If you like to keep up with tech news, you will have undoubtedly heard of the freshly pressed Juicero debacle. In a viral video, Bloomberg reporters demonstrated how the company’s expensive juice packs could easily be squeezed by hand, dramatically exposing the $400 juicer as a ludicrous gimmick. Like wildfire, the internet was quickly set ablaze with comments from consumers who felt they had been swindled to internet trolls gleefully overcome with schadenfreude. Juicero, in turn, found itself in unfamiliar territory. Just a few years ago, the company had been living the Silicon Valley dream, to the point of securing nearly $120 million from major investors like Google and Kleiner Perkins. So where did it all go so horribly wrong?
At the height of the raw food diet craze, Juicero promised a revolutionary machine that would efficiently squeeze large chunks of organic fruits and vegetables. While this was all well and good, like so many others before them, the startup mistakenly believed that a good idea on its own can lead a product to success. In fact, the company’s fate was sealed from the very beginning; the moment they chose to present their product to investors with the help of a non-working prototype. Since then, Juicero continued to ignore the significance of a crucial step in development — the Minimum Viable Product (MVP).
In essence, an MVP represents the smallest possible product that is both usable and valuable to a target audience. When professionally developed, it is able to lower project risks, save money and win over investors. At Software Planet Group,