The advantage of a minimum viable product (MVP) affirms your simple version of a new product.
A minimum viable product creates a prototype composed of only the essential features with maximum value yet minimizes upfront investment costs while making it easier to evaluate the product’s economic viability in the market.
Benefits of an MVP
Developing a minimum viable product allows a business to continuously refine the product based on feedback collected from the current release.
Cost Benefits
By employing only the minimum set of features, an MVP prototype allows for having a minimum budget.
Production Ready
During the life of the prototype, a business can test ideas and determine which features will be most economically viable for the final product.
Feedback
End-user feedback provides a mind's eye view and provides much-needed information for the next iteration of the software product.
