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Importance Of MVP For Startups Explained In 200 Words.

Author
SPEC INDIA
Posted

November 18, 2019

Updated

June 29th, 2023

Category Startups, Tech In 200 Words

What is MVP?

A Minimum Viable Product (MVP) is a completely functional product that has enough features for it to be shipped to its original set of users. It helps you verify product feasibility, team assumptions about the product, usability and market demand.

Why is MVP Essential for Startups?

According GO-Globe

  • 74% of high growth internet startups fail due to premature scaling
  • 29% of businesses run out of cash before they can get fully established

Most startups end up in a mess owing to premature scaling and lack of planning the entire solution. That is where the need for a Minimum Viable Product (MVP) arises.

Importance_of_MVP_in_Startups

How does MVP Help Establish Startups?

  • Augmented probabilities of fetching investments
  • Development cost will be narrowed
  • Saving big time on timelines
  • Perceiving user readiness becomes easier
  • Receiving response from customers reinforces the product further
  • There is lot of effort savings

What are the Types of MVP for Startups?

  • Concierge MVP
  • Wizard of Oz MVP
  • Landing Page MVP
  • Piecemeal MVP
  • Email MVP

Companies That Started Off as an MVP and are now Conglomerates

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A Good Read: How Startup Solutions Benefit from MVP?

Author
SPEC INDIA

SPEC INDIA, as your single stop IT partner has been successfully implementing a bouquet of diverse solutions and services all over the globe, proving its mettle as an ISO 9001:2015 certified IT solutions organization. With efficient project management practices, international standards to comply, flexible engagement models and superior infrastructure, SPEC INDIA is a customer’s delight. Our skilled technical resources are apt at putting thoughts in a perspective by offering value-added reads for all.

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