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In this article, Fireart Studio is sharing our insights and recommendations on how startups can start their journeys with a minimum viable product (MVP) successfully.

If you’re looking for reliable methods to boost your startups, launch successful products, and not misstep at the beginning of your journey, this article may be helpful for you. We have created this MVP development guide to help startups prove their ideas, build products with a perfect market-fit, conquer new audiences, and successfully scale their projects. Let’s start!

What is an MVP?

A minimum viable product (MVP) is a development technique in which a new product or website is developed with sufficient features to satisfy early adopters. This approach is a part of the lean startup methodology. It helps young companies quickly test their product idea with a real target audience involving the minimum costs, resources, and time. 

Eric Ries, in his bestselling book “The Lean Startup,” defines an MVP as following:

“The minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.”

An MVP is a basic product with only core features that allow companies to prove their concepts with real users and research whether their product brings value to people or not. This method empowers companies to check if their product has a good market-fit or is not in demand. It allows startups to save time and money at the early stages of a project and reject some ideas if they appeared to be ineffective.

What Are the Benefits of the MVP Method?

Startups worldwide choose an MVP as an actionable practice to get valuable insights about their target audiences, research their real needs, and investigate how your product can address them without risking a lot of capital. There are many benefits of the MVP method. Let’s consider them closer.

It helps you save time and money

Full-fledged digital products (mobile apps, web apps, or websites) may take a long time to be developed. It also may lead to the involvement of a more significant number of costs and resources. An MVP allows you to build a product step by step, iteratively test your concepts with consumers and spread the costs over a more extended period. It helps run a smarter, time-effective, and cost-effective product development process and timely mitigate many risks. 

Low risk with very high ROI

MVP development is a low-risk method itself. However, its results may be exponential. For example, big brands like Dropbox, Airbnb, AskTina, and Uber have grown their businesses into what they’re today by entering the market with minimum viable products. They tested their products, researched how an audience reacted to them, what features were accepted by consumers, which ones, on the contrary, met criticism, and required rethinking and improvement. After gathering validated learning, they were continuously developing and scaling their products with minimum risks.

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An MVP helps you get funding

A minimum viable product is particularly important for startups in the early stages of development. It helps engage new stakeholders in a project and raise the chances to get funding. Thanks to an MVP, you can make many tests, understand your consumers better, and show real results to investors. It strengthens your positions in the eyes of investors and funding organizations. You not only talk about your idea, but you can also demonstrate a product and its preliminary achievements. 

It builds value over time

As an MVP has only core features and capabilities, you can research your audience better and scale your product over time according to your new findings. It allows your product to grow naturally and make your decisions based on the new data about your consumers collected during the development process.

Opportunity to acquire “early adopter” customers

To make your product quickly loved and adopted by the masses, you need to target the early adopters (influencers) first. These people will more likely promote your product to the niche and their followers if you allow them to test an MVP by themselves, experience all its benefits and competitive features. It will help make them more passionate about your product idea and more interested in introducing it to their audiences.

Conclusion

Your startup may be the next Twitter or Apple. You should just help it grow by testing its ideas with a target audience and incorporating the required adjustments and improvements timely. Minimum viable product development is a widely accepted option for implementing it by taking the minimum risk and involving the minimum resources. We hope that this short overview of an MVP and how it can help your business at the early stages will inspire you to take new experiments and implement the most exciting product ideas.

If you’re looking for an experienced digital product design and development company to help you implement your business idea and build a minimum viable product, don’t hesitate to drop us a note here. Our experts will be glad to answer your questions, provide a free consultation, and estimate your project.