Who benefits with an MVP, minimum viable product as launching pad for startups

Probably, an MVP isn't a new term for you, however, it is very important to have a full understanding of what it is, to make a right, well considered decision choosing between fully-functioning and a Minimum Viable Product.

 

In a simple phrase, an MVP meaning is a product, which includes minimum features, or one main feature. The prototype can be given to a user as a single product. Why we release it? Well, there are lots of reasons, and the main is that customers can start using it before the overall product appears. Thus, a user gets acquainted with the idea or concept of the future, more complex product and even can influence on its development. How? Easily, a project owner collects users' feedbacks and proceeds them. Customers often write what functionality they would like to have in an app or a website and what features are useless in their opinion.

 

So, the overall project is being built in accordance with the users' wishes and needs. In such a way, the product owner can create an app, which satisfies his and customers' requirements.

 

Yet, lots of startupers are prejudiced against such development method. They are frightened that they won't be able to show the overall idea with an MVP model. It happens because of an information gap. When you think about how to build a Minimum Viable Product, you should remember that there are lots of benefits for all. Before all else, let's find out why an MVP solution is so attractive for investors, and why MVP for Startups can become a springboard to success.

You may be surprised but investors are more likely to invest in your startup if you offer them a Minimum Viable Product. Here are the brightest examples why:

 

An MVP definition means that it's basically a prototype of a fully-functioning product, we all know that rich people don't tend to risk and here an MVP plays directly into your hands. The investors don't risk at all! It's not necessary to start negotiation with the bare hands, you can show something real, visible, testable.

 

This approach allows to test your business idea without key investments and test its viability even before launching. The trick here is to show investors an app, which can run faultlessly and which they can try to use, if they like your idea, they will definitely open their wallets.

 

One more advantage here is the time. The development of a Minimum Viable Product and a product with tonnes of various features takes different time. So you don't have to wait long months to impress your stakeholders. You can get your MVP app within a month or two!

 

However there are not only investors, who will benefit with an MVP, lean startups see all the perspectives that an MVP build brings