What is a Minimum Viable Product and why is it necessary

70% of startups fail, You know why??

The number 1 reason for failure is building products that nobody wants. Other reasons are failure to understand the market, Cash flow issues, and so on.

For these reasons, it makes sense to create minimum viable products (MVPs). This allows companies to test their ideas to see how users react.

Minimum viable product is a term coined by Frank Robinson and popularised by Eric Ries, founder of the Lean Startup methodology. Eric Ries introduced the concept of the minimum viable product as part of his Lean Startup methodology, describing an MVP's purpose.

What is a Minimum Viable Product?

A minimum viable product (MVP) is a development technique with just enough features for a new product or website with sufficient features to attract early adopter customers.?In industries such as software, the MVP can help the product team receive user feedback as quickly as possible to iterate and improve the product.

What is the Purpose of MVP?

A company might choose to develop and release a minimum viable product because its product team wants to:

• Prevent waste building something nobody wants
• Get the product into the hands of users quickly
• Quickly prove or disprove your concept

The primary goal of the MVP is to always minimize time and effort wasted by testing how the market reacts to your idea before building the complete product.

By creating and testing an MVP, you can:

• Test Business Concepts
• Verifying Market Demand
• Developing a Monetisation Strategy
• Testing UX and Usability
• Grow Pre-Launch user base
• Get rid of Waste

What are Examples of the Minimum Viable Product?

If you’re wondering what this would look like in practice? There are many examples but Let’s dig into the most popular examples of MVPs that evolved into valuable product-driven businesses.

Amazon — Jeff Bezos’s (Chairman and Founder of Amazon) founding vision was to dominate all of online retail but he very deliberately started with books in 1994. Over the years, Amazon continued to add categories gradually until it had become the world’s general store. That first version of Amazon is a typical example of an MVP project.

Instagram — Kavin Systrom (Co-founder and former CEO of Instagram) build a prototype of a check-in app called Burbn but quickly realized users only interacted with the photo-sharing feature. Hence, the Burbn team changed its focus to a single feature: photo sharing,

Need help developing an MVP for your idea?

To save yourself time, money, and resources, we recommend an MVP.

At QalbIT Infotech Pvt Ltd , we are the topmost product development and web development company enabling MVPs for our esteemed clientele. So, let us get in touch to discuss your MVP projects with our web development solutions and make your product fruitful in a swift time.