Aug 30, 2022
What You Need to Know about an MVP
At VentureRocket Eurasia, we work with early-stage tech startups which already have an MVP and active traction in place.
What is an MVP and why is it not only about investors who find it important that you have it?
In this article, we’ll explain everything in simple words. We’ll also provide our tips on how to build a successful MVP for a startup.
What is an MVP?
To put it simply, an MVP (Minimum Viable Product) is a basic version of the product which is going to be launched. MVPs are not only about startups – they can cover everything that a company is going to launch – from a website to a car.
An MVP is a cost-effective way to test your product which has only the most important functionality. Thus, it should have no more than enough features for your potential consumers to want to buy the product in the future.
Why Does a Startup Need an MVP?
The ultimate goal of creating an MVP is to make the final product better.
With this in mind, building an MVP can help you:
– test your product by getting relevant feedback about it from real users
– identify the strengths of your product as well as figure out what it might be missing
– eliminate the risk of major financial losses if the launched product fails
– prioritize the most vital features of the product and this way decrease development costs,
– and eventually, attract potential investors
How to Build a Successful MVP?
Building an MVP is as important as creating a final product. It helps eliminate painful mistakes that you will make if you do not test your products. Our team has collected real case tips that are often omitted by inexperienced startups to help you build a successful product:
🟣Define the goal of your MVP – whether it’s to attract users, improve the existing functionality, or anything else – the set of the MVP’s functionality will depend on that.
🟣 Estimate how much money you’ll need to build your MVP. Proper budgeting is important not to waste money on unnecessary things and eventually not to lose even more money when you launch the final product.
🟣 Don’t try to put everything into your MVP. It’s a minimum set of functionality, thus you should focus only on what will make the product work and motivate people buy/use it.
🟣Building an MVP is NOT a fast process. Yes, an MVP allows you to reduce the time needed for building your final product, but creating it still may take months.
🟣 Analyze the feedback you get. An MVP is not just something you need to show to investors. This is your homework which will be constantly improved if you want your project live.
Are a tech startup with an MVP and some active traction?
Join VentureRocket Eurasia at this link.
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Still Have Questions?
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