What is MVP development and why might it be the best choice for your business?

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What is MVP development and why might it be the best choice for your business?

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What is MVP development?

So, you have an idea. Potentially, you’re thinking about a new way to provide an existing or new service to your customers. A software solution that will elevate your business above competitors. Or, maybe you’re thinking about a system that automates a piece of work that is taxing your workforce.  However, you’re stumped on where to start, unsure if it will work, or not convinced it will provide value worth the investment. That’s where proof of concept (POC) and minimum viable product (MVP) development come in. These two services are gold-dust to growing businesses, spearheaded by innovative entrepreneurs, as they give you the scope to test what’s possible with minimal risk.   

Depending on your goals, prototyping can result in a linked design file (mimicking the feel of a real app), a functioning app, or a combination of both. MVP development involves distilling key features of a larger app into the most valuable and useful to your business at the time, allowing you to test and explore the potential.  

In this article, we break down these services to see if they’re right for your organisation.   

Who is MVP develepment for?

MVP or POC prototyping is perfect for start-up and growing businesses, who may not have the means to develop a full-scale product, but need something to show investors and showcase your idea beyond a business plan. At Imaginative Software, we have plenty of experience working with small and expanding businesses to develop and maintain MVP solutions that help springboard your business to success. Link to case study here  

  

Benefits of MVP development

Lower risk  

Prototyping is often a lower risk form of development, as less is invested upfront. In addition, it takes a lot less time than developing a full-scale product so you can test your theory faster.   

Springboard for research and market validation  

MVP development can produce a working product that can be presented to potential customers for testing, giving your organisation the ability to gain valuable market insights early in the development process. The same can be achieved with a working prototype design file, e.g. in Figma or Adobe XD to create a mock-up. Or, potentially, you could use this service to conduct A/B testing with existing customers for market validation.  

Secure funding or investors  

As a start-up, proving that your idea can work could be valuable in securing valuable investors and funding. Prototypes can help engage investors, by giving them something interactive to engage with to visualise your business idea.   

Get to the market faster   

Amazon started as an online bookstore, offering books cheaper than competitors – and it was all run from a garage. Netflix, originally an online DVD rental service, changed the game entirely by rolling out an online streaming service to their existing customer base. MVP development gave them the edge to get to the market quickly and secure their position as a market leader.  

  

Drawbacks of MVP development

Requires focus to avoid costly scope creep  

MVP development focuses on the most impactful parts of an idea, so internal alignment needs to be a top priority. To make the most of MVP development your focus needs to be razor-sharp. Time must be invested in clearly outlining the project scope to avoid costly scope creep that can impact development time and cost. 

  

Exposing to competitors  

If your idea is the first to market, an innovative creation that breaks the norm, it’s also important to recognise that others may potentially have the same idea. Producing an MVP to get to the market quickly may expose your idea and intentions early on, resulting in more competition down the line.   

  

Choose the architecture wisely (& how we help)  

At the start of the project, it’s vital to understand the long-term vision for the idea, even if it’s not achievable right now. Choosing the correct technological stack and architecture ensures long-term success; without incurring unexpected costs later down the line. But don’t worry, this is where our talented team comes in! At Imaginative Software, we are proud to offer services that cut through technological jargon; our creative approach to bespoke software development will ensure your idea is set up for success.  

  

Build an MVP with Imaginative Software  

At Imaginative Software, we champion creativity and innovation, and we love working with businesses with exciting ideas. We pride ourselves on developing understandable and reliable bespoke software that solves complex problems with simple results. We can help distil your idea into its key features, design, plan and build your idea into a prototype ready to be launched, tested or shown off to investors. Why choose us? We are passionate about providing services without the jargon and are committed to communication. Meanwhile, our energised, Agile approach to projects is sure to keep the momentum going. Get in touch today to discover how we could help you bring your idea from imagination to reality.   

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