Minimum Viable Product (MVP) is the earliest ready to be released product as it has enough features to be used by users and get the feedback required for validation. It is not wrong to say that a MVP is actually beta test performed of the product in order to get the idea of what the users think about the product so that any updates and changes can be added later on, and a first feel for the market can be found. Purpose of MVP is to figure out in the early days of the product whether development is going on the right track, there exists a market, and there is some validated interest in that market.
In short, an MVP requires a smaller amount of capital, time, and fewer features to deliver a workable product. MVPs are very much useful and actually required for start-ups for success. Popular examples include Airbnb, or Instagram (then called Burbn in their MVP phase).
MVP helps the companies to get user’s insight on their product and let them know the weak points and an evaluation on the product.
Cheap ways for building MVP:
Get hold on a good CTO (Chief Technology Officer) who will guide you if the whole idea is achievable or not. A good CTO will help you look for deals and discounts on services. With the right CTO you will be able to develop and implement the best strategy to work around in a budget friendly way. He will make sure that the use of technology is done in the most efficient way for fast delivery of the MVP.
Hire freelancers from different countries who are willing to get the work done on limited budget. Mostly freelancers from developing countries like India, Pakistan, and Egypt etc. are not only well experienced but also are willing to get the work done on a friendly pay rate. Make sure to hire freelancers you have previously experienced working with or who have a good rating and reviews in order to make sure that the quality of work is not compromised.
It is better to use open source codes readily available, which are not only cost effective but also help companies to scale up. Thus rather than building the product from scratch it is always better to use open source codes to create high-end product.
When building the MVP; one thing to focus on is the core features. If we stick on to the core features we can quickly complete the first workable product, however if we add other non-essential features not necessary for the MVP it is not only going to be a waste of time but also going to cost much as you never know how the user’s feedback turns out to be.
Using already built tools or software can be helpful in cutting down not only the cost but time, as you want to quickly release the product. Therefore using resources on developing tools and software from scratch can be tedious and a waste of time.
Use of agile lean software development approach can be helpful in creating cost effective products as it cuts down the unnecessary steps that would require extra resources and budget. It creates incremental products by optimizing the resources and time.
Look around for any available deal and discounts by the technology service providing agencies. This will help you deliver a tailored product to the market.
mvpbakery.io builds MVPs for an affordable price. This is done by having an awesome product builder internally. MVP bakery offers a price of 9000 EUR that is advertised on the website which is very affordable as other agencies quote at least 100000EUR or above for all kinds of MVPs. Therefore MVP bakery is undoubtedly the best choice to test your start-up product.
MVP bakery has now scaled up to being an agency, some of the other services it offers include quantum computing, machine learning and AI (e.g. anomaly detection, classification, GPT3), DevOps and AWS ,and Project Management.
Note that MVPs are not only required for market validation and user tests – it also helps get into advanced talks with potential advertisement partners (or in general partners), and even have something to show for investors.