How can you maximize innovation, reduce risk, and build an entrepreneurial organization? Harvard Business Professor Laura Huang explains the importance of the Minimum Viable Product in achieving all three goals.
Instead of creating the disparate parts of a product and then assembling them into its final form, creating a Minimum Viable Product or MVP means creating products with enough core features that they can be marketed to consumers at any stage.
Despite the fact that developing MVP’s involves taking plenty of risk, in the long-run it actually reduces it, because each iteration is an isolated product that has the potential to be a success. “The crux of an MVP is taking risk,” Laura Huang explains. “But each risk is something that is stand-alone and sustainable.”
MVP’s allow for more improvisation, and by extension, innovation. “You’re taking lots more chances and maximizing the innovation and impact that you can have.”
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