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May 07, 2021 2. 4 min read ![](/_astro/blog-scaled.width-1000_1YTpEq.webp) A minimum Viable Product is a development technique. It’s the initial version of the product with all the essential features. MVP is the first implementation of any product with basic features. It is made to check whether the product is fine or not. Also, users can provide feedback for any further improvements. It is an initial phase of the product but with all the necessary features. We can examine the features and then improvise them accordingly. This will help the clients to build the product more cost-effectively. Instead of investing a huge amount in developing the basic structure and again investing for changes, you can use Minimum Viable Product to design the basic structure of the product itself. For example: Let’s say you are making a [mobile application](https://www.thedroidsonroids.com/blog/what-is-a-mobile-app-app-development-basics-for-businesses). We will make an MVP application with basic features first before launching the app. This will help us know what functions we need to add and what changes we can make to make it better, etc. This will also save the cost because if we launch the final app and users don’t like it, then the cost of making an app is not worth it, and the cost of making changes will be high. That’s why before launching any product in the market, build its MVP first. ## **Purpose of Minimum Viable Product** The purpose of making a Minimum Viable Product is to start manufacturing the product with a basic structure. The MVPs help them to understand the problems of the product at an early stage and this will help companies to prevent a huge loss. We need to test the original product many times before launching it in the market. We need to know whether the product will survive in the market or not. Thus, in such scenarios, MVP helps us the most. It helps us to visualize the idea into reality. With MVP, we can find the potential target customers well. ## **Steps to Build Minimum Viable Product for your StartUp** **![](https://lh4.googleusercontent.com/PS9kUhLpOR12XtFwkje3SFSvJuzoQZXcbznqLPbFszf73Z-cRHAbl1QFEOOkCF9rNUctA_wQiI5hF6Cn2X7pmORT9_X8-rHVBFEnnLzG7AG4ovv88NomRX3sPUD6FLRMdewYcQ6K)** **Step 1** – Build a product that customers want. Define the problem of the customers which you are trying to solve with your product. Target real-life problems. **Step 2** – Find a way that can solve that problem.  **Step 3** – Focus on and define your core features. Split them into a list of must-haves, should have, could have, and won’t have.  **Step 4-** You don’t need to focus on the efficiency of the product. You just need to check its features and test that product. **Step 5**\- Build your MVP, and measure its productivity and success by launching it among initial customers. Learn from their feedback and make changes. ## **Advantages of Minimum Viable Product for StartUp** **![](https://lh4.googleusercontent.com/6kq1116TSR2NTgFF6ApPX_bGk3eiGIK-r1OuEiCNZdpwhvuC6tx-nqn_HQrM-IF2EwSt7I-sw_160yqOzsdr8XyZjg2sheLcykIWaiCdYCPOFPh599sEmA2o1LGLfer2DCNGsqUt)** **Budget-friendly** MVP can be cost-effective. Many people think that it is not true because you have to use all the features which cost the same. But it is true as it involves only a few features that we can adjust easily without any extra cost. Because the motive of MVP is to give the idea of the product only. That’s why this is pocket-friendly. **Saves time** MVPs can be built in less time than the full-fledged app because you only have to make a basic draft to get the idea of your product. The faster you build MVP and make relevant changes., the faster you can launch the original product. We can work on the product and also update it without any hassle and in less time. **Visualize your idea into reality.** MVP helps us to develop the product into reality. Everybody has some plans in their mind before developing a product. But there will be no conformity whether the idea will be fully successful and error-free or not. That’s why we need to make MVP and resolve if any problems occur in the initial phases. **Get feedback from customers and define your target audience** With the help of MVP, you can get the feedback of the initial customers. You can use this feedback to improve the product and make necessary changes. You can promote the MVP in the market in various ways. If the people show interest in the core or MVP of the product, then they can provide feedback on the product, and you can target those customers easily. **Attract investors** If you make a successful MVP, then it will attract investors. You can show them the product, and they will invest in your company. When the MVP is going through several tests, feedback, and changes., then the investors will believe that you want to make the product more successful. If MVP is well-worked, it will show the idea of your business and thus, this will help you to find an investment easily. ## **Conclusion** All in all, it is a good idea to use MVP for your [company](https://incentius.com/). It has several benefits and advantages. You can save your cost and time. Also, it is necessary to save time in any large company because you have to handle many things. Therefore, start with a basic MVP and then go for the final product. About Author ![](/_astro/incentius_img.width-300_eR1lj.webp) Marketing ![](/img_astro/thumb.png) ### See What Our Clients Say ![](/img_astro/left-chevron_1.svg) ![](/img_astro/left-chevron_2.svg) ![](/img_astro/mind-gap-crop.svg) Mindgap Incentius has been a fantastic partner for us. Their strong expertise in technology helped deliver some complex solutions for our customers within challenging timelines. Specific call out to Sujeet and his team who developed custom sales analytics dashboards in SFDC for a SoCal based healthcare diagnostics client of ours. Their professionalism, expertise, and flexibility to adjust to client needs were greatly appreciated. MindGap is excited to continue to work with Incentius and add value to our customers. Samik Banerjee Founder & CEO ![](/img_astro/trusted-by-businesses/worldatwork_coloured.webp) World at Work Having worked so closely for half a year on our website project, I wanted to thank Incentius for all your fantastic work and efforts that helped us deliver a truly valuable experience to our WorldatWork members. I am in awe of the skills, passion, patience, and above all, the ownership that you brought to this project every day! I do not say this lightly, but we would not have been able to deliver a flawless product, but for you. I am sure you'll help many organizations and projects as your skills and professionalism are truly amazing. Shantanu Bayaskar Senior Project Manager ![](/img_astro/trusted-by-businesses/gogla_coloured.webp) Gogla It was a pleasure working with Incentius to build a data collection platform for the off-grid solar sector in India. It is rare to find a team with a combination of good understanding of business as well as great technological know-how. Incentius team has this perfect combination, especially their technical expertise is much appreciated. We had a fantastic time working with their expert team, especially with Amit. Viraj gada Gogla ![](/img_astro/trusted-by-businesses/humblex_coloured.webp) Humblx Choosing Incentius to work with is one of the decisions we are extremely happy with. It's been a pleasure working with their team. They have been tremendously helpful and efficient through the intense development cycle that we went through recently. The team at Incentius is truly agile and open to a discussion in regards to making tweaks and adding features that may add value to the overall solution. We found them willing to go the extra mile for us and it felt like working with someone who rooted for us to win. Samir Dayal Singh CEO Humblx ![](/img_astro/mind-gap-crop.svg) Transportation & Logistics Consulting Organization Incentius is very flexible and accommodating to our specific needs as an organization. In a world where approaches and strategies are constantly changing, it is invaluable to have an outsourcer who is able to adjust quickly to shifts in the business environment. Transportation & Logistics Consulting Organization Consultant ![]() Mudraksh & McShaw Incentius was instrumental in bringing the visualization aspect into our investment and trading business. They helped us organize our trading algorithms processing framework, review our backtests and analyze results in an efficient, visual manner. Priyank Dutt Dwivedi Mudraksh & McShaw Advisory ![](/img_astro/mind-gap-crop.svg) Leading Healthcare Consulting Organization The Incentius resource was highly motivated and developed a complex forecasting model with minimal supervision. He was thorough with quality checks and kept on top of multiple changes. Leading Healthcare Consulting Organization Sr. Principal ![](/img_astro/mind-gap-crop.svg) US Fortune 100 Telecommunications Company The Incentius resource was highly motivated and developed a complex forecasting model with minimal supervision. He was thorough with quality checks and kept on top of multiple changes. 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