EXPLORING MINIMUM VIABLE PRODUCT FOR START-UPS

On 21.6.2022 the Department of Artificial Intelligence and Data Science in association with Entrepreneurship Development Cell and IIC organised “Exploring Minimum Viable Product for Start-ups” for first year Artificial Intelligence and Data Science students. Dr.K.Lakshmi Narayanan In-charge of Embedded and IOT Incubation Centre was the resource person. He said that a minimum viable product (MVP) is a version of a product with just enough features to be usable by early customers who can then provide feedback for future product development. He also said that it is released to a handful of people to test a new business idea and gauge people's or the potential customers' reaction to the MVP. The information given by the potential customers will be taken into consideration before designing the full-fledged product. He mentioned that 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 highlighted the three key characteristics of a Minimum Viable Product such as; It 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 resource person said that the MVP allows organizations to test market demand for their product, discovering if potential users need and will use the product without having to invest large amounts of money. As the resource person is involved in the product development, he gave lot of live examples from his own product development experience. The interaction between the participants and resource person helped the students to understand the real purpose of developing the MVP and the advantages to the product developer. Participants enjoyed the session. This workshop was convened by Dr.A.Anitha Head of the Department of Artificial Intelligence and Data Science. Mrs. P. Sooriabrabha, AP/AI&DS was the coordinator for this workshop