The concept of MVP (Minimum Viable Product) is frequently discussed in the IT industry, particularly in relation to startup ventures.
MVP is a demo version of a product with a minimal set of features that are adequate to validate a new business idea and introduce it to the market. The main purpose of MVP is to prevent wasting time and money in developing a product that may not be viable in the market.
In this article, we will explore the concept of MVP and why it is essential in startup ventures.
What is MVP and how it works?
To illustrate the importance of MVP, let us consider a hypothetical scenario. Imagine someone who wants to build an e-commerce platform for premium vegan women's shoes. This is a challenging and expensive project that could take hundreds, if not thousands, of man-hours to develop. After launching the platform, technical issues may arise that were not identified during the testing phase. Furthermore, early customer feedback may necessitate the addition of new features, further increasing costs.
MVP is a demo version of a product with a minimal set of features that are adequate to validate a new business idea and introduce it to the market.
How MVP can prevent wasting your time and money?
In the IT industry, man-hours are the most expensive component of any project. As a result, startup founders may find themselves in an endless financial loop, requiring them to repeatedly open their wallets throughout the development process. While expenses are necessary investments in the long run, few newly founded businesses succeed, with 85% incurring significant costs without generating any returns.
MVP can prevent these issues by providing a way to test the viability of a business idea without incurring significant costs. For instance, in the case of the premium vegan women's shoes e-commerce platform, an MVP could consist of a simple 2-page website showcasing 2 or 3 premium vegan shoes. The website may not have any additional features, such as a blog or analytical tools, and orders may need to be managed using Excel and email. However, this modest website can help answer the most critical question: "Does anyone need this business in the first place?"
The main purpose of MVP is to prevent wasting time and money in developing a product that may not be viable in the market.
If your MVP is good, can it generate high interest?
While some may find this question uncomfortable or even embarrassing, the concept of MVP is based on the belief that a good idea will generate interest, even on an unassuming website or application. MVP is not intended to impress anyone; it is a way to test the market demand for a product.
The real users or customers can provide valuable feedback to determine what other features should be added, removed or modified to improve the product. By being open to customer feedback, startup founders can develop a product that meets real customer needs and wants, instead of investing time and money on features that may not be useful.
MVP is an essential concept in the IT industry, particularly for startup ventures. By testing the viability of a product before investing significant time and money, startup founders can minimize the risk of their products becoming useless in the end. By being open to customer feedback, startups can develop products that meet real customer needs and wants, ensuring the success of their ventures.
At Winalife, we possess the expertise to help startups determine what features should be included in the MVP for their project. We also have a range of tools and methods to collect and analyze customer feedback, allowing us to help validate ideas at minimal costs. Do not hesitate to contact us to find out how we can help you to make your MVP stand out.