Viable Product

As a founder, understanding the distinction between a minimum product (MP) and a minimum viable product (MVP) is crucial for your startup's success. While these terms may sound similar, they represent different stages in product development and serve distinct purposes.

Minimum Product (MP):An MP is the most basic version of your product that includes only core features. It's often not ready for market and may lack essential functionality. The MP stage is primarily for internal testing and proof of concept.

Key characteristics:

• Bare-bones functionality
• Not customer-ready
• Used for internal validation
• Helps refine the product vision

Minimum Viable Product (MVP):An MVP is a more refined version of your product that includes enough features to satisfy early customers and provide feedback for future development. It's the smallest offering that delivers value and can be released to the market.

Key characteristics:

• Core features plus essential functionality
• Ready for early adopters
• Generates customer feedback
• Tests market viability

Why the distinction matters:

1. Resource allocation: MVPs require more investment than MPs.
2. Market timing: Releasing an MP prematurely can damage your brand.
3. Feedback quality: MVPs provide more valuable customer insights.
4. Investor appeal: MVPs are more likely to attract funding.

As a founder, aim to progress from MP to MVP efficiently. This approach allows you to validate your concept internally before investing in a market-ready product, ultimately increasing your chances of success.