Prototyping

Concept – A potential product or solution; a more fully-formed idea for a product.

Prototype – An initial or early construction of the product concept, typically less formed than a “final” product; a mock-up, rough draft, meant to be iterated upon.

Build-Measure-Learn, or Test-and-Measure Loop – The iterative process whereby prototypes or products are built, tested, and the product development team learns about the product and consumer; some might say this is the fundamental building block of product refinement. (See Revolutionizing Product Development as the O.G. source of this concept; also The Lean Startup discusses this at length.)

Iteration Cycle – Completing all steps of build, measure and learn.

Minimum Viable Product – The MVP is as basic a prototype as is possible to facilitate a build-test-learn cycle; the bare-bones prototype required to test something; Often cited as a milestone stage in product development when learning begins. See The Lean Startup and The Lean Product Playbook for all things MVP.

Iteration Velocity – The speed with which you go from one iteration cycle to the next – iteration cycles being versions of your product which are built-tested-learned about. (See The Personal MBA https://personalmba.com/iteration-velocity/ and The Lean Startup.)

Speed –

Failure; Fail Early, Fail Often; Fail your way to success – Silicon Valley slogan for rapid learning; failure is a symptom of learning and progress, and the sooner you fail, the better, for later failures can be much more costly from a resource-invested standpoint. “My goal is not to fail fast. My goal is to succeed over the long run. They are not the same thing.” – Marc Andreessen