Posts Tagged ‘MVP’
Product ViabilityFeb 20 2014
- Bob Cannon
- 1,067 Comments
Inventors invariably ask the wrong question when they ask what I think of their new product idea rather than asking how we determine the viability of their new product idea. In fact, it really doesn’t matter what I think of the idea. Product viability is determined by what the prospective customer thinks and how much time, money and effort the inventor is willing to devote to the idea. There will come a point in the process of determining viability where the inventor will decide for themselves whether or not they want to invest more time, money and effort in preparing their idea for market. That is the point of determining product viability. It is when you decide the new product will succeed or it will fail. Marty Cagan posted a great article on Product Market Fit which goes into more detail on how to determine product market fit or what is frequently called “minimum viable product”.
Other articles in the same vein include: Market Test Your Idea and Why New Products Fail (on this website).