5 Compelling Reasons to Develop MVP

MVP can be defined as a mobile or web app, designed with minimum features required for app testing in the right market. This is done in order to gain early investors. Once the conceptualized mobile or web app is developed and tested, users feedback is incorporated to create the final product. An MVP must create value for the people who will use it.

According to various statistics:

• Premature scaling is the reason why 74% of the internet startups do not succeed
• On the contrary, startups that are properly scaled grow 20 times faster
• 29% of the startups face cash shortage problems even before they are fully established.

Here are top five reasons to develop MVP for your company.

1. Minimizes Development Cost

The most important thing to remember is that more complicated startups need bigger investments. You need to pay for additional features and beautiful designs. However, for an MVP, you will require minimum resources.

You are obviously concerned about the development cost of an MVP. So, the figure depends on the features. The average cost varies from $10,000 to $20,000, but sometimes it can be even more.

Unfortunately, if your MVP is not successful, a price of slipup will be considerably abridged. You may also use the saved resources to choose a different business idea.

In addition to this, development cost can be decreased by making suitable decisions amongst time vs fixed price and material contracts.

2. Test Your Business Project

Developing an app does not only require coding. The main aim of every business app is to attract clients to generate revenues for its creator. So, another reason to create an MVP is to check whether your app has a promising future.

Some users do not adopt your app, even if it has a catchy idea and plenty of functions. This is because there are other very famous and branded apps in the same category.

In short, MVP will help you understand if users are interested in your app and willing to pay for it.

3. Get Feedback

Another important reason for MVP development is that you can incorporate feedback from initial users. It is very important to have a clear picture of user’s opinion. This will enable you to understand the desirable and unwanted features.

One thing must be kept in mind, that the app must solve user’s definite problem. An MVP enables you to gather information directly from the users.

4. Saves Your Time

An app creation requires a lot of hard work and costs. But, image nothing fabulous happens; you could have spent this time and effort on something more useful and productive. For an MVP, you require as little time as possible.

User feedback will help you create a highly demanded and a desirable app. This will enable you to save time and come up with more profitable ideas.

5. Attract Investors

Sometimes you have an idea only in your head, which might not attract investors. One of the reasons for an MVP development for a startup is that you will have something more perspective as compared to your words and thoughts. It absolutely raises your chances of being heard and noticed.

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