Minimum Viable Product

Reis defines the Minimum Viable Product as a “…version of the product that enables a full turn of the BML loop with a minimum amount of effort and the least amount of development time.” (YEAR: 77)

The BML (Build, Measure, Learn) loop represents the process of Building a product that customers can use and putting in their hands; developing metrics that enable you to Measure the things that matter in terms of advancing your product towards better meeting customer needs such that you can both establish a baseline and also assess the impact of features / developments you incorporate into your product; and, Learn is when you take the measurement information and decide whether to persevere on the current path or you need to pivot. If you seem to have a viable and desirable product then you can persevere via fine-tuning, if not then you should consider changing course with a pivot to ‘test a new fundamental hypothesis about the product, strategy, and engine of growth’? (YEAR: 149)

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