Minimum Viable Product or popularly known as MVP is a concept that gained traction after Eric Ries mentioned it in his book Lean Start-up. Here’s how Eric Ries defines an MVP as “that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.” This implies that start-ups need to implement MVP strategies to minimize the efforts they spend on extensive product development and save costs. Minimum viable product agile is a part of the agile process of start-up management. A research paper on ‘World Business start-ups’ suggests that approximately 137,000 businesses are introduced every year of which around 90% unfortunately fail. With statistics skewed towards the wrong end of the tipping scale, implementing methodologies that give quick product feedback is essential to pivot the research and development directions.
Here are 4 reasons why it is important to build an MVP for your product
If you are in the start-up market, you are basically in a lethal battle that may end in the death of your product. To be in the 10% of successful start-ups, you need to take steps that are smarter and efficient instead of wasting valuable time ...
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