Should you be afraid of MVP
At Yellows, we practice and suggest the MVP (Minimum Viable Product) approach to investors and startup owners. This popular methodology in IT projects involves creating a basic version of a product with the minimal necessary set of features to satisfy early users and test the market. When asked "why?" or "what's in it for me?", we cite several benefits of using the MVP approach:
- Shorter time to market: By focusing on the most important features, the development team can quickly release an MVP, allowing them to test the product in the market and gather feedback before investing more resources in its development.
- Cost-effectiveness: Building an MVP requires less time and resources, resulting in lower costs than developing a full-scale product. This makes it an ideal approach for startups and companies with limited budgets.
- Early feedback: MVPs are made available to a small group of early users who provide valuable feedback on the product's usefulness, functionality and features. This feedback can be used to improve the product and set priorities for future development work.
- Reduced risk: By testing the product in the market at an early stage, companies can identify potential issues and solve them before investing more. This helps reduce the risk of creating a product that does not meet customer needs or is not profitable..
- Iterative development: The MVP approach involves continuous improvement and iterations based on customer feedback. This helps ensure that the final product meets the needs of the target audience.
In summary, the MVP approach enables companies to quickly, cost-effectively, and with reduced risk, develop and test a product while providing valuable feedback for iterative development. We invite you to contact us and schedule a short meeting with our consultants.
author: Dariusz Kalbarczyk
