In recent years, startups have become a new international trend. Every day, young entrepreneurs come up with the most innovative ideas. But what do we know about startups? Indeed, by survivorship bias, we know only the most successful of them. But what is stored on the other side of the coin? What happened with entrepreneurs who didn't live up to expectations and lost investor funds?
Most startups do not grow because they don't find demand for their product or they simply don't have enough funds for further development. You need to develop MVP (Minimum Viable Product) to evaluate the market and understand the demand for your product. MVP creation costs much less than developing a full-blown solution for your idea test.
How to develop MVP and what its looks like?
A minimum viable product includes only the basic functions that are aimed at solving the problems of your client. Only after receiving objective and voluminous feedback you can move forward and spend your energy on further development.
Why do you need MVP?
There is a common misconception that companies create MVP solutions to accelerate market entry. But more often companies are developing MVPs to test economic viability. Thus, development speed can be a priority only when it comes to faster market analysis and MVP testing.
MVP decreases development costs
The larger your project, the more finance he will need. Every new feature is a new development sprint. However, MVP is a prototype with minimally required features. The full development of the project can reach a million dollars, at the same time, the price of MVP will be much lower.
MVP helps get early feedback
You can attract the first customers and collect their feedback, as well as determine and formulate a plan for future development. You can understand how much your product is in demand in the market.
MVP saves your time
Development time grows in proportion to the number of functions. MVP saves your time since development time will be significantly lower.
MVP attracts future customer base
All early clients are your potential clients and serve as a client base for the growth of your project. If you are creating an MVP with an early monetization feature, you can also start recouping development costs early on.
MVP helps find early investors
The idea on paper may not seem as convincing as a working prototype. Having something more serious than a simple idea will help you to be visible and preferred among competitors.
That is why when you hire a team of professionals, you need to have a clear goal for your project.
To develop high-quality MVP in IT and Fintech, you need a multilateral approach in the development, analysis of market and competitor data, as well as a team that has vast experience in developing MVP, such as Lab3M.
Fintech and payment solutions - the development of flexible financial and technical products along with leading financial institutions.
Automated trading terminals - safe cold storage combined with hot wallets of exchanges operating on the same platform using signals based on artificial intelligence market analysis.
Crypto exchange development - architecture development of CEX and DEX exchanges.
Developing crypto wallets is an ideal option that allows users of your platform to carry out transactions on the spot without leaving the system.
Development and audit of smart contracts - automation of business and eCommerce procedures using decentralized applications.
Individual blockchain solutions - the introduction of peer-to-peer P2P elements for corporate clients.
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