What is Minimum Viable Product and how it works?

N JNext TECHNOLOGIES What is Minimum Viable Product and how it works? Did you know that, on average according to 99 Firms, each month sees over 5,40,000 new startups and businesses coming to life? This number amounts to 6.5 million per year. Yet only 50% and 30% cross the mark of 5 years and ten years successful run respectively. What Is MVP? MVP (Minimum Viable Product) means developing a basic version of the software product your company wants to release. The product may consist of essential features and core functions your end-users may need. What Is MVP Development? 2 00 In MVP, the crucial aspect is the product's viability to provide enough value to your users. And making sure the viability of your product is one of the critical attributes of MVP development. What you must focus on here is what your product does instead of how it does it. Importance Of MVP • MVP can help save a lot of time & a considerable workload • Your development team can use the MVP concepts safely while the product is in the development process • You can legalize the idea of your product or services • MVP is like a blessing for businesses/startups that have an idea, and their initial offering revolves around it, which will solve the current problem users face 4 Helps Validate The Idea In Real World The main aim of releasing the MVP in the real world is also to build a process where it is tested and enhanced based on the responses from the real world. Helps To Determine The Features In Minimum Viable Product The main thing a startup must focus on here is what are the needs of your consumers. And going for a compound product with some redundant features can create issues with reaching your audience and makes the product lose its interior value. Learn More: https://www.jnext.co.in/what-is-mvp-and-why-it-is-important/