What is Minimum Viable Product?

Shubham Kumar


In any product journey, an MVP stands for "Minimum Viable Product." It refers to the initial version of a product that has enough features to satisfy early adopters and provide feedback for future product development. To reduce development time and effort, an MVP includes only the minimum capabilities required to be a viable customer solution.

A minimum viable product accomplishes the core use cases, but doesn’t include non-core features. It is enough to test the product, show it off as a prototype, and gather feedback without draining your resources. Before starting development on a new feature, it is important to understand its scope and time required to build it.

A Minimum Viable Product (MVP) holds significant importance for any company, primarily due to the following reasons:

1. Faster Time to Market: Developing an MVP allows a company to get a basic version of its product or service to market quickly. This enables the gathering of feedback and validation from real users, which in turn helps in refining and enhancing the product.

Instead of aiming for a fully-featured, exhaustive product, an MVP focuses on core functionalities that address the primary user needs. By prioritizing essential features, development time is significantly reduced, allowing for quicker product development.

2. Cost-Efficiency: Building a basic version of the product reduces initial development costs. By focusing on essential features, a company can save resources and avoid investing heavily in functionalities that might not be necessary or valued by users.

By developing and launching an MVP quickly, companies can allocate resources more efficiently. Instead of committing extensive time and resources to build a fully-featured product from the outset, they can use resources judiciously based on validated user feedback and market demands.

3. Feedback and Iteration: MVPs facilitate gathering user feedback early in the development cycle. This feedback is invaluable for understanding user needs, preferences, and pain points. It allows for iterative improvements based on actual user experiences and demands.

Instead of waiting to perfect every aspect of the product before launch, an MVP allows for iterative development. Companies can continuously enhance the product based on real user feedback, releasing updates or new versions iteratively while the core product is already available to users

4. Risk Mitigation: By launching an MVP, companies can test their product in the market with minimal risk. It helps in assessing the market demand and potential success of the product before committing extensive resources.

By focusing on delivering the minimum set of features required for initial market testing, companies reduce the risks associated with extensive development. They can assess the market response and validate assumptions early, minimizing the risk of investing heavily in a product that might not meet user needs.

5. Market Validation: An MVP helps in validating the product idea in the market. It provides evidence of whether there is a real need for the product and whether users are willing to adopt it.

6. Learning and Adaptation: Building an MVP involves a learning process. Companies gain insights into market dynamics, user behaviour, and areas for improvement. This learning is crucial for making informed decisions and adapting the product to meet market demands effectively.

An MVP is launched to a limited user base, enabling companies to gather feedback at an early stage. This quick feedback loop helps in understanding user needs and preferences, guiding subsequent iterations and improvements while the product is already available in the market.

7. Competitive Advantage: Being among the first to introduce a product in the market, even in its basic form, can provide a competitive edge. It allows a company to establish itself, gather a user base, and iterate on the product based on real user feedback.

Why MVP is really important for small companies or Startups?
Sometimes you just don’t have all the firepower you need to build the full product in-house. You have a small team and to meet your deadline and have a first-mover advantage you must release something in the market. Commonly, time is more of a limiting factor than money. With that in mind, companies should focus on putting MVP off the door instead of investing time in recruitment and building teams.

These companies can consider hiring a development agency like Knovon Consulting for their task. Picking a development agency is similar to hiring a developer. Being able to mesh culturally with your own company and work style is just as important as their skill. Knovon Consulting is ideal as you can visit and talk through problems face to face.

When you outsource work, you don’t need to hand off the entire app. Depending on the capabilities of your team and your timeline, what you decide to outsource can vary. If you happen to have a designer on your team, you can keep the design in-house and the development outsourced. Knovon development team has an expert at each stage for product development and would love to cooperate even for a small task