Session on Build a Minimum Viable Product (MVP)

On 30th August, 2022 a guest lecture on “Build a Minimum Viable Product (MVP)” was organized by Entrepreneurship Development Cell & Institution’s Innovation Council in association with the Department of Mechanical Engineering from 02:00 pm to 03.00 pm. Mr.S.Magesh, Assistant Professor, Department of Mechanical Engineering, FXEC was the resource person. The program was held via offline mode. Dr.R.K.A.Bhalaji, AP/Mech coordinated the program and gave the welcome address.

The resource person shared the meaning of the Minimum Viable Product and the six principles of MVP such as path of least resistance, think scarcity, focus on closing the loop for the user and iterate & refine with user feedback and gave the real time examples such as iPhone, Microsoft office etc. He explained about why we need a MVP, how do we decide what features constitute a MVP, what can we do with the MVP to validate our business hypothesis and where do we go from here.

The spoke person also explained that the minimum viable product, or MVP, is a product with enough features to attract early-adopter customers and validate a product idea early in the product development cycle. In industries such as software, the MVP can help the product team receive user feedback as quickly as possible to iterate and improve the product. He also said that MVP has enough value that people are willing to use it or buy it initially. It demonstrates enough future benefit to retain early adopters. It provides a feedback loop to guide future development. The students raised few questions and clarifies their doubts. In fact, the students have gained knowledge and inspiration about the session. 30 students participated in the session.