Hypotheses testing and MVP

In this section we discuss the transition to designing a Minimum Viable Product (MVP) after completing the Lean Canvas and initial customer interviews.

Moving to the MVP Stage

The Lean Canvas helps in mapping out an idea, identifying customer segments, problems, solutions, and value propositions. However, these are initially just assumptions. Customer interviews provide initial validation, aiming to establish problem-solution fit – confirming if a problem is worth solving and if a viable solution exists.

Once a fair degree of confidence in problem-solution fit is achieved through customer interviews, the next step is to design and create the first MVP.

The Role of an MVP

An MVP serves a crucial purpose that goes beyond initial customer interviews:

• Experience the Solution: While initial interviews involve describing the solution, an MVP allows customers to experience the product or service. This hands-on interaction provides richer feedback.
• Gather More Data: By allowing customers to interact with a tangible (even if minimal) representation of the solution, entrepreneurs can gather more concrete data on its effectiveness and desirability.
• Transition to Product-Market Fit: The MVP stage marks a transition towards validating product-market fit – determining if the built solution truly resonates with customer needs and if there's a market for it.

Designing Your First MVP

When designing an MVP, entrepreneurs should consider:

• What it will look like: The MVP should be minimally viable, not necessarily a full, polished product. It could be a basic prototype, a functional mock-up, or even a simplified service delivery.
• Hypotheses to Validate: Clearly define the specific hypotheses you aim to validate through this MVP. This ensures the effort is focused on learning critical information about customer adoption and product desirability. The ultimate goal is to quickly create something that can be taken to customers to allow them to experience the product or service and capture their response.