Define Minimally Viable Product (MVP)

Why is this Important? The MVP is the simplest version of your product that can be used to iterate on your assumptions. It is the most basic version of the solution you are proposing.

Key Actions Things to Consider Tool Kit
Determine the simplest product that will be commercial viable The MVP should solve the unmet need and be capable of generating easy to understand evidence of this

Do not overly complicate the product at this point – an overly complex product can:

  • Extend the development time
  • Increase the technical risk
  • Increase manufacturing cost
  • Make it more difficult to get regulatory approval
  • Increase the cost and time to get a product to market

Try to get a product to market as fast and inexpensively as possible

Make sure your provisional patents cover the MVP