Nagaraj Nagabushanam, Director Product Management, Mobstac – a Bangalore-based Startup founded in 2009, offering an iBeacon proximity-Marketing and Analytics platform. Nagaraj is a seasoned professional – a journalist turned digital content innovator turned product manager. He has taken a range of products – print, apps, websites – from idea to MVP and beyond. Some of his past roles have included Vice President – Digital Media at a Startup, Senior General Manager – New Media, The Hindu Group and Senior Assistant Editor – Business Line, Kasturi & Sons, Ltd. Nagaraj holds an MBA, Finance, Bharathiar University and B. Com., Commerce & accounting, RKM Vivekanada College.
Nagaraj Nagabushanam used several examples to illustrate and elaborate on the important points that entrepreneurs should bear in mind while Building Minimal Viable Product (MVP):
1. Minimal Viable Product (MVP) is different things to different people. A definition: “MVP is that version of a new product that allows a team to collect the maximum amount of validated learning about customers with the least effort”
2. Its roots lie in the lean startup philosophy which is about preventing waste
3. Basically, the MVP process allows teams to experiment, validate or invalidate a specific hypothesis. Its focus is on learning, not scaling
4. How does one know what to build as part of MVP? Startup teams need to intellectualize the idea in great detail; this set then needs to be reduced down to the essence – what is the minimum that is required to be built to communicate the core of the product to potential stakeholders. Focus is key. Stay with the necessary
5. Should one write code? Only if there is no better way to validate your hypothesis
6. It is important to note that there is no set formula. Each Startup is unique and needs to work out its own specifications
7. The powerful feedback received during this process allows Startups to better plan – be it further product features, resources, Strategy, Marketing & Sales, supporting services etc.
8. Customer demands may be many, however Startups need to pick carefully, the few that need to be executed now
9. It also helps prevent a situation of over committing resources to a product without a picture of customer demand and usability
10. Launching an MVP may result in surprising results. The product may be built with a specific Target group in mind, however a whole new group of customers might adopt it. Or, one set of stakeholders might be very enthusiastic about the product, however the stakeholder group that would potentially pay for it may not jump on board
11. Detailed planning and execution of MVP is therefore an important exercise that Startups should take on early in their journey
12. This way a Startup ensures that it is not just building any product, but a product that customers want. Ensuring that customers continue to use teir devices way after purchase is bigger challenge.Good design and practically are key.
