What’s an MVP and why do we need one?
A lot of our startup clients ask us this question, especially if they have a strong initial vision for their product. They, of course, want to see their idea come to life in its entirety and to deploy it in its target market. And we agree that thinking big is essential to the long-term success of any startup.
But there’s a high degree of risk involved with bringing a full product to market without first assessing the product-market fit.
What happens if a startup exhausts its time and capital on developing every single feature only to find out that its target market wants to use its product for a different purpose — or not at all? We want to reduce these uncertainties before entering into any project.
Here’s where an MVP comes in.
A minimum viable product requires less time and money to develop because it contains only core features. It enables startups to get their product into the hands of an initial group of users ASAP, so they can replace assumptions with actual user feedback. When a startup can tweak and pivot based on this information, its chances of success increase.
To develop a minimum viable product, we follow a process outlined by the Lean Startup methodology. First, we define the product. What makes it stand out? What problem does it solve? For whom? Then we define the scope, identifying which features are necessary and which can be developed in a later version. Having this clear roadmap not only ensures a smooth development process but allows our startup clients to begin testing their products sooner.
Startups begin with a long road ahead of them, so we recommend starting off right.
They aim to solve real-world problems, improve existing technologies, or disrupt entire industries. We believe that developing an MVP gives them a lot more fuel for the ride. It ensures they save time and money on features they may later scrap and it enables them to better assess the preferences of their users. And, with as little risk as possible, it brings them closer to achieving their full vision.