You may have been contemplating launching your startup venture for quite some time now. You have spent hours day dreaming what it could look like and how people will be improved by its use. Or, you may be a service oriented leader that has a wonderful plan to improve the quality of life for a particular group or community. At the center of your plan is your minimal viable product (MVP).
What is a Minimal Viable Product? According to Lean Startup author Eric Ries, “A core component of Lean Startup methodology is the build-measure-learn feedback loop. The first step is figuring out the problem that needs to be solved and then developing a minimum viable product (MVP) to begin the process of learning as quickly as possible. Once the MVP is established, a startup can work on tuning the engine. This will involve measurement, learning and must actionable metrics that can demonstrate a cause and effect question.” The Lean Startup movement is designed to ensure your big idea gets to market quickly while meeting the needs of your customer. http://theleanstartup.com/principles
The MVP
Although the purpose of the MVP is to run testable experiments to learn whether it has value among your customers, the true role of the MVP is to gain insights from collected data. Ash Maurya, CEO and founder of an IT Startup Spark59 shares his experiences with designing his MVP using a staged roll out plan shared with early adopters. https://www.youtube.com/watch?v=MHJn_SubN4E
Is it possible that your MVP can be funded by a grant or a partner who has the ability to be awarded a grant? If the answer is yes, Build/Measure/Learn how to get your MVP into the market place in 2014
Startup Funding News
- MII awarded $6.4 million to 67 commercialization projects and start-up companies in FY 2014, a majority of which are focused on biotechnology/health care related technologies. MII awarded $6.4 million to 67 commercialization projects and start-up companies in FY 2014, a majority of which are focused on biotechnology/health care related technologies.http://tedco.md/about-us/who-we-are/
- Frederick’s Triea Systems and UMBC jointly awarded $250,000 from MDNR and MIPS to advance commercialization of new technologies that conserve energy and reduce pollution. http://www.trieasystems.com/blog/triea-systems-and-umbc-receive-250k-grant-from-maryland-department-of-natural-resources-and-maryland-industrial-partnerships
Frederick’s Triea Systems and UMBC jointly awarded $250,000 from MDNR and MIPS to advance commercialization of new technologies that conserve energy and reduce pollutionThe BioMaryland Center is partnering with Maryland’s Department of Health and Mental Hygiene (DHMH) and the Center for Medical Technology Policy (CMTP) to incorporate improved health care quality and cost reduction criteria in the selection process for the BioMaryland Center’s annual Biotechnology Awards program. $1M will be awarded to projects, $50,000-200,000 each, advancing technologies toward commercialization–with preference given to projects which improve patient outcomes and reduce costs. October 1st is the deadline to apply for the next round of Biotechnology Development Awards. More information regarding the program is available online: http://www.bio.maryland.gov/Pages/default.aspx?utm_source=t2+BioMaryland+News+and+Events+-+8%2F12&utm_campaign=8-12-14&utm_medium=email
The BioMaryland Center is partnering with Maryland’s Department of Health and Mental Hygiene (DHMH) and the Center for Medical Technology Policy (CMTP) to incorporate improved health care quality and cost reduction criteria in the selection process for the BioMaryland Center’s annual Biotechnology Awards program. $1M will be awarded to projects, $50,000-200,000 each, advancing technologies toward commercialization–with preference given to projects which improve patient outcomes and reduce costs.
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