MVP FOR STARTUPS.
If you have an idea of excellent service or applications that solve the problem of users, do not rush to invest money in the development of a full-featured product and get ready for months of hard work behind closed doors. According to the concept of a “lean startup”, will be much more effective in finding the answer to the question: “Do users need this product?”. MVP will help you with it.
MVP (minimum viable product) is a minimally viable product that allows you to get meaningful feedback from users, to understand what they need and not to create what they are not interested in and for which they are not willing to pay.
Within the framework of the concept,the idea of your startup is a hypothesis
To check it, you must do the following:
Clearly formulate a hypothesis.01
Determine the criteria by which its viability will be determined.02
Make a minimally viable product to confirm the hypothesis and run it.03
Measure performance indicators.04
Draw conclusions and test the following hypothesis, if necessary.05
MVP for startups doesn’t mean a raw product made in a hurry. Minimal time is spent on its development and it contains only key functions, the relevance of which for real users should be checked. Studies show that 60% of features are not used at all, and, therefore, they are not in demand among users. The concept of MVP allows you to reduce the time to start a project by creating only the necessary functions and start getting real feedback on your product.
In this case, everything doesn’t end with the receipt of feedback. The lean startup methodology, to which the MVP concept belongs, is based on the development – measurement cycle — the study of feedback. Therefore, the receipt of feedback is followed by the revision of successful features and their re-testing. If everything is successful, you can create a full-fledged product and enter the market.
No matter how ingenious the idea is - this is not the end result.
By creating a minimally viable product, you can:
Save money without investing them in a failed project.
Check if your product is interested in potential users.
Find out which direction of development will be the most optimal with the help of iterations.
Collect a database of potential customers and find early adopters of your product.
According to the study, during which 3,200 fast-growing mobile and Internet startups were studied
In 74% of cases, a premature scaling becomes the cause of start-up failure, cause the company's revenue from new users is lower than the cost of maintaining them.
This problem is derived from insufficient knowledge of the needs of the target audience. But it can be avoided by creating a minimally viable product (MVP) and correcting the initial hypothesis in accordance with the data obtained with its help.