Minimum Viable Business
One amazing outcome from this years StartupBus competition was each team reaching the semi-finals produced a MVP (Minimum Viable Product). A MVP is simply defined as
A product that has just those features that allow the product to be deployed and no more
The teams having an MVP were able to launch, attract users and, begin getting feedback on their product or service. A few examples of teams that accomplished this year are
As you can see, anyone can begin immediately using their products.
What really excited me was that some of these companies went even further and produce more then just an MVP. They produced a Minimum Viable Business (MVB).
A Minimum Viable Business can be defined as
A business that has just those attributes that allow the business to begin gaining paying customers, users and no more.
I refrain from defining attribute other then it is something directly related to the business gaining paying customers. These attributes allowed your business to launch, acquire revenue, so you can begin iterating on the business. This allows you to leverage your revenue in shaping both your business and product.
This is just the tip of the iceberg on what I and others like Elias Bizannes are thinking about. I just wanted to get something written down. As I explore this concept more, bounce it off a few people smarter then myself, I'll write more.
