If one were to build say a Windows Azure "clone", what would be considered an increment that is "potentially releasable"?
e.g. Releasable vs shippable?
I can not envision what would be useful to a client with even a four-week sprint.
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Oddly enough, I did this years ago. The first releasable increment is someone could pick from a few options (windows web server, lamp server, etc) and it would trigger a build. When the build was done, the person was emailed some login and IP info. This was done in a 2-week sprint. The mechanisms that managed builds and customer communications became much more sophisticated in future sprints, but they worked a professional level of quality at the end of this sprint.
Now, I also want to point out that we chose to take a 2-week sprint to build proof of concepts using 3 different technologies as the backbone in order to better learn which one we wanted to move forward with, so our first releasable increment was actually from sprint 2 (1 month). But that was a choice. We decided the value in building 3 proof of concepts was worth delaying a releasable increment.