MVP - first viable version
of a Product
A Minimum Viable Product (MVP) is a product that has the core features for a limited group – the first users of a product.
An MVP product is a product with only a basic set of features, released in order to test a new business
idea and gauge people’s reactions.
The idea of an MVP is to get your audience’s feedback first – before releasing a full-fledged product.
MVPs can help you avoid failures and large capital losses.
Even though the concept of a minimum viable product might seem simple, some companies still misunderstand the idea of an MVP. Instead of making an initial version of their product with simplified functionality, companies either make an initial product that’s too complicated or cut out product’s key functions. An MVP should deliver the very essence of a product in its most basic form.
When planning the development of your startup, how are you going to prioritise your development? Do it with the intent to build an MVP. One of the biggest advantages of building an MVP is that it helps you validate your product, service or idea quickly to decide whether to continue pursuing your product idea, and if so, whether and how to modify it. Since an MVP contains just the bare minimum core features of a product, they require less time to develop as opposed to an entire web or mobile app with a set of fully loaded features. It also prevents you from designing features that will not benefit your users. By testing an MVP, you can put yourself in a better position to solve the problems of people in the target market.
By definition, business analysis is the discipline of recognizing business needs and findings solutions to various business problems. Is it important for the MVP? We would say more: it is important even before the MVP. It entails defining the abilities the firm needs to provide products to the external stakeholders. You will have to understand how the organizational goals connect to specific objectives. And for sure it is better to do this before you start development or preparing user stories.
DEFINING CORE FEATURES
Usually, we face the issue that the required feature list is too long. That’s OK. Most projects we have worked on had a long set of requirements and all of them seem important. But not for the MVP. That is why even important features needs to be prioritized based on user and business needs. If you spend all your time and budget on implementing lower priority features, you won’t have resources available to update your core proposition once you’ve learned a bit about how it is being used. We will go the whole way with you from creating the list to prioritization and defining core features.
Using the Lean approach, companies can create order instead of chaos by providing tools to test a vision continuously. Lean isn't simply about spending less money. Lean isn't just about failing fast, failing cheap. It is about creating a process and methodology around the development of a product. And we’re putting a lot of effort in creating a standard process which could be easily modified for your unique product.