Entony Green
Startups are popping out like mushrooms in the rain. Due to survivorship bias, we only know successful startups. But what about those that failed and caused vital losses to investors?
The majority of startups collapse because the market doesn’t need them. To understand what customers need from your product, you should develop a minimum viable product. MVP costs less than a full-fledged solution and allows you to study the situation on the market. This approach got companies like Amazon and Dropbox all the way to where they are now.
A minimum viable product includes only essential features that will solve the customers’ problems. Everything else can be developed after reviewing the user feedback.
There’s a common misbelief that companies build MVP solutions to accelerate time to market. But it’s more common that companies develop MVP to verify the economic viability. So, development speed can be a priority only when it comes to faster market analysis and MVP testing.
MVP Goals
In a nutshell, MVP is focused on:
- Testing a product’s viability at low costs.
- Spending less money on product development.
- Faster delivery of a product that solves at least one problem of a user.
MVP development is a shield and sword of any application. It can help you both spark the interest of users, or prevent your business from bearing losses. But, let’s get through each MVP advantage one at a time. You can read full article in Cleveroad company blog.
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Entony Green
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