Why your startup should build a minimum viable product
Great ideas are just that, great ideas… until they are tested on the market. To know if your newest idea is going to be a success you need to get a version of it out there, quickly.
Build a minimum viable product
Great ideas are just that, great ideas… until they are tested on the market.
To know if your newest idea is going to be a success you need to get a version of it out there, quickly. Gaining real feedback as quickly as possible.
That is why you should build a minimum viable product.
What is a minimum viable product?
A Minumum Viable Product (also known as an MVP) is not a prototype. It is a version of your product that you can sell and use as a learning tool, getting feedback from real users in real-time.
It is a scalable version of your final product.
But it is important to remember that it shouldn’t just have the bare minimum functionality, but it should have a cross-section of the functionality, the reliability, usability, and emotional design.
Why build a minimum viable product?
There are a number of reasons why you should build a minimum viable product.
- It helps you create a manageable, yet scalable digital product.
- It allows you to focus on core functions and the value of your software.
- It can help avoid feature creep. It helps you release faster.
- It gives you room for product development and evolution.
Why not waterfall?
As time goes on, product requirements will change. Building in an Agile way from an MVP allows you to respond quickly to change.
In the old days of Waterfall development, you would build out a comprehensive list of requirements using the information you had at that point in time.
Then the development team would go away for 6, 12, maybe 18 months.
During that time, the world has changed, and the product you requested is no longer what you need. You have wasted a lot of time and a lot of money, and lost customers.
When you build a minimum viable product you can reduce costs while building customer relationships. You can get quick, valuable feedback and evolve your product based on these learnings. You will end up with a product that delivers value quickly, earning you money to reinvest in further development, whilst refining your product.