Amazon, Zoom, GoJek, Flipkart, today, all these companies are amongst the top apps of their industries with millions of users. However, that wasn’t always the case. All these platforms started out with minimal functionality and a small user group.
Although it can be hard to imagine, Facebook was initially designed as an online directory with the sole purpose of connecting Harvard students via a social network. The website had limited features that allowed students to search for their classmates and check their friends’ friend list.
Later on, the platform extended its reach, adding on more universities. Eventually, they opened up their platform to anyone who was older than 13. Now, Facebook is the biggest social network worldwide, with more than 2.74 billion monthly active users as of Q3 2020.

What’s an MVP?

MVP is an abbreviation for “minimum viable product”. An MVP is a product that is created and released with minimal functionality rather than as a full-functional solution.

At the core of the MVP development approach lies the idea of creating a product with just enough features for it to be functional. Later, when customers try the product, the stakeholders collect user feedback to make further integrations based on user needs.

Why to start your idea with an MVP?

Why should you start with a scaled down version of your product when you could build with complete bundle of features? There are many reasons why startups and product teams favor MVP, such as:

1. Idea Validation:

Starting with only the core functional features allows you to determine whether those features or solutions deserve a chance to exist. In other words, you can now know for sure if your product is going to deliver value to your customers while testing the idea.

2. Lower Costs:

It’s always better to start with essentials and enrich the product with the necessary functionality later. Each added feature means extra resources. Building MVP helps cut down the initial development costs and reach the ROI earlier.

3. Faster Launch:

Full-fledge software and SaaS products require a lot of time to develop. Therefore, users will have to wait for the product’s launch. With an MVP, you can access the market earlier, outperform your competitors, and gain a share before them.

4. Analytics-driven Scalability:

Often, the users themselves don’t always realize what they want until they try out the product. An MVP allows users to get acquainted with the product early and provide you with feedback. Based on this user feedback, you can make a more informed decision on further scalability.

5. Faster time to market:

With MVP you can start reaching out to customers ahead of your competition. An early marketing approach allows brands to engage with customers and develop users who look forward to the final product.

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