Deutsch
English
What does MVP stand for?
MVP stands for Minimum Viable Product—literally translated, this means “minimally usable product” or “minimally viable product.” However, that doesn’t mean it’s some short-lived piece of junk. Rather, the MVP is the first implementation of your product idea, which you can use to test whether there’s even a market for your product idea and what requirements potential users have for it. The MVP thus helps you avoid investing a lot of time and money in developing a perfect product that, in the end, nobody needs or wants. It’s important that the MVP already includes the core features of the final product, because that’s the only way to determine whether the product ultimately meets user needs or not.
So is MVP just another term for "prototype"?
No, an MVP and a prototype are not the same thing. A prototype is an early version of the final product; it is typically used only for internal development purposes and does not reach the end customer. Furthermore, a prototype does not yet need to include all the core features of the final product or actually work. It is sufficient if it demonstrates how the product works, and the individual features can be integrated one by one from version to version. The MVP, on the other hand, is aimed directly at end customers and is either discarded or modified based on their feedback. As mentioned earlier, it must already include all the core features of the final product and actually work.
What are the benefits of an MVP?
In addition to the advantages already mentioned regarding development time and costs, using an MVP—thanks to early and continuous user feedback—can help assess a product’s prospects for success at an early stage and ultimately launch a product that is ideally tailored to the needs of end customers. Furthermore, by quickly releasing a product that, while not yet fully designed, already covers the core functions a user needs, it is possible to generate initial revenue. An MVP can also be important for attracting investors. It’s much easier to convince investors when they can see that the product already works and simply needs to be improved and refined.
If you have any questions about MVPs and product development, please feel free to contact us directly for a consultation.
Published on July 6, 2021
Author: Frauke Leuckefeld