What is the minimum viable product ? Not a special software product of enterprises and startups, it is like a trial software that represents a complete software product. So what does MVP mean for startups? This Tech Town article will help you clarify that.
What is the minimum viable product ?
Minimum viable product (MVP for short) can be understood as an available product, a shortened version of an application. Usually the MVP is released before the finished software product is officially launched.
The characteristic of MVP is that it has all the minimum features for users, and some complex features will not be available or the quality will be lower than the official product. MVP is a trial version, helping startups to review customer acceptance before the official launch.
From those characteristics, the purpose of MVP is to help startups receive the fastest and most feedback from customers while spending the least effort, so that businesses can quickly grasp the needs of the market. market, improve and aim for the most complete software product in the future.
MVP has two factors, “available” and “minimum”, we can explain it like this. If customers want to travel faster than walking, then creating a car for them is a lot of money and time, instead create a minimal usable product that is a skateboard, it solves the problem. meet the needs of “go faster” of customers. Then startups can develop and upgrade their products to help customers move faster such as bicycles, motorbikes, cars, …
If there is no “available” element, then it is like giving a customer a car wheel that, although it can roll, no one buys a wheel to move around because it is “not available”. “.
The role of MVP for startups
A scary number: 42% of startups fail because of “no market need”! And 29% of startups fail because they run out of money!
The key to building a good MVP is learning. If startups have a great idea for a software product and you think everyone will need it, but in reality you may be right or wrong, no one knows. So an MVP is a way to test the market early on. Startups will receive actual feedback from potential customers to know if they are on the right track, what needs to be adjusted, what features customers use a lot or don’t use, or even change. other ideas. Thus, MVP helps startups reduce the failure rate of projects, because continuous learning and verification will help startups create a product that really meets market needs (a product-market fit) and succeeds. labour.
A second important thing mentioned above, is the least effort. For startups with meager resources, building a complete software product with many complex features in the beginning will take a lot of time and money, startups will quickly become financially exhausted, even There is not even enough budget left to maintain development until the product is complete to hit the market. So by releasing the least feature-rich version possible with the least budget, you’re protecting your startups. If your MVP case is not well received by the market, it is not too late to change.
So we can summarize the benefits of MVP for businesses as:
- Reduce initial product development costs.
- Risk reduction.
- Reduce the amount of work to do.
- Limit the need to completely change the product.
- Test the market quickly.
- Earn profits very early.
Besides, MVP also helps startups attract potential investors. Because very few investors put their money down for an idea, or prototype, they need a real product. And MVP meets them with that. Especially if there is a small number of customers willing to pay for your MVP, investors will not hesitate to shake hands with the startup.
In short, the meaning of MVP is to verify that startups’ products have users, and from there they will pay for startups’ finished products. So let’s focus a lot on this issue.
MVP design and programming service in Tech Town
Understanding the MVP development needs of startups, Tech Town will help you develop MVP products at an optimal cost, integrating core features while ensuring a beautiful and friendly interface, bringing a great experience. attractive to the target audience and make a good impression on them.
Our team of seasoned engineers and designers developing custom software for startups, we can be involved in any phase of a software product development project such as: Prototyping for startups to present to investors, develop MVP, develop complete software or maintain and upgrade software… We are very pleased to become a technology partner of startups.
You have an idea, Tech Town can make it a reality. Please contact us to discuss your ideas.