Why are MVP’s are built?
The main purpose to build an MVP is to validate an idea. They can be brought to market quickly and can gain valuable feedback from real users. It will identify if there is product-market fit; in layman’s terms, something that users actually want. Then they can either be tweaked and iterated to meet user’s requirements, or in the worst-case scenario stopped before breaking the bank!
Generally speaking, by taking an MVP approach they are quick to develop, have just enough quality to get by and are cheap. However, in recent years there’s been discussion about how basic an MVP should be, as it can affect the quality of feedback as users might not be able to look past an unflattering User Interface. This is where the term Minimum Lovable Product (MLP) came in. To read more about a Minimum Loveable Product click here.