Even the most ambitious and experienced professionals agree that product development is no easy task. After you’ve done the market research and validated a new concept or solution, it’s scary to spend your budget on development before knowing how successful it will be. This is why Minimum Viable Products (MVPs) are so powerful, especially for startups. What is a Minimum Viable Product? An MVP is a pared-down version of your product designed to help you work out glitches, better understand customer needs, and further prove your concept.
Popularized by Lean Startup author Eric Ries, MVPs have empowered countless teams to learn the most about their customers using the least amount of time, energy, and budget possible. MVPs vary considerably in degree of functionality, but the main objective is to build a product that has enough features to give you a full understanding of how customers behave. You have to include all core functionalities and create the best possible UX design. The magic happens when you can observe how customers interact with the product and use the information to improve iterations in the future.
The information that MVPs can offer marketers, startup founders, and product developers is invaluable. Another great benefit of MVPs is that they provide an extra layer of polish and proof of viability that make a product seem less risky to potential investors. Everyone wins when you can improve your chances of being funded.
Are you curious about how MVPs are developed? Take a look at this graphic from DevSquad to understand how to build an MVP and learn from it.