CMA Final · Entrepreneurship and Startup · Idea to Action
Before building a full product, a founder of a Pune-based food-tech startup releases a basic version with only the core ordering feature to a small group of customers, mainly to learn whether customers actually want the offering. This version is best described as a:
The version is a Minimum Viable Product. It carries only the essential features, is released to a small set of early customers, and is used to test demand and collect feedback cheaply before the founder invests in complete product development.
- AMinimum Viable ProductCorrect
- BFinal market-ready product
- CExit-stage prototype
- DFranchise model
Explanation
A Minimum Viable Product has only the core features needed to test the idea with early customers and gather feedback at low cost. A final market-ready product would involve full development effort, which is exactly what the founder is avoiding at this stage.
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