An MVP is shorthand for minimum viable product, which is the most basic form of your idea that will generate the most interest/validation. It is not the release with few features. An MVP should be the just the core features to enable the idea to be understood and used. Eric Ries gives a great definition of an MVP:
“The minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.”
So what does an MVP need to be to be considered, well, and MVP?
1. An MVP is a product. Customers must be able to use it. It’s not a landing page collecting signups.
2. An MVP is viable. It must solve the real problems your customers have.
3. An MVP is the minimum version of your product vision. It is not half done or untested. However, this again is the top problems, not every little thing.
Don’t forget explore the funding opportunities within the University, including translational funding awards, the Oxford University Innovation managed proof-of-concept funds as well as the frequent competitions and awards from organisations such as Oxford Entrepreneurs, Oxford Biotech Roundtable and others.
Check out our Resource Map to find more information.