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Minimum Viable Product (MVP)

Did you know that nearly 70% of Startups go astray? And there’s rarely a single reason why a Startup fails. In 2011, Eric Ries changed the history of startups by introducing several new concepts in his book The Lean Startup, one of them being the Minimum Viable Product, or MVP. MVP is a acronym for Minimum Viable Product, a basic version simplest core feature set of any product that allows it to be deployed and fulfil the needs of end-users. The MVP version of a product is basically a tool to help determine the product’s potential.

Why does the MVP concept work? The concept of MVP works because it makes no sense to put in efforts or invest time/money for the secondary development of a product/service, if the primary function doesn’t work as planned, or does not meet the end-users’ need. Ensuring the viability of the product is one of the key characteristics of MVP development.

Creating and testing a Minimum Viable Product, can help you in:

  • Releasing product to market in a short time
  • Saving time, money and resources
  • Checking whether the product is appealing to potential users.
  • Acquiring a potential user base and attracting early investors
  • Saving time and money on developing the final product.
  • Avoiding failures and large capital losses.

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