I have found the Minimum Business Increment (MBI) to be one of the most useful concepts in 20+ years of doing some form of Agile, An MBI is the smallest increment of value that can be created for which value can be realized by an internal or external customer. MBIs are defined from initiatives for specific market segments or customers. They are a focus on what to build and release the quickest.
Whereas MVPs are about discovering whether a new product is viable and what it should be, MBIs are used to define the smallest increment of value to realize for existing products. MVPs are typically built by small teams that can pivot, whereas MBIs are used to coordinate the multiple teams required to create them. MBIs can also be used to help define dedicated product teams for the initiatives they come from.
Cost of delay (and therefore WSFJ) can be more effectively done on MBIs than on epics, since not all of an epic will be released at one time and features often are not releasable on their own.
Multiple teams can align around MBIs when making decisions on which item to work on next. While true for features, multiple teams should not be required to build a feature.
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