Creating a new startup is a rather complicated and exciting process. If you want to develop a high-quality and helpful product, you will have to master many new terms, and one of the most important is MVP. Today we want to talk about what it is, why it is so vital for functional startups, and what to look for when building one.
The MVP term definition
MVP is short form for Minimum Viable Product. It refers to the initial stage of project development. It involves creating a prototype with the basic functionality of a future startup, ready for sale.
What is the difference between an MVP and a finished product? The finished product should have not only well-developed functionality but also an original interface design, the ability to connect to various operating systems, and much more. MVP has only good functionality. Usually, this is enough for the application or website to perform the primary functions for which it was created, but it will not be convenient to use such a product fully.
Practice shows that if you spend a lot of time creating an ideal business plan, it still cannot have such a significant impact on investors as an MVP. People are most often willing to invest not in words written on paper but in projects that clearly show what the final product will look like.
Think to develop an MVP
To create a high-quality product that will be useful for users, you need to develop an MVP. The most important thing here is to come up with an original idea. You probably already have ideas about what features or benefits your product should bring. Next, you need to study the market and understand how many applications or sites are there that work in this direction like you. It is also necessary to evaluate the advantages and disadvantages of competitors.
Further, you should find outsourced software developers with relevant experience in developing startups and MVP. The better you explain what kind of end product you want to get, the more likely you will like the result of the work of the developers. Together with specialists, you can create a plan for the development of a future startup, discuss what tools are better to use, and in what time frame you need to complete the work.
Creating a product that you can develop
MVP is especially useful for functional startups. It doesn’t matter if you’re building an app, website, or another piece of software; an MVP will allow you to create a product that users will love.
The MVP itself usually looks very clumsy. Chances are you’ll get a lot of feedback on features that users hate because they’re incredibly inconvenient to use. However, you will be able to analyze the feedback received and make changes. If you listen to users’ comments, you can create a high-quality product with good functionality and interface.
Going through this stage of development has several advantages. Among the most important of them are:
- You can provide an initial product to potential clients;
- You will receive feedback and comments from real users;
- You will change your focus based on user feedback, and this doesn’t necessarily mean losing sight of the startup’s overall vision;
- Create a community, create energy in that community and yourself, and ultimately sustain and gain momentum.
Users will be able to assess the advantages of MVP as well as evaluate the valuable basic properties of the application and give feedback. They can purchase a paid version of your product if they want additional features or a friendly interface.
Every MVP development company strives to create a product that will perform all the useful functions, which means your product might be as helpful to users as possible.
What came first funding or MVP?
Have you ever heard the question: “Which came first, the chicken or the egg?” Startups face this dilemma all the time. On the one hand, creating an MVP requires quite a lot of money, but getting funding is much easier if you already have a Minimum Viable Product ready.
Startups often begin their search for funding at the design stage. Don’t expect to get all the resources you need to get the job done, but the personal investment and the investment made at this stage are usually enough to create an MVP. Then you will be able to attract more large investors who will be able to evaluate the value of the draft version of your product.
Conclusion
Only 5% of new startups that launch celebrate their first birthday. About 1% of them celebrate the third year. The creators don’t need to devote all their efforts to analyzing the market and skillfully handling finances. Creating an MVP is something of a budget idea test. This will allow you to understand the value and demand for this product, the need for certain features, and stop in time if it seems that the idea is not growing. Otherwise, this will provide an opportunity to attract additional funding and put all efforts into a product that is obviously growing well and is liked by users.
