In practical terms, there are both advantages and disadvantages of MVP. We will talk about the disadvantages below. So , the advantages include:
optimization of the resources used. Analysis of consumer feedback allows you to correct the shortcomings of the implemented project at all stages: from the earliest to the final cycle cycles. Saving effort, setting priorities and rational budget planning will allow you to create an effective, successfully sold product in a short time, which is in demand and fully meets the requirements;
development of a client base at the preliminary stages. Implementation of MVP allows you to form an audience of interested consumers even before creating a finished, fully functional product;
the ability to assess the what is 99 acres balance of supply and demand. According to CB Insights statistics, slightly less than half of start-up business ideas fail due to insufficient demand, which is of decisive importance in a competitive market. Minimum Viable Product allows you to take into account the demand for the project among the target audience (TA) as accurately as possible, and, consequently, its commercial success;
attracting investors. No one will invest in a poorly formulated, vague idea with unclear prospects. Investors pay attention to a really tangible minimum viable product. Using a prototype with a basic set of functions will increase the investment attractiveness of the project.
Pros and cons of the MVP concept
The main disadvantages of MVP are primarily related to psychological problems. Excessive simplification of the test version in order to minimize start-up costs can lead to the failure of the entire project. As a result, even a very promising idea does not find a response from potential users:
The most popular area of application of MVP is software development. However, with a competent creative approach, the strategy is quite applicable to the creation of material objects. For example, each popular car model produced by auto giants had up to several concept cars.
Incompatibility with innovative projects. If your idea is so revolutionary that it has no analogues or prototypes, then implementing it using MVP will be ineffective, since buyers will simply have nothing to compare its advantages and usefulness with.
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