The first step to building a successful start-up is to get a MVP/Minimum Viable Product delivered. So what’s a minimum viable product? A minimum viable product is a product that sells for the least amount of money, does just enough to satisfy customers, and is able to generate a ‘feedback loop’ which allows you to improve the product. I highly recommend reading Eric Ries’ blog series on The Lean Startup or his book if you want to learn more about creating a MVP.
A minimum viable product tends to be one of the types of MVPs that is used the most frequently. This particular type of MVP is characterized by the fact that it has only exactly what is needed to release the new product to the market. It doesn’t matter if this product has a small number of features. Moreover, it can even lack a proper design and marketing support.
Did you know that 66% of startups fail because they don’t meet a validated demand? This article centres on the concept of a basic minimum viable product (MVP) – launching with just enough features to satisfy early adopters to validate the problem and get feedback from real users on what to build next.
When we are building products, be it websites, mobile apps or physical products, the aim of minimum viable product (MVP) is to build and release a product with just enough functionality to satisfy early adopters. Building an MVP indicates that you are not aiming for perfection. You want to see whether your product has potential in the market with minimal resources. Creating a testable small-scale version of your product is another way of describing it.