You heard about all the failed startups (90% of all startups do so!)? Now you are scared of starting your own app business? Just imagine, you are going to lose your whole fortune since you focused on the wrong idea. Well, if you are familiar with the MVP app concept, this won’t be necessarily the case.
Honestly, if you are serious about getting an app that you’ve created to market, an MVP (minimum viable product) might be the smartest move you could ever hope to make. Coming up with a great idea for an app is easy enough, compared to the costs and challenges of actually bringing the MVP app to life, and then bringing that life to market.
Beyond your great idea, as an entrepreneur, one of the first things you need to do is take stock of your resources. Ok, wait! If you have tons of funding and you know that your app will take the world by storm, leave this blog and get your baby without MVP off the ground…Now!
For all the others who can rely only on limited – or better minimum – resources: Read on!
What is an MVP?
Simply put, a Minimum Viable Product is what is known as a “lean startup concept”. Essentially, you’re giving the world at large a demonstration of what you ultimately hope to achieve. The MVP covers the core functions of your product and will generate excitement for the potential full version of your product or service. This excitement can lead to the capital you need to create and release a full version of whatever you have in mind. To that end, it’s easy to see why the idea of an MVP app makes so much sense.
There are numerous benefits going this route, beginning with this concept making for such a fantastic cost-effective solution.
Benefits of an MVP App
Building something that’s quick and inexpensive can accomplish a number of things simultaneously. You get to test something out without spending a ton of money or time on the endeavor. It gives you a clear idea of where you stand with things in the present. At the same time, you’re also giving your startup plans an audit to figure out what needs to be done for the future.
Some of the more significant benefits of an MVP app that are worth keeping in mind include:
1. You are minimizing your initial investment
To be sure, you want to do everything possible to create an MVP app that will give people a very firm idea of what the full version is going to be like. Still, an early version of your future app is still a considerable cheaper alternative to being made to put out a full version. You’re keeping the initial investment very low. If it turns out the app needs to be retooled, or even abandoned entirely, you won’t be left to stare down the barrel of a financial catastrophe.
2. Go-to-market time is reduced
From idea to release, you’re looking at a timeline that can eat up several months to potentially years of your life. It really depends on what you’re creating. An MVP doesn’t get you completely off the hook for that, but it allows you to get something out early on. Again, it’s about building interest and accumulating resources for the eventual release of the full app.
3. You are minimizing your risk
A startup of any kind is a challenging endeavor. The risk can prove to be considerable, unless you are willing to create an MVP first. By creating an MVP of your app, you are going to be able to minimize risk on every possible level and don`t have to commit immediately.
4. You are maximizing user feedback
You aren’t getting advice that you won’t be able to implement until, let’s say the next version of your product. By releasing an MVP app, you’re asking for feedback that you will be able to take advantage of at once. Not only can this create a series of strong relationships for early support, which can certainly prove useful when the full version goes to market, but it also allows you to make changes without too much trouble.
In a nutshell: Build An MVP App First
The opportunity to use something that can actually power the evolution of your product is something you should strongly consider. There are examples of apps out there in which the finished version is miles different from the MVP app that was initially put out. Creating an MVP puts you on a path that allows you to take advantage of a variety of different influences and possibilities. At the same time, you are maintaining control of your app, as well as the process that ultimately shapes your vision. Validated learning is key!
Putting out an MVP comes down to this: The risks are almost non-existent, the benefits are enormous, and it can give you resources you wouldn’t have come by otherwise. It may add a smidgen of time to the overall production period, but that small sliver of added time can pay off in several massive ways. Ignore those benefits at your own peril.