If you are in the initial phase of your startup and you do not know exactly how your product will be accepted, or if it will have space in the market, a good alternative is to invest in the Minimum Viable Product or MVP (for its acronym in English). However, what is it about?
An MVP is a previous version of the product or service, used to test the business model of a company. The concept was developed by the writer and consultant Eric Ries, in one of the most used books by entrepreneurs starting with startups, called Lean Startup, in which he presents an agile and clear concept of the entrepreneurial process.
According to Marcia Morales Mejía, International Business Developer at Mbc IT Talent Solutions, it is important that people do not misinterpret the concept of MVP, since it cannot be confused with a version of the product with reduced functionalities, just to be delivered quickly. Nor should it be thought that it is economic.
“An MVP is not only minimal, it must be viable. What must be taken into account is that, to have this characteristic, the product must be of quality, which can cost time or money,” she said.
Morales pointed out that companies cannot focus on developing a project or product until it is fully realized, but rather follow the strategy of investing as little time as possible to achieve something that works, perhaps not as expected in its full version, but if that allow to capture the essence and go to the market or in a test group, with something probable.
- Enough quality for people to start using it.
- Sufficiently demonstrate the benefit caused by the product, in order to maintain the loyalty of the initial users.
- Provide the development of a return cycle that is capable of guiding the entrepreneur in the development and future improvement of that product.
Marcia Morales also explained that startups should not worry about having an infinite number of customers using the product, it is enough that the people who are testing it give feedback on it and in this conversation solutions are generated and problems that are not initially contemplated are resolved..
If you are interested in entrepreneurship, an MVP allows you to start capturing market share at an early stage. Interest is generated and that is the best publicity to launch a new product. Even more important, when we talk about small projects, startups and companies with very little funding. It is important to awaken the interest that users may have, who try today, use it tomorrow and then disseminate their discovery. Even more so if these users are references for a group.