If you are founding a startup and you are not sure what to do, then you should really read this post. An mvp for startups is super beneficial for several reasons, and I will list all of them in this post. I might not include every reason, but this is the bulk of the reasons.
Keep in mind that these are reasons that are in no particular order.
Cuts Upfront Expenses
When you are creating any type of product, it is obviously going to be a lot upfront depending on what kind of product you are talking about. Some products might even cost a fortune to get up and running if you need to make a lot of units.
It is pretty insane to sink all of that money into a product and a lot of units if you know that it will not sell. That is where creating a minimally viable product makes sense so that you can get a better idea of how the product performs. If you can gain traction on the product, then you will know if the product is a winner or not.
Another thing that relates to the first point is that it cuts a lot of risk out of the equation. Risk can be associated with a few different aspects of the process. One of the biggest risks is producing a lot of units of the same product.
If the product is inferior, then it will be a huge waste to make more units than needed. If you produce an MVP, then you could get the feedback from just a few users and it would not cost very much. Limiting risk is pretty nice for anyone bringing a new product to the market.
Get Insights on the Product
Another major plus for creating a test product is that you can gain valuable insight into the product from behind closed doors. If you can have people test out your product, then they might give positive criticism that will help the product in the future.
If you can get constructive criticism that will help you improve your product, then the return on investment is absolutely massive in the long run. Another insight that you can gain is how interested your market is in the product.
If you see that there is a massive demand for the product, then you are going to want to invest more time into the product. If really think that the insights that you can gain are almost priceless on your route to a successful product.
Just those three reasons are why an MVP is vital for people that are developing products. If you can gain insights, save money, and reduce risk then I think that it seems pretty obvious to me. Most people would agree.
The return on investment is massive and it seems like people are really benefitting from this. If you found this post helpful, then please go ahead and share this post!