1. Step 22: Define the Minimum Viable Business Product (MVBP)

2. Three conditions of MVBP “Concierging” Workshop
Outline
Overview
Three conditions of MVBP
“Concierging”
Workshop
November 28, 2018

3. Overview
This step:
Integrate your assumptions into a systems test, consisting of the minimal product that a customer will pay for
Determine: what is the minimum product you can use to test whether end user gets value from it
And whether economic buyer is willing to pay
November 28, 2018

4. MVBP- minimum viable business product
Overview
MVBP- minimum viable business product
Combines most important key assumptions into one integrated product that can be sold
November 28, 2018

5. MVBP should balance simplicity and sufficiency
Overview
MVBP should balance simplicity and sufficiency
“as simple as possible, but no simpler”
Limit number of variables in initial product
Get something that works into customer’s hands quickly
November 28, 2018

6. Three conditions of MVBP “Concierging” Workshop
Outline
Overview
Three conditions of MVBP
“Concierging”
Workshop
November 28, 2018

7. Three Conditions of MVBP
Customer gets value from using product
Customer pays for product
Product is sufficient enough to start customer feedback loop
Customer will help you iterate towards optimal product
November 28, 2018

8. Three Conditions of MVBP
MVBP is more than just a prototype
It’s a product that customers purchase
Hence it’s a business product!
November 28, 2018

9. Three Conditions of MVBP
Level of detail for MVBP depends on industry
“If you’re not embarrassed when you ship your first product, you’ve shipped too late”
Especially software
Not medical devices..
November 28, 2018

10. Three conditions of MVBP “Concierging” Workshop
Outline
Overview
Three conditions of MVBP
“Concierging”
Workshop
November 28, 2018

11. Make a solution that doesn’t necessarily scale
“Concierging”
Make a solution that doesn’t necessarily scale
Requires minimal initial investments
Replace complex technical aspects of product with humans
“Fake it until you make it”
Let’s you get valuable feedback quickly!
November 28, 2018

12. Did not have inventory of books Setup website anyways
“Concierging”
How amazon got started
Did not have inventory of books
Setup website anyways
On purchase, Bezos would visit local bookstore, purchase, ship
Lost money!
But they validated their initial assumptions on a real market!
November 28, 2018

13. Three conditions of MVBP “Concierging” Workshop
Outline
Overview
Three conditions of MVBP
“Concierging”
Workshop
November 28, 2018

14. Start with High-Level Product Specification from Step 7
Workshop
Start with High-Level Product Specification from Step 7
Worksheet #1: visualize MVBP
Consider concierging to minimize dev time
Worksheet #2: define how MVBP meets three key objectives
Customer gets value
Economic buyer pays
Starts meaningful feedback loop
November 28, 2018