Assignment 10

The Week 11 lecture in Tech101, led by Engr. Miriam Bergado, focused on the concept of Minimum Viable Product (MVP) and Traction. The lecture was conducted through a Facebook Live session on November 15, 2021, at 10 AM. This session was vital for understanding how to develop a product with just enough features to attract early adopters and validate a business idea.

A Minimum Viable Product (MVP) is a basic version of a product that includes only the core features necessary to solve the problem it is designed for. The purpose of creating an MVP is to test the product’s potential in the market without spending too much time or resources. Engr. Bergado emphasized that building an MVP helps startups gather user feedback, identify potential improvements, and minimize risks before investing in a full-scale product launch.

In the lecture, Engr. Bergado also discussed how traction plays a critical role in the success of a startup. Traction refers to the evidence that the product is gaining interest and demand in the market. This can be measured through various metrics such as user sign-ups, downloads, sales, or even social media engagement. The objective is to demonstrate that the product is resonating with the target audience and solving a real problem.

Engr. Bergado highlighted that the MVP and traction are interconnected. An MVP allows entrepreneurs to test their assumptions, while traction provides the data needed to make informed decisions. By monitoring traction, startups can assess whether to pivot, scale, or refine their product. This approach prevents entrepreneurs from wasting time and money on features that do not add value.

Overall, the lecture provided practical insights into how to validate a business idea through an MVP and how to measure its success through traction. The key takeaway is that building a successful product involves starting small, listening to user feedback, and making data-driven decisions.