Most successful products start with a simple idea. When you turn that idea into a simple and elegant product, the uniqueness makes an impression. If your initial customers share your enthusiasm for the idea, they will relish the simplicity, forgive the product’s shortcomings and give you plenty of feedback to guide your next steps.
Your MVP can play an essential role in funding your venture also. Demonstrating a working product and showing how real users interact with it trumps any PowerPoint presentation.
Traditionally, new product research has been based upon focus group interviews, surveys, product plans and lengthy development cycles. Then you find out how the customer will really react. The MVP gets a real product in front of real customers right away. Instead of asking customers how they would respond to a product, you can watch how they actually respond.
The Minimum Viable Product concept has been championed by software developer and entrepreneur Eric Ries. You can follow his teachings at his Startup Lessons Learned blog.
What is the MVP for your idea? What are you waiting for?