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MVP Startup Development

The Internet makes it easy to start a business. No wonder, the present-day concept of "startup" is getting more and more applied to Internet projects. The bottom line is that the new web application will be innovative and nontrivial in solving users' problems. These days there is a wide array of technologies for developing and launching startup projects, for instance, building a minimum viable product (MVP), a working version of an application with the core functionality.

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How to Build a Minimum Viable Product (MVP)?
01 Task

People will buy a product or service that solves a problem for them so one of the most important stages in the product development process is to figure out what problem you need to solve for your customers. While setting the task use your "common corporate language" that will help your team and stakeholders easily understand what this is about.

02 Users

Get a deep understanding of who your users are. Understand your users.

03 Decision

Formulate as many ideas and possible solutions as possible. A well-defined and approved problem statement allows you to come up with ideas, explore possible solutions, and find fresh perspectives.

04 Success

Define success. If you don't define success, you will never know when you achieve it. View success as a process. Before starting the project, specify success criteria and how to track progress.

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Stages of an MVP Startup Development

The initial stage of the startup life cycle is when a startup is just a thought or an idea. It is followed by functionality development and public placement. But the devil is in the details so MVP startup development contains about to be mentioned stages:

  • presentation of the idea;
  • analysis of the market and its prospects, well-designed feasibility study, clearly defined target audience, development of an innovative business model, commercial assessment, choosing the proper KPIs;
  • creating requirements and product usage scenarios;
  • building a digital prototype to pitch to investors;
  • selecting a platform, calculating the cost of creating a minimum viable product (MVP);
  • MVP development and presentation;
  • project kick-off meeting to make alterations to the initial plan, perform backlog grooming, evaluate the prototype, and make final proposals;
  • development of a full-fledged product and its continuous improvement.

Basically, the startup goals and objectives tend to change over time so the workflow must be flexible and provide the possibility of making changes at any stage. MVP project development allows marketing your concept without wasting time and money. It is a perfect solution for startups to test their ideas in practice.

Essence of an MVP Project

An MVP project is the first working version of a product, with just enough features to satisfy potential investors and customers with minimum effort and resources required. It is aimed at collecting and analyzing customer feedback necessary to launch the next product version. Nobody has better firsthand knowledge of your business than your clients so customer feedback allows you to learn more about their preferences, desires, requirements, and objections.

В момент получения обратной связи собирается информацию о клиентах, их предпочтениях и желаниях, требованиях и возражениях.

MVP development is essential for all startup parties:

  • Инвесторам для видения результата даже при небольших вложениях.
  • Inspirer (customer) to understand the particular relevance of the project, its exact tasks, and capabilities.
  • Users to try the functionality in practice, without listening to boring theory.
  • Investors to see the financial result even just investing a small amount.

MVP Product Pivots

Building requires attention to the following aspects:

  1. When building MVP, keep in mind that it should include the following essential features:
  2. Market analysis. It is important to find the customers' pain points and resolve them (at least one). A prime example is Uber. Drivers wanted passengers, and passengers wanted a safe ride from a sane driver. The MVP app solved the problems of both. Besides, it is crucial to have a strong value proposition. Offering a startup with a unique value proposition compared to your competitors is the main pillar that establishes your success.
  3. Careful planning. As a rule, MVP product launching involves a group of 3-5 experts, headed by a team lead (leader). It is the latter who plans what features the minimum version and full release will include. Planning works well for the products, the target audience, its pain points, and needs.
  4. Development flexibility. The development is a cyclical and iterative process – the developers return to the beginning to find and fix errors, improve the project, and increase its capabilities over and over again. MVP often moves to a full-fledged product. It happens when you no longer need to go back to the beginning because there are no more errors.

MVP development is cyclical:

  • idea;
  • prototype;
  • demand assessment;
  • data collection;
  • error analysis;
  • improvement, then repeating.

A good MVP is a strong start for any project. A prototype means that your idea has transformed into something tangible and real to get money from. Order an MVP startup development at Coral Media. We make every effort to enhance your business growth. We are trained to create wonders with the lowest resource costs.

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08.10.2020

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