MVP – Minimum Viable Product- What is MVP and Does the term MVP is applicable to Startups only or the concept can be applied across the technology domain ?
As per statistics from some trustworthy statistics source like statista , startup genome , bureau of labour it is clear that majority of startups fail in initial 1 to 3 years of their inception.
If you look at top 10 reasons of the failure, top 3 reasons which emerge is :
So the question arises what should have been done to avoid and overcome this issue? and the answer lies with the concept of MVP given by Eric Ries in the year 2011 in his book “The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically”.
The concept by Eric Ries can be saviour if understood well and implemented during the lifecycle of software product development by organisation. In very simple terms, the minimum viable product, or MVP is to get user feedback before developing the final product. Creating a feedback loop and communication with the actual users of the product helps startups to avoid failure.
When a software is being built or a mobile application product is being developed, it is basically developed to solve a problem or to offer something innovative to the traditional way of doing a thing. So unless a user’s behaviour and expectations are understood well, there are high chances that an idea or a software product will fail.
In today’s IT industry, developing an MVP is common practice. It’s useful in the planning of a project or startup. If you’re planning to launch your own product, read to learn more.
MVP is a minimum viable product, a basic version of the product which covers all the necessary feature set yet it is not fancy in nature. MVP covers all the basic desired features which end-user need.
Benefit of validation of based Feature in MVP :
So to gauge the potential of your idea and to gauge the sentiments of the actual user MVP Version is a powerful tool. The MVP method can be used to develop any product, including mobile apps and websites or for that matter anything which you build on technology. We have even deployed MVP for ERP which we have developed in the past for Third Party Logistics and warehousing management systems. Once the MVP was validated we scaled up the development to build a full scale 3PL Software with WMS .
Now, this part can be a bit tricky but the product owner who understands the customer and the subject matter expert in the team can help to define the scope of what is “Minimum” and what is “Viable”.
Many times we have customers discussing with us that as the competitors mobile app or software or web application is already in the market , we need to be better than them in terms of launching the product. In such cases generally guide customers and tell them not to try to “boil the ocean” in the first shot but rather try to deliver a differentiator which customers will love to use.
So Minimum + Viable should be something like following.
Let’s try to explain through an example :
Use case : You want to build a food delivery application which takes order from the customers and orders are registered online and delivery of food through the food delivery app is ensured.
In MVP you dont give the option of redeeming gift Vouchers or Coupons or advanced review systems. You can offer a basic review box and remarks section. Thats it.
The answer to this question is – No, MVP is not only for startups.
We have seen in our experience that it is commonly believed that MVP is only for startups but we have numerous success stories where even at enterprise level or even while building enterprise level custom software we worked on MVP and submitted the product or solution to specified class of users and the results were amazing.
When the real users started using product they gave many feedbacks which initially even during survey or interview they have not thought off but when they get hands on experience of the web application or mobile app or software or tech solution, they can see
So to sum up – MVP is not only for startup but it can be applied in all scale of projects whether it is for Small and Micro enterprises or Corporate solutions.
We at websmith solution mainly offer the following set of services
From the list of above services we can help you with MVP in all segments.
If you are wondering how can we offer MVP in Offshore software development or in Dedicated software development team – answer is simple. We work on small task for smaller duration so that you get the idea about our technical strength and you can build trust and relationship slowly.
Regarding mobile application development or web application development, we can help you to build feature set which can be treated as Minimum Viable product (MVP).
What is MVP?
MVP means minimum viable product
Is MVP only for startups ?
No, the concept of Minimum viable product is for everyone who want to develop software product or want to validate his new idea.
When you’re developing new features, you should always start with an MVP. Release a basic version of a new feature to selected groups of users to test. Once you have feedback, improve the feature before releasing the official version.
