The term MVP takes on a specific meaning in the world of tech startups and software companies around the world. The Minimum Viable Product (MVP) is a product with just enough features to gather practical insights about it and its continued development. Here are some key things to keep in mind when planning and working through your ideas during the early stage.
Your MVP must be adaptive to current investors' expectations to increase the chances to get funded before the end of the entire MVP and avoid the entire product being refactored during each MVP stage.
Perform an initial market study before even start thinking about the MVP. Take the time to explore your idea’s potential: talk to users, search for competitors or similar products.
Although you will focus on the MVP, it's nice to share the list of features and see how your stakeholders respond to them. Anyone invested in the product should think about the whole product not just the initial MVP release.
Find the right partner to develop your MVP. There are many factors to take into account while looking for the right partner to build your MVP together with you.
The design of the MVP is critical. Partnering with designers that work close with developers and understands both worlds, so they will be creative in designing something that looks nice, but also simple to develop.
Knowing what makes your app unique from day one will help with focusing efforts from the very start. Begin by describing what makes your site unique and identify the segments of the market being targeted. Always keep in mind ways to efficiently make use of time and money.
Don't let your dreams obfuscate the fact that you can save time and money by having a well-defined plan for your MVP.