What is MVP and why do I need it?

In today’s IT business, MVP development is a normal practice. Let’s take a closer look at its advantages.

What is MVP?

MVP is a minimal viable product, i.e. a minimal version of the product, which can already be useful to users. With this version you can test the success of the project and find out if it is worth it. MVP can be used for websites as well as for any web applications.

What are the benefits of MPV?

First and foremost, you need the MVP to test user interest in your product. If the testing yields positive results, it’s a sign that you can continue developing the product.

Here are a few reasons why you need MVP:
1. to save money and time. If the project proves unsuccessful at the MVP stage, you can decide whether to continue working on it or stop.
2. Understanding the users’ interest in your application.
3. Getting the first followers of your product.
4. Attracting investors at an early stage.

Do I really need MPV?

Let’s look at a real-world example. Our company has agreed with you on a $40000 project that lasts 8 months. Eight months have passed, your project is ready, and you’re ready to open it up to the first users and run ads. If your project is not successful, you have wasted your time and money.

With MVP you could spend about $5000 for 1–1.5 months of development. If unsuccessful, you would have saved as much as $35,000 because you would have realized early on that it was better to stop.

There are many examples of popular web applications and sites that started with MVP. Instagram originally offered to put filters on photos and share with friends. Now, however, Instagram allows you to upload videos, broadcast online, and tag a location. On the first version of Facebook, you could vote which student’s photo you liked best, and now it’s the most popular social network in the world.

To summarize, we can say that MVP is necessary in most cases. Even if you think that your project will be successful, you won’t lose anything if you start with MVP, and you will save money, so the choice is obvious.