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What is MVP in case of business?
- Thread starter Greyscale
- Start date
I can't see why going with a minimum viable product to start wouldn't be a good idea if your product is a new one, or your market is new to that product. But I'm no expert. Just a hunch it's a good idea to keep your investment as low as possible while you try the waters and gain enough feedback from your customers to have a solid idea of what the market wants and what it will pay for it.
YmirGF
Bodhisattva in Recovery
^ What he said! ^
Sensor
Member
MVP is an acronym for 'minimal viable product', it's used for defining the simpliest possible form of any product/service which you can bring to market. In fact it's a product which is made only for testing certain new idea for your company and receiving first customers/clients' feedback. It's a very a good strategy to test all your ideas before investing much money in certain products, its helps you to avoid later collapse for your company and in case of startups that's very important, especially considering how careful they should be with their budget for the first years
For preparing MVP outsourcing is often used too which helps you to save even more money, it has its own pros and cons too belighted.com/blog/10-pros-and-cons-of-outsourcing-mvp-development, there are also many companies who specialize of preparing MVP idapgroup.com/software-development/ too.