Minimum (… or Minimal) Viable Product is a primary product that is developed using minimum resources (money and time), focusing on the development of the product core and with the help of which it will be possible to validate the product/idea and business programming with potential customers and/or investors.
Positive results in the programming validity phase will allow doors to open for investors in the early stages and will significantly assist in raising the resources and budgets required for further development of the full version and quick exit to the market, which is a significant advantage over competitors.
MVP will typically include minimal functionality focused on collecting reliable data about target audiences and is relevant to a wide range of systems and products including apps and websites. This is perhaps the only opportunity that allows for improvement and repairs in the product even before significantly higher development expenses have been invested in the final product.
For example: Developing a final product (applications or websites) takes on average a little over half a year with an average investment of about $ 150,000. If the product is not found worthy by the customers, the time and money invested will be considered wasted.
MVP development will cost only between $ 10-30k and last only about two to three months so the risk of losing time and money resources becomes minimal.
Who MVP is suitable for: