What is a Minimum Viable Product (MVP)? And What are the benefits of developing an MVP and how much does it cost?
What is the Minimum Viable Product? A Minimum Viable Product means a product with limited essential features that can solve users’ primary problems. This method will give insight into how to allocate resources in order to achieve your organization's goals as a whole. What are the benefits of developing an MVP? Here are the main benefits:- 1. Product viability 2.Cost-effectiveness. 3. Test your product in real market conditions. 4. Early feedback 5. shortest time to market release possible 6. Potential investments 7. Comprehensive software documentation, including a product roadmap 8. Market research, crash tests, and expert advice from seasoned professionals. A real-life example of MVP? Airbnb is one of the most successful MVPs. Airbnb was initially an Air Mattress, Bed & Breakfast. In 2008, two designers wanted to see if homeowners were willing to rent out their homes. To try this idea, they built a "Minimum Viable Product" website feat...