“My biggest learning from the SaaS Business simulation experience? Oh, that’s easy and something I am going to take back to the job tomorrow; the company that launches first has the most strategic advantage, and gosh darn it, we should have had that minimum viable product (MVP) before our competitors.”
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The concept of using the minimum viable product approach to test a business model is one of the most important concepts to hit the business world in many years. It was a very valuable lesson for my SaaS simulation participants, so I figured it’s nice to do a refresh on the MVP from a Business Acumen Perspective.
The Basic Concept: The Minimum Viable Product
In doing some research, I discovered that the concept of a "Minimum viable product" in Business Acumen is a term coined by Frank Robinson and popularized by Eric Ries, founder of the Lean Startup methodology. This is one of my favorite books as the concepts lend themselves to simulation-centric learning. Eric Ries also invented the concept of “persevere or pivot” which we use in every Advantexe digital business simulation round.