MVP — Minimum Viable Product for startups
Today’s business world demands from businessmen, and especially from IT-startups owners and project management, not only to be competent, creative and self-organized but to present software by MVP – Minimum Viable Product. If owners want their companies to grow increasingly their marketing management should create product’s introduction strategies which will recover people’s needs and define whether company’s software is required on the market or not, whether it provides solutions to customers’ problem or not. This approach to the development can provide reliable and sustainable growth excluding most common risks of the early stages when you are growing your startup like wasting precious time of developer and money on developing software which is not required by the customer.
What is MVP? It is a way to make a brilliant introduction to the startups’ projects to the market. It is an ideal variant for business owners who have an idea of some website, for example, but they do not know if their software is required by people who have a problem which can be solved by this product and they need to make a proof-of-concept. A minimum viable product is the same thing which you have desired to develop and release. But the key point which differs MVP in IT from your final result is a number of functionalities that it has. MVP for startups as a set of features which is needed only to successful launch has the most needed basic features which can satisfy customers’ basic needs, features that are enough to make your application work properly and test it on the market.
The main characteristic of the minimum viable product is the level of functionality which covers the main requirements to the software which are needed for launch or in other words the minimum obligatory number of features. You must not forget about the quality of you features because business owners should aim to make not a bad product but the first-class project with cut features for the first time after release. MVP e-commerce is just the most minimal form of the final solution that helps users on the market. Also, you should notice that minimum viable product should be easy to be transformed in case of changing of what customers think about it and want from it.
Using MVP in new idea’s development process
The key reasons for using MVP are measuring of indeed customers’ need for your software because you will have some losses if customers are not really interested in your product. This reason leads us to another one. MVP in software development can reduce your costs and save time if your project is not popular now. You can just correct your MVP development process and start working on another one project. Also you can show your vision to the problem solution not only to customers but to potential investors also. It will be a nice way to find some additional investments. Maybe the last reason why you should try this technology of development is that you should find out not only customers’ needs but their wishes too.
Because it is great that customers can upload photos on your cloud storage, for example. But what if they do not want to upload only black’n’white photos which your storage is predestinated for?
Minimum Viable Product in software development
Sometimes MVP project can be shown to the investor. This situation is possible when you are totally sure that your e-commerce application is required on the market and lean startup MVP will be achieved perfectly but you do not have enough money to launch a full product. Another situation is when you have launched a project and it has confirmed its relevance and competitiveness but it is not enough money to continue MVP software development to the end. In such cases showing your application to bigger companies and funds is the best strategy. This way of representing your project demands a bit of experience in MVP solutions presentation and negotiations so take a look at our few tips for better presentation below.
While presenting a project to your potential investor you have to follow some rules. First of all be sure that you fully explained the meaning of MVP to an investor and you mentioned all of the basic characteristics. Then notice that in MVP agile development is used so it is easy to correct your product or change the concept at all. Finally, mention the advantages of MVP development, emphasize that investor does not lose anything. He invests resources into a reliable agile project which can adopt to the market conditions so that profit will keep him waiting.