Week 2 - MKTG 6101 - Ascend Your Start-Up

Hello everyone! This post will be covering the content covered in Chapter 2 of Ascend Your Start-Up (https://www.amazon.com/Ascend-Your-Start-Up-Disconnects-Accelerate/dp/1641466219).

MVP (Minimal Viable Product)

A minimal viable product (MVP) is a version of a product with just enough features to be usable by early customers who can then provide feedback for future product development.
Depending on the type of industry and business you are in, a MVP may look different but will contain the same basic components.

One of the most famous examples of MVP’s throughout the nation include Airbnb. Airbnb started out with two roommates living in San Francisco who could not afford the rent for their apartment. They then decided to put an air mattress in their living room and create a temporary living space that they could rent out. Seeing the success that they were having, Chesky and Gebbia created a website but struggled to find people willing to use their platform. Therefore, they took to Craigslist and homeowners quickly began using the platform.
Now Airbnb has had tremendous success and annual revenue for 2020 was $3.378B.

This is just one of the many examples of MVP’s and how they have played a major role in a company's success. By building an MVP, businesses are able to test out the product in the market and gather insights about how the product is performing. 

As stated in Ascend Your Start-Up, it is vital for a business to define their MVP’s and understand what problem your product solves, for whom, and why. 

Thank you for reading!

Until next time,

Mariana Munguia