You create a successful product when you deliver something people want to buy, simple as that. Is there a way to figure out what people want before spending a ton of time and money?
There is a way, and it’s becoming more and more popular due to the lean startup movement. It’s called the minimum viable product approach.
The technical definition of minimum viable product (MVP) is a product with the highest return on investment versus risk. And the way you minimize risk related to your investment of time and money is basically figuring out if people want to buy that product.
Most lean startup examples of the MVP approach involve software. Let’s look at a few examples in product categories other than software to give you an idea of how the process can work for you.