Do you have an idea that you would like to realize? Or do you want to build a new platform to replace old technologies? Such a step is associated with risks and costs for most companies. If you don’t have your own know-how, it is often an even more difficult decision.
What if the platform doesn’t work? What if the process is not mapped perfectly and therefore causes more work? Will users accept the product?
These are questions that many companies ask themselves. An MVP can be a solution that reduces risk and can help you get the perfect technology faster.
What is an MVP and what role does this term play in the development of new technologies?
MVP is a Minimum Viable Product and is translated from English as “a product with the minimum requirements and properties”. However, this does not mean a raw “galloping” project, but an absolutely viable product that can be used internally and by customers. It technically maps the most important functions of a process or problem, but it is not yet fully functional. Although the term MVP originally comes from the IT industry, this technology is now used in many areas.
The MVP usually does not have the full capabilities of a perfect and well-thought-out platform. This means that opportunities cannot be seen and risks may be underestimated. The concentration of the most important functions in MVP is often not so easy and the test environment should also be carefully thought out.
In our view, an MVP is an excellent solution. Based on our experience with customers, especially from medium-sized companies, we can only support MVPs. Our previous experience and numerous scientific studies show that an MVP increases the likelihood of a platform’s success and, ultimately, massively reduces costs. However, a new technology should always be built by someone who has already done it and has in-depth know-how.
In addition, your chances of gaining support in your own company or external donors for a project increase if an existing product can demonstrate its performance to a certain extent.
A partner who already has experience in building platforms and has worked with MVPs will certainly never advise against starting with an MVP. You save a lot of money, time and in the end have a significantly higher probability that the platform will be a success.
In order for you to finally convince yourself of the expediency of the MVP, we give a few meaningful examples. Amazon’s success story also started with a small prototype. The birth of the world-famous music app Spotify and the cloud storage service Dropbox, which has been used millions of times, was also possible thanks to an MVP.