Day 79 in MIT Sloan Fellows Class 2023, New Enterprises 7, MVBP
7What are the components of MVBP?
- Value: end users can recognize the values of the product
- Pay: economic buyer can actually pay for the products
- Feedback: Through MVBP, you can collect feedback from users.
MVBP of ATM
ATM seems to be very complex machine and it would be difficult to think about MVBP of ATM.
However, if you use the framework of MVBP above, you can conclude one ridiculously simple answer.
Yes, it is not necessarily automated and machine. ATM stands for automated teller machine, so MVBP should be just "teller" function.
This product prototype fulfills our MVBP principles.
- Value: cash in, cash out and transfer
- Pay: Yes, if you can withdraw cash, you will pay for transaction fee
- Feedback: if you watch the video, consumer seems to be frustrated. That's exactly feedback from consumers!
How about Theranos?
For different industries, the story would be different.
Thranos proved its value and there were a lot of people to pay and tons of feedback.
However one thing they don't have is actual product. Different from ATM example, in halth care industry, the most important value is ultimately accuracy and credibility. Even if it is MVBP, you need to have least required accuracy and credibility of blood testing.
