Why MVP Model Works Best for Startups?
As Steve Blank writes in the Harvard Business Review that “Launching a new enterprise – whether it’s a startup, a small business, or an initiative within a large corporation – has always been a hit-or-miss proposition”, the history of startups can be summarized in fewer characters than the limitations of some popular social networking platforms. And going by the decades’ long history of the startups, it is clear that the lineup of miscues is longer than the hits. So where can the miscues are avoided and the hits maximized?
Recently, the industry experts have hailed an innovative methodology consistently – the lean startup method. This methodology allows the practitioners to focus on realizing creative ideas rather than spending time on Elaborative discussions. With the lean startup ideology the businesses can give more time to customer feedback with iterative design, while intuition and “big design up front” development can take a back seat.
The startups can quickly launch their products in the market in the form of a minimum viable product (MVP) design and then work on the product interactively from there on. The MVP model gives the startups an unprecedented advantage of scaling their businesses not only vertically but also horizontally. The MVP model provides a remarkably flexible approach to the startups, which are looking for a quick time brand generation and market injection for their business products.
The MVP model brings the popular agile development model to the businesses which look for young tech ventures and large corporations alike. With the quick and responsive ideology that engines the ideology behind the MVP model that moves the production cycle from traditional work environments, where the deliverable are phased out in months and months on end, to more dynamic and short cycles. The learning curve drawn by following this methodology is better suited to the core business process of the startup as the focus stays on containing only the critical features while gathering feedback on them from the customers. This cycle is then repeated with revised “Minimum Viable Product” definitions for improving the product and satisfying the customers.
Even though this approach is just a few years old, its conceptions have rapidly taken root in the startup world, while the Businesses have already started adapting their prospectuses to teach them. The lean startup and its MVC model have gone completely mainstream and not only the startups but also the major brands need to take serious note of this at it would make them feel its full effects.
Image Courtesy: Kissmetrics.com