You have got a good idea for an application but don’t know where and how to get started? This is a good article for you. We’re are going to take the approach of starting quickly and building a minimal viable product (MVP).
What is a Minimum Viable Product (MVP)?
“The minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.” by Eric Ries
MVP is the basic version of the new product with a certain set of core features to resolve a specific issue of the targeted customers. Companies such as Facebook, Twitter, Uber, Dropbox, Zappos started out with an MVP and become the largest applications and influential today.
So, why a business should start with an MVP?
1. Minimum time to market
Building a full-blown application that would require overcoming extreme technical hurdles and months of development. Instead, MVP development takes only a couple of months, which allows you to roll out your product fast and thus have better chances to prosper on the market.
2. Early Feedback From Users
The original idea of Instagram was to allow people to check-in where they are on their mobile web app. But after it was launched, the leaders decided to change the concept to meet the expectations of users.
Don’t wait until your application has full-blown features because your idea might not meet the expectations of users. Starting with an MVP and early get feedback and then improve your application.
3. Reduce rework and minimize development costs
Turning an idea into a full-blown application and meet the user’s expectation will take a humungous amount of effort. Rework can never be totally eliminated. However, with the MVP approach, you can make it as less as possible. You know features that customers don’t want and improve from an early stage. So rather than revamping the entire product from scratch, you just need to make the basic fundamental changes to the product. By doing so, you ensure the smooth execution of your product then save much cost.
4. Attract Investors
With an idea in your head and you are looking for investors. Believe me, it may sound not very promising for investors. One of the benefits of an MVP development is that you will have a rather serious perspective than just your thoughts to show to investors interested in funding you. This will definitely escalate your chances of being noticed and heard.
MVP development is always a safe and wise way to launch a new product. it helps you test your ideas in your chosen market before you create the full product. It also allows you to speed up time-to-market, maximize your budget, get early feedback, provide you valuable improvement ideas and analytical data.
Ready to develop an MVP for your idea?
At InnomizeTech, we offer full consultations for a minimum viable project. Are you interested in developing your MVP with us? Don’t hesitate to get in touch.