Just a great idea is not always enough! As we all know, some startups become successful, whereas the truth is, 9 out of 10 startups fail. Launching an innovative idea to the market is quite risky but when you have a well-planned MVP, your chances of success are very high. Despite the efforts, some startups fail at this stage only.

When an entrepreneur is struck by an idea or concept, no matter how great it may seem, there is no certainty how the market will respond. This is where an MVP comes in.

So, what exactly is an MVP?

Most people think that an MVP is the end product, whereas others think it is a beta version of the final product. However,

A Minimum Viable Product (MVP) is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.

The early adopters get to sample the MVP in order to provide feedback or suggestions and share their opinions on the product. After that, a product with the full set of features is developed based on responses.

In 1999, US startups created a massive 4.7 million jobs. Fast forward to 2019, and that number stood at 3.1 million. So why do startups fail?

Many factors can make or break your startup. But, MVP is the most important stage to pass through. For that, there are few important things you need to plan before you start with MVP development.

Factors you shouldn’t ignore for your MVP

To launch an MVP, you need to have an entrepreneurial mindset, planned requirements, a balanced team, supporting tools, marketing strategy, some cash, and a lot of energy. The point here is not to launch a fullfledged product but a product with all the necessary features within time and budget. So, when you’re developing a mobile app or a web app MVP, the cost of building it depends on factors like planning, design, features, the technology used, and time spent.

After working in the tech industry for almost 16+ years, we believe that 2-6 months is an ideal time and 15-30K USD is the ideal budget to launch an MVP. But there can be some exceptions. Of course, the cost and duration to build an MVP is much less than the cost of actual product development, however, the most important question here is: How much does an MVP cost? How long will it take? How many features should be just enough for a launch?

• Scope

  Scoping out MVP is the most important exercise. First of all, EVERYTHING is not a scope. Secondly, building an Instagram clone or Uber clone can be a real scope, but is there a real demand? Why would users switch for the same features?

  The most important thing to do here is to make a list of features. Pick only core features that are important and solves one or more problems for end users. All other features are add-on features. Remember to take the end users’ experience into consideration as well. The core features personify the customer experience while add-ons can be introduced after the MVP launch.

  When you are confused about which features to release initially, focus on the biggest problems of your audience.Hackernoon

  Don’t forget to ask yourself questions such as, “How important is this feature for finishing the process?”, “How much value will this feature bring to the customer?”. This will enable you to come up with the minimum possible representation of the working product. This is what an MVP is all about. By separating bells and whistles from the core value proposition will help you save on the initial cost of the MVP.

• Duration

  The scope and duration go hand in hand. The focus should be to launch with minimal features and start validating the idea earliest. There can be further iterations to the MVP after the initial launch.

  There are some benefits of releasing the MVP faster:

  • Gains user traction sooner
  • It reduces the risk of your idea being stolen
  • Early feedback from end users
  • A better product based on feedback
  • End users will be ready to pay sooner too!

  As mentioned earlier, the scope you define for MVP affects duration. But, another major factor that affects the duration of MVP development is the tech provider. If you really want to get MVP out quickly then you definitely need to find a tech solution provider, who is established, cost-effective, and experienced with what you’re looking for.

• Cost

  The focus should be to launch with bare minimum features and start validating the idea earliest with minimum cost. There can be further iterations after MVP is out there being used by real users, out of which some could be even paying users.

  So, important thing is the initial cost. Money that you need to bring in to launch and market the MVP. And, to know how much it costs to build an MVP, we must first take into consideration the main factors that influence the MVP pricing.

  • First and foremost, there are different ways to build an MVP for your startup, like hiring freelancers or hiring a software development company or developing on your own. However, every option requires an investment of time and money.
  • The cost also depends on the complexity of the design and the number of features included. You need to scope out features and their complexity to evaluate the cost of MVP design and development. Remember, UI/UX should be simple, easy to navigate, and understandable.
  • What technology stack you choose to build an MVP can also affect the budget. Whether you’re a tech-freak or not you can always ask for recommendations. For instance, if you choose react native or flutter i.e. a cross-platform app development framework, for your Android and iOS app, it will cost you less than native apps. As about 90% of code can be reused with it.

Startup lesson by Dropbox: Dropbox originally presented its users a video of their product which was a simple demo that people could test to see how well it helps them solve the challenges they're facing. After collecting enough feedback and data, the founders implemented smart changes they saw fit and Dropbox went from having only 5,000 users to 75,000 overnight.

By now, you are ready to jump upon your first MVP Development journey. Remember it need not have to be perfect! Just remember the above-mentioned points and strategies to build an MVP for your startup.

Do not fear failure but rather fear not trying.Roy T. Bennett

However, not all MVPs are successful, developing a successful MVP will increase your chances of the product seeing the light of day in the market. In addition, it might turn your idea into a profitable business and make the world better.