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Video four discusses product development, covering terms such as Minimum Viable Product, Iteration, Agile Development, and the Pivot. The modern lean startup approach encourages the entrepreneur to get feedback on their products (or services) throughout the design process. Developing prototypes that customers and suppliers can interact with can help gather information to improve the design of the product. Prototypes can be as simple as a drawing or a crude non-working model of the product. The important part of the prototyping process is to keep iterating and improving the product, even after the launch of the product, to improve the product and keep ahead of the competition.
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