Strategy is essential to leverage financial investments in the development of the final product
Summary
MVP (Minimum Viable Product) is a widely used strategy for testing business ideas before spending a lot of money. The process involves understanding user challenges, mapping functionality, and creating a testable prototype.
MVP stands for Minimum Viable Product. This is a strategy widely used in startups seeking to validate business ideas before making large financial investments in developing the final product.
According to Marilucia Silva Pertile, startup mentor and co-founder of Start Growth, a Venture Capital that invests in startups, growth and performance of organizations, the MVP is a streamlined version of a product or service, with only the fundamental characteristics to solve a user pain point.
“Creating an MVP can help reduce the risk of investing large sums in something that won’t be as successful as expected, help gather customer feedback, and even speed up the development process,” he explains.
According to the expert, creating an MVP means understanding exactly what users want to solve with the solution and then developing the basic functionality of the product.
“To do this you need to collect feedback, conduct interviews, evaluate market demands and understand if the idea is really relevant,” he says.
How to create an MVP
Creating an MVP is generally simple and requires the startup to have enough information to build the product model and be clear about what it seeks to validate.
“First, you need to understand what you are trying to solve with this solution. Otherwise, you will waste your startup’s valuable time and resources. The hypotheses must be aligned with the expectations and objectives of your business”, advises Marilucia.
He cautions that once the problem and hypotheses are defined, you need to map out the core features that make your product solve your users’ problem. “And it’s important not to get attached, be careful and select only the truly essential features when using your tool or service,” he advises.
After mapping the features, the next step is to create the prototype, which does not necessarily have to be a perfect or complete construction, but it must be functional. According to the startup mentor it is worth investing in simple systems, videos and even manual processes.
“This is followed by the MVP validation phase, in which it is necessary to evaluate whether the hypothesis is liked by the public and whether the product or service has the potential to evolve as a final product. And here it is important to say that at this stage anything can happen, including the product not being a good idea. The important thing is to be open to possible validation results,” he concludes.
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Source: Terra
Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.
