Abstract:
The term Minimum Viable Product (MVP) is widely used by startups and experts as a
tool to accelerate a startup’s product development process and reach the market faster.
However, there is confusion among young startups in understanding of the concept of
MVP given different explanations in literature. Using case study method, we deep-dive
into the product development journey of five hardware-startups from diverse domains
and identify seven factors: (1)Technical Acumen, (2) Domain Knowledge, (3) Business
Acumen, (4) Resources, (5)Policies and regulations, (6)Customer readiness and
(7)Founder(s)’ life stage, that affect product development. We also assign a level of
importance to these factors at each stage of the product development progression
proposed by us herein. The key contribution of this study is assimilation of two different
interpretations of the concept of MVP and development of a comprehensive framework
to explain how a product moves through product development progression. The findings
of this study will bring clarity and provide a holistic view of the product development
approach taken by early stage startups.
Description:
Fourteenth Biennial Conference on Entrepreneurship/ Edited by Rajeev Sharma, Sunil Shukla, Amit Kumar Dwivedi & Ganapathi Batthini
