By this time, All of us understand very well how important it is to build an MVP for your startup to save the cost and test your amazing idea in the market. MVP Development is at the core of Lean Startup Strategy for a Startup. It can prove to be the most important tool apart from money & customer which can help your startup catapult towards success.
But when we think why, We mainly try to focus on the cost factor.
Actually, there are many more benefits of MVP development for your lean startup than just saving costs. Today I am going to list the 6 most important reasons for you to focus on your MVP development rather than building the product straight away. But before that, I am going to give a little management lesson here.
There is a concept in product development called “Spaghetti Tower Marshmallow Challenge” which teaches you the importance of MVP development more than anything. Now people with MBA other specialized training may instantly recognize the importance of lessons it gives but for a regular dreamer like you and me it’s something special.
Additional Know-how
So what is, Spaghetti Tower Marshmallow Challenge?
This is an important team-building and risk management exercise for lean startups where the team of 2+ members should build a Freestanding and tallest tower, made out of spaghetti sticks with the help of tape or string. And then put a marshmallow on top of that tower. If your tower is able to handle a load of Marshmallow, meaning you have succeeded in the exercise. If not, You have failed. And keep in mind that you give only a limited time to yourself like 30 to 45 mins max. The activity actually helps you focus on team communication, leadership qualities, collaboration, and innovation while solving the problem. Learn more here!
If you analyze the results with the Lean Startup strategy in mind, You will notice that Marshmallow is your market. And earlier you put the marshmallow on top, the easier it will be for your tower to handle the load. But if you be creative, You can go higher and higher. Now the tower is your product, So you should only be building up to a level that you can comfortably launch to the market, and then based on the feedback, You re-iterate and build a better version. Sometimes, You even pivot in a different direction but based on the market feedback.
Now that all of us understand the challenge
let’s talk about the reasons we are here to know.
Lean Startup – Get more for Less
Obviously, the biggest reason should be cutting the cost to launch your startup. Even if you can spend money to build a perfect product. Still saving the same money using it to push the market growth is a much wiser decision while launching a new product. Whoever is building a new product is not building it to satisfy the ego but actually to fill the market gap with the unique idea. So the customer is the king and the king decides who stays in the market and who gets sacked.
That means it’s better to build what the customer is looking for or satisfied with. MVP development helps you launch faster by stripping down the idea to basics to deliver the idea to customers for cheaper. Fewer bells & whistles meaning, less work to do meaning, less cost to produce.
Faster Startup Idea Validation
As we already discussed and know that Idea is always great but the implementation is the greatest. You can think of the best business idea to create a personal flying vehicle which will save costs & take people around faster. But do you have the necessary experience in the market or do you have the required resources and connections to start the implementation?
These are the key questions that define the life & death of a startup idea. That’s exactly where the MVP development strategy helps you. Because when you strip down your idea to the very basic requirements, You also define what it requires to implement those basic traits. And you build quicker, launch quicker, and pivot quicker in the right direction.
Because if you waste time in building and don’t know if everything that is required for the idea to succeed is available around you or not. Then you are wasting what? Yes, Precious Time & Resouces which includes money.
Attract Interest of Paying Customers
The most important thing for a startup is Customer interest especially paying customer’s interest. And earlier you get a customer(paying or non-paying), earlier you get traction towards the critical mass which gives you feedback and helps you promote the product towards success. An MVP is the quickest way you can get to paying customers.
Imagine, You built a full product and the customer is not really looking for it. Meaning you have wasted crucial time & resources in the product building. You could have easily created an MVP with 10-20% of the full product cost and spent well on growth hacking to reach the customer and invoke further interest.
Save Time to Reiterate quickly
Continuing on similar lines, you actually save a lot of time if you start with an MVP. How & Why? Well, Fast execution means faster market launch. But it should not mean that you are just showcasing a UI design or just a few forms and expecting customers to lock-in with you on a promise which you have not fulfilled even a bit. So the best option is to engage a professional MVP Development agency like DesignersX which can help you quickly build an actual usable product for the meager cost.
Make sure the agency you engage with has good experience with lean startup strategy like DesignersX based on which we started the 7k Startup program(More on it at the bottom)
Excite Investors with Realtime Data
These days starting a company is as easy as paying your utility bills. But making it succeed is getting tougher and tougher. Investor money or VC funding feels like an easier way out for most startups to push the growth as hard as possible. But getting investors interested in your startup is equally hard. As 1000s of startups boot up every year, Investors have a hard choice too.
So what should you do to excite investors about your startup? Again, Develop an MVP, Pools-in some customer base and prove that your startup idea is worth investing in. That’s the quickest way to lead to a sizable Seed Investment.
Startup Course Correction while you have time
It’s not uncommon that a startup has started something else but pivoted to something else based on customer feedback. A prime example is Facebook which started as a college mate photo rating web app, later converted to the social media behemoth we all know about. It is possible only when you are careful about what to spend your resources on. Meaning, Lean Startup Strategy which involves creating something basic with MVP development and then correct the course of your startup path based on crucial customer feedback.
It is really hard when you have spent a lot on the full product. MVP development is the saviour for your startup to course correct.
Conclusion
MVP Development is the Key to start & succeed Lean!
In a few words, Every startup should start lean. And to start lean, you need a proper Lean Startup strategy which includes MVP development as the starting point. 7k Startup program gives you the opportunity to develop your MVP as well as get funded for full product development. It’s like a “startup in the box” system for the non-technical founder.
So what is
7k Startup is a unique technology-focused Startup program, which lets tech startups to leverage the experience and skills acquired by DesignersX team for their lean startup strategy. At the core of the program is MVP development of the startup product idea which is planned and executed by an experienced and skilled based on the startup product idea.
We also fund Startups for $50,000 worth of development services to build the final & polished product if the startup achieves the agreed-upon goal of market acquisition.
Know More | Apply Now on F6S
