Building a Minimum Viable Product (MVP) is a crucial step for any new startup. An MVP is a basic version of the product that allows you to test your ideas, gather feedback from early adopters, and make informed decisions about the product’s development. Here are some different models a new startup can use to build their MVP:
- Concierge Model:
The Concierge model involves manually providing the service to customers in the early stages. This model allows startups to test their product idea without investing heavily in development. In this model, the startup will manually perform the tasks that the final product will eventually automate. For example, if the startup is creating a meal delivery service, the founders could deliver meals themselves in the early stages to gauge customer interest and gather feedback.
- Wizard of Oz Model:
The Wizard of Oz model involves creating the illusion of a fully functioning product while it is still in development. This model allows startups to test the market and gather feedback without investing too much money in development. In this model, the startup creates a landing page or a prototype that appears to be a fully functioning product, but behind the scenes, the product is not yet complete. For example, a startup developing a new app might create a landing page that allows users to sign up and enter their email address to be notified when the app launches. This model allows the startup to gauge interest in the product without spending a lot of money on development.
- Prototype Model:
The Prototype model involves creating a working model of the product that allows the startup to test the basic functionality and gather feedback from early users. This model is suitable for startups with a physical product or a software product that requires a high level of interactivity. The prototype can be a physical model, a 3D printed version, or a software prototype. For example, a startup developing a new type of wearable technology might create a physical prototype that allows them to test the basic functionality and gather feedback from early adopters.
- Single Feature Model:
The Single Feature model involves building an MVP that focuses on a single key feature of the product. This model allows startups to test the market and gather feedback on the most important aspect of their product before investing in further development. In this model, the startup focuses on developing a single feature that provides value to the user. For example, a startup developing a new social media platform might focus on building a messaging feature as their MVP, allowing them to test the market and gather feedback on this critical component of the product.
- Open Source Model:
The Open Source model involves releasing the code for the MVP to the public and allowing them to contribute to the development of the product. This model allows startups to leverage the skills and expertise of the broader development community and build a product collaboratively. In this model, the startup releases the code for the MVP to the public and allows developers to contribute to the project. This model is best suited for software products, but it can be adapted for other products as well.
In summary, there are several models that a new startup can use to build their MVP, including the Concierge Model, the Wizard of Oz Model, the Prototype Model, the Single Feature Model, and the Open Source Model. Each model has its own advantages and disadvantages, and the startup should choose the model that best suits their product and goals. Building an MVP is a critical step in the development of a startup and should be done carefully to ensure that the product meets the needs of its users.