MVP Did you know that, on average according to 99 Firms, each month sees over 5,40,000 new startups and businesses coming to life?
This number amounts to 6.5 million per year.
Yet only 50% and 30% cross the mark of 5 years and ten years successful run respectively.
However, this was changed back in 2011 by Eric Ries’s The Lean Startup. The book introduced and brought about some revolutionary concepts & methods for startups to succeed in their game. And among such revolution, there was one called MVP (Minimum Viable Product). The basic idea of MVP is to release a functioning product before the full-fledged release to get feedback from users.
MVP (Minimum Viable Product) means developing a basic version of the software product your company wants to release. The product may consist of essential features and core functions your end-users may need. It is then released on the market to test & see how it performs and find if it has any potential to succeed.
MVPs do not include anything beyond the vital functionality for initial testing.
Before we delve deep into why MVP is essential, let’s understand what MVP development is. In MVP, the crucial aspect is the product’s viability to provide enough value to your users. And making sure the viability of your product is one of the critical attributes of MVP development. What you must focus on here is what your product does instead of how it does it. Also, providing too many functionalities can be overwhelming and invaluable because most of the average product’s functions aren’t used at all. Thus, wasting resources on developing unnecessary functionalities does not make the product viable. The only part of the viable product in MVP development is to meet what users need.
Your development team can use the MVP concepts safely while the product is in the development process. This is important for your team because the whole process can take days or months to complete. It is also essential for you to determine what minimum requirements your user base needs and release that only. After that, you can move forward & make your product better based on the data you collect in the initial launch.
Testing in the real world is quite different than testing your products internally. Real-world involves numerous various factors such as market size, economy, growth, trending techs, etc., and their analysis. And best way to do so is to release the product and then see how it performs in the given market. The main aim of releasing the MVP in the real world is also to build a process where it is tested and enhanced based on the responses from the real world.
The MVP development process can save a lot of time, cost, effort, and resources wasted on developing features that no one would use. By focusing on creating the minimized version of the product, your team can speed MVP development.
