Since founding a startup can be risky, owing to the uncertainty that surrounds it, it’s important to minimize the risks involved as much as possible. Here is where the MVP (Minimum Viable Product) comes into play. This term, popularized by Eric Ries, the Lean Startup method creator, has become something vital in every startup or business’ initial phase.
For this reason, today from Opentop, the Valenciaport innovation HUB, we want to give you the necessary information so as to understand what is an MVP and how to make one.
An MVP is a new product or service’s prototype with the minimal features so its potential customers can try it. By doing this, the startup is able to know, before its launch, if their product awakes interest and if it really covers a necessity.
This prototype works as a test of a new product or service, and it allows, with the least amount of effort, to collect the maximum amount of information about it. Having an MVP is a great method in order to reduce the risk of your startup failing.
As well as reducing the risk of a startup launch by decreasing uncertainty, using an MVP is useful too for:
Therefore, an MVP is a perfect way to obtain the maximum information about your product and customers’ reaction with just a little effort and cost.
First of all, you need to have enough information before making your MVP, so the first step is to identify your market’s necessities, your ideal customer, etc. Once done, the process of making an MVP can be summed up in four phases: build, measure, learn and accelerate.
From Opentop, the Valenciaport innovation HUB, we suggest everyone who has an innovative idea, a startup in its initial phase or a project in development, to have an MVP in order to successfully launch into the market.