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Minimum viable product

Minimum Viable Product
Minimum Viable Product
Come up with a creative, innovative development like Google, Facebook and co.: This is possible with the minimum viable product. Let Helvetia explain to you exactly how this works.

What is the minimum viable product (MVP)?

During the development phase for new products and services, your best friend is the minimum viable product (MVP). The MVP is the core component of innovative corporate and product development methods. Instead of spending ages tinkering with fully perfected products and services, fast-track the design of an initial simplified version of the final solution. While this first version contains only the most basic features of the market solution, it should still be able to deliver added value to the customer.

The MVP can be in any of various configurations. While it may be in the form of an initial app design or a simple website, customer surveys and analyses are also conceivable options.

The MVP process

As soon as you have developed your initial design for the MVP, you need to gather customer feedback. Have customers and users try out your product. Collect their experiences and reactions. On the basis of this customer feedback, adjust your initial design and so improve the MVP. Usually, several such feedback loops are necessary before the first marketable solution is ready.

Did you know?
The first MVP of the file hosting service Dropbox was a simple explainer video presenting the main features of Dropbox and the idea behind it. Overnight, thanks to the video, the founders reached another 70,000 people interested in their product.

Advantages of a MVP

Reduce the market risk

Continual customer feedback allows you to adapt and optimize development in line with customer needs. This also prevents you from designing a product that is not well received by the market.

Avoid high production costs

The focus is on a product’s central features. Unnecessary functions are not even developed and any corrections tend to be minor. This can prevent excessive production costs.

Increase the recognition factor

Involving customers at the outset gets you noticed early. Even if the product is not completely defined, it can still trigger initial positive associations on the part of customers.

Insurance for start-ups

Protect yourself and your business partners against potential risks. Helvetia offers young business owners a 50% discount on different types of insurance.