Assignment 11

The lecture by Engr. Miriam Bergado on Minimum Viable Product (MVP) and traction was insightful and informative. The session emphasized the importance of developing a basic version of a product that can be released to early users to validate assumptions and gather feedback. This concept resonated with me as it highlights how crucial it is to avoid investing too much time and resources in a fully developed product without first testing its viability in the market.

Engr. Bergado explained that an MVP is not just a prototype but a functional version that solves the core problem and meets the primary needs of the target audience. By focusing on essential features, startups can save costs and minimize risks while gaining valuable insights into user behavior. She provided practical examples of successful MVPs, such as how Dropbox initially launched a simple demo video to validate interest before building the full product.

Moreover, the lecture also discussed the concept of traction, which refers to the evidence that people are interested in a product and are willing to use or purchase it. According to Engr. Bergado, gaining traction is essential for attracting investors and scaling the business. She emphasized that measuring traction can involve metrics like user sign-ups, revenue growth, or customer feedback.

I found the lecture particularly relevant to my studies and projects, as it reinforced the idea that launching a product without testing its demand can lead to wasted resources and missed opportunities. The key takeaway for me was that an MVP is not just about building quickly but about learning quickly. By focusing on delivering a simple but functional product and tracking traction, entrepreneurs can make data-driven decisions that can significantly impact the success of their ventures.