A Minimal Viable Product refers to the bare minimum of an early version of your product that has just enough features to prove, iterate or reject your early theories and value propositions.
Building for MVP has three significant benefits:
Agility: Building an MVP will force you to focus on essential features and deter you from building features that are not in demand by clients. This will give you and your team the bandwidth for rapid iterations based on real client feedback.
Budget: Building an MVP is significantly cheaper than building a complete product from start to finish. And building just the needed features will ensure you don't waste money building things in the wrong direction.
Time: Launch fast and acquire feedback and faster product-market fit. Building only the bare minimum will ensure that you make it to market more quickly.
An MVP is essentially an experiment and should be treated as such. Even though we love our own ideas, we should be open to the notion that the market is likely to disagree with us. So starting with an MVP will ensure you always hedge your risk of failure, financial ruin, and product delays.
Reach out to us or check our MVP framework if you're considering how to structure a minimal viable product for your next idea. We have assisted hundreds of founders with MVP products in most sectors.
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