Blog posts tagged in Minimum Viable Product
There are few career paths I can think of that are more challenging than trying to launch a new venture whose success is centered around the development and subsequent roll-out of a new technology. We have countless success stories to point to, and entrepreneurs who are revered, almost worshipped, … but what is often left out is truly how long it took, and how much money (including academic research dollars, grants, and private capital) was required to get there.
A Minimal Viable Product (MVP), is a new product that can be rapidly developed in order to efficiently test the value proposition with real customers. The ultimate goal is to accelerate the innovation cycle towards creating the real home run. Eric Ries originally outlined this methodology in his book, “The Lean Startup”, and it has inspired the formation of countless software start-ups that can deliver that MVP with pizza-fueled coding marathons. But for companies looking to commercialize products based on advanced materials, there are typically a myriad of technical, commercial, and regulatory roadblocks that make executing on a MVP much more difficult and time consuming. But this concept is too valuable to be ignored by early stage advanced materials enabled companies.
The hottest field in the world of advanced materials today is 3D printing. But this has been a long time coming. Hideo Kodama of Nagoya Municipal Industrial Research first developed additive manufacturing equipment and materials in1981. This original work closely resembles the stereolithography technique pioneered by Charles Hull that remains a dominant technique today. Despite the promising future at the time of this original work, it wasn’t until 27 years later, in 2008, that the additive manufacturing industry finally surpassed one billion dollars in revenue, a key threshold in becoming mainstream. Borrowing from Silicon Valley, I’ll use the term “revenue unicorn” for this milestone. Since that time, there has been no looking back.