As a start-up business, you understand the challenges of being an entrepreneur. Start-up businesses are typically short-staffed. Team members must play numerous roles, and days are long and filled with more tasks than the team can accomplish. Start-ups survive with great ideas, innovation and vision. But to achieve their goals, they must be able to execute on those visions.
If you aren’t familiar with the term ‘Minimum Viable Product,’ here is a brief definition: A Minimum Viable Product or MVP is a version of a product that provides minimal features – just enough for customers to use and provide feedback on the product. That feedback is then incorporated into the final plan for the product, thereby allowing the creative team or software vendor to ensure user adoption and anticipate features and functionality the customers want now or may want in the future.
What if your business could see into the future? What if you could launch a consumer app or an in-house software program without risking years of investment, time and resources, only to find out that you missed the mark? What if you could test your theories about software features and functionality and ensure that you had it right BEFORE you launched your product?
The Client has a start-up business in the United States. This Client is focused on the recruitment technology market. Its business focuses on improving efficiency and quality of the complex process of sourcing in the recruitment industry. The Client business mission is to leverage artificial intelligence (AI) to improve the efficiency and speed of sourcing the best candidates.
The Client is a start-up healthcare technology company, based in the United States. It takes a holistic approach to overall health by focusing on nutrition and lifestyle, with the goal of decelerating the aging process and providing better quality of life.
Mobile Application Development involves the design and programming of software for smart phones, smart watches, tablets, and other mobile devices. Typically, the mobile apps are designed for either the Android or the iOS operating system or they are designed in a cross-platform environment. These hybrid mobile applications can operate in both the iOS and Android environment.
If you do it right, the Minimum Viable Product (MVP) process can provide numerous benefits to your start-up, Small or Medium business (SME) or other enterprise. Businesses can obtain feedback for product development and test theories of market success. MVP product development can help the business avoid developing a product that the market does not want or need, and it can help you identify competitive advantage and customer needs.
In this article, we will briefly review the steps to build a Minimum Viable Product (MVP) for software or application development. For a detailed review of each of the steps and phases, see our article, ‘MVP Software Development: Everything You Need To Know (The What, Why And How)’
The technology research firm, Gartner reports that new product failure rates in the software industry are between 40% And 80%. If you don’t want to be included in those statistics, you may wish to consider building a Minimum Viable Product or MVP. One of the benefits of building an MVP for a potential software app or a new set of features in a software product is to reduce the failure rate for your product and to better prepare for the final product features in order to achieve the desired customer satisfaction.
Let’s talk about Minimum Viable Products, otherwise known as MVP. If you are reading this article, it is because you are curious about MVP. Maybe you are even considering employing the MVP process to support your product ideas. So, let’s get started!
