A well-established method is the lean startup approach developed by Eric Ries. The emphasis in mvp development stages is based on early and frequent testing of product versions, using feedback and data from users and implementing the results in the next round of development. This means that building a minimum viable product is ideal for startups using the lean startup approach.
What is a startup – definition
Startups are founded by one or more entrepreneurs who want to develop a product or service for which they believe there is a demand. A startup can be defined as an already registered capital company, in the form of a limited liability company or joint stock company, as well as founding teams with an idea or product that have no official structure. These companies usually start with high costs and limited revenues, so they seek capital from various sources, such as venture capitalists. Waste must be avoided at all costs and operations must be minimised. Hence the development of the lean startup approach, described in Eric Ries’ book.
Benefits of mvp stage startup
An MVP in the startup process can bring tremendous benefits to an entrepreneur, which includes very valuable feedback. In the early stages, a startup focuses on developing a solution that will meet the needs of the target group the product is aimed at. MVP (and mvp development stages) means planning your product carefully, taking as few leaps of faith or untested steps as possible. Using MVPs to interact with users and customers early in the development process can be part of confirming demand for your product, which in later stages can make your entire marketing strategy easier. The information provided by MVP testing with users gives you insight into what users really want, so you get unique insights and learn new skills. MVP is a great way to test the products you want to create without incurring high costs. MVP provides the minimum set of features needed to test whether the product you are creating solves the problem it should solve.
To strike a balance between minimalism and feasibility, it’s important to consider the different stages of MVP development. The MVP can be minimal, but it must offer some value to users. Whether you build it internally or work with an external service provider, we can definitely recommend scrum as a highly effective development methodology. When you’re trying to build and launch a truly new product, there are a lot of initial assumptions – both around the product idea and the needs of the people and market you’re developing it for. Incorporating the minimum viable stage of the product into the development process is often the most efficient and evidence-based way to test assumptions. This will verify that your plan is sound. You can change direction at any time and develop a product that you know people want more of.