MVP — is a minimally viable product (a minimum viable product, a prototype), an early version of a product with minimal functionality, able to satisfy the consumer. The value of MVP – is spending little time on the design, development of the project and an ability to quickly get the first feedback from customers. In IT companies, MVP is used as the start of a successful software product.
Your startup needs MVP too, and here’s why:
1. Saving finances and time – you initially develop a minimally viable product, and not a full-fledged and refined version; it means you will not invest more: time, money, energy, man-hours, and most importantly – nerves.
2. Careful probing of the market while staying in your happy place – you launch MVP with the ability to quickly understand: which shortcomings are made in planning the marketing strategy, how the market responds to the product service, and what sorts of technical errors (bugs) have been made.
3. My MVP – is your MVP – fast interaction with your TA (target audience). You can start talking about your product / service, use digital channels of communication and advertising, and participate in exhibitions. You can get feedback from the clients and understand what they really want, and how to give it to them.
4. Investors – having a ready-made MVP product, it’ll be much easier to get decent financing from the “business angels”. Investors no longer want to invest in the “germ idea”, they want to see a ready-made MVP. Statistics of the past 10 years has shown what a large percentage of failed startups there had been, and how many billions of dollars had been invested in the projects that hadn’t even made it to the start.
5. Working on the bugs – you can quickly fix the shortcomings, work through all the pitfalls faced during the MVP launch, and take into account the desires of customers = this is the Victorious Startup 😊.
The concept of MVP is a part of the methodology of a Lean Startup:
– Development;
– Measurement;
– Receiving the feedback.
This method allows you to allocate project resources as efficiently as possible, and with minimal losses come to the launch of a full-fledged successful product.
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