This week, Dan Neumann and Justin Thatil are joined by Erik Lindgren to discuss the concepts of MVP (Minimum Viable Product) and MMP (Minimum Marketable Product) and the differences between them.
In this episode, they explore an example of a successful brand that started the simplest way possible and became a multimillion-dollar success a decade later!
Key Takeaways
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Erik shares the story of Honest Tea, which grew into a multimillion-dollar company. They started with the MVP (making tea at Eric’s home to sell later), and ten years later, Coca-Cola bought forty percent for forty-three million dollars.
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What is the simplest way to get to the market fast? Start with the minimum to get on the market and test your idea.
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It is crucial to shift from an existing platform to a new one with the minimum risk possible.
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What is the difference between MVP and MMP?
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MVP: We are unsure if there is a market for this product, who will buy it, and how they will respond to it; for that, you put together a business hypothesis.
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MMP: What is something that the market will really adopt broadly?
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There is a considerable risk in taking the Big Bang approach to a project.
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An integrative and incremental approach seems more effective than redoing the entire ERP system before going live. Grow a system organically instead of trying to do it all at once.
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A team must ensure they know whom they are solving a problem for to focus£ on what matters most.
Mentioned in this Episode:
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