In software and in love, everything is to be shown. Just like you need to present your emotions to the person you’re in love with, developing software means displaying as soon as possible what it will do.
In the stages of software development lifecycle from scratch to completion, the beginning is crucial, especially when you’re building a solution for a client or potential investor.
At this phase, softdev companies must convince the relevant stakeholders that their project is worth investing in.
A minimum viable product (MVP) is a necessary starting point for a fully functional, user-friendly, and ROI-effective software solution.
This article dissects the anatomy of successful MVP development to help startups grasp its importance in business operations.
What Is a Minimum Viable Product (MVP)?
An MVP is a basic version of a proposed product, showcasing its core functionalities and potential in the market. While it doesn’t possess all the necessary features, it should still come with a minimum of releasable functions.
Apart from being meant for attracting clients and investors, the role of MVP is also to gather feedback from users. Together with the other, in-progress attributes, those reviews will help the engineers, managers, and stakeholders understand what additional components it needs.
BM Insight: The startup market is the most interesting and dynamic region of the global IT scene. It’s also the most vulnerable area. Various reports give different results on the longevity of tech startups. The gist is that many such businesses don’t make it till the age of 5. Our mission is to turn the tide for every startup we decide to work with. From developing the MVP to showing the ropes in other business operations, BM experts are here to honestly boost IT startups. Among many other things, we’ve prepared an insightful guide on that matter Navigating the Tech Sea: Tips for Seed-Stage Companies, written by our marketing analyst Nastasija Trajanova.
Key Components of an Effective MVP
Your MVP needs to contain the following elements to maximize its probability of winning over the target users and clients:
- Ease of use. Concentrate on the key features that properly prove the product’s basic usability.
- Adaptability. The MVP and its creators must be open to feedback, users’ demands, and stakeholders’ questions so that it is scaled up (or down) to the best possible product.
- Measurability. An MVP’s value is amplified by tangible and quantifiable metrics. The more you can measure, the more refined the final product can become.
- Consumer-Centricity. The MVP should be entirely user-friendly. Beyond its initial features, be prepared to adjust based on consumer feedback, either by adding new features or removing unnecessary ones.
Minimum Viable Product (MVP) vs. Proof of Concept (PoC) vs. Prototype
A minimum viable product, a proof of concept (PoC), and a prototype might confuse some people, so let’s explain the latter two in detail.
- A Proof of Concept is a confirmation strategy used at the beginning of the software development process. The main goal of PoC is to validate whether people would use your software idea in real life.
We’ve discussed PoC more closely in one of our previous articles – The Role of Proof of Concept in Software Development.
- A Prototype is a practical version of the product in question, whether software or tangible, real-world item. There’s only one sample of a prototype.
In order of appearance during the software development process: first comes PoC, then prototype, and the last is MVP.
- MVP is the final product’s next of kin, i.e., the version you can present to your focus groups, investors, and clients.
BM Insight: At BrightMarbles Group Holding, we approach every stage of software design with utmost professional dedication and financial responsibility. Hence, we hold the pitching stage extremely important for successful software building and implementation. Learn everything you should know about this topic from our guide The Art of Crafting a Software Development Project Pitch.
Why Are MVPs Game-Changers in the Current Tech Ecosystem?
In the current (and forthcoming) ecosystem, the competition for every cent of investment is and will be harsh. The crisis we’ve been going through in the last several quarters adds to the feeling of uncertainty. In such an environment, being able to show and tell how your idea is actually going to work in practice means a world.
Once you’re past the PoC and prototype stage, it’s time to instill the product philosophy into a real solution. Building an MVP is a safe(r) bet that someone will embrace, promote, and financially support your business idea.
In the code-eat-code tech ecosystem, an MVP can set startups apart, showcasing their product’s viability and potential. Startups that don’t provide an MVP are less likely to get funds for further product development and deployment.
Lean Startups and MVP
Lean startups, characterized by swift iterations and adaptability, rely heavily on MVPs to validate their hypotheses in real-market conditions, distinguishing them from traditional SMB.
Lean startups and their products are developed on account of an existing company. The central idea behind such an endeavor is that there’s already demand for the solution in question; for instance, the existing company’s customers have expressed a desire to use such a product if it appears on the market.
If the idea fails, the costs are relatively cheap; at least less costly than those incurred by a business started from scratch.
Relying on an MVP when founding a lean startup or launching a related product additionally validates the idea and wraps the entire project into an additional protective layer.
How Does BrightMarbles Group Handle MVP Development?
At BrightMarbles Group, our approach to MVP development is rooted in understanding the unique vision of each startup and ensuring it is faithfully reflected in the final product.
- Customized Brainstorming Sessions: Before diving into development, we host brainstorming sessions with startups. This ensures that we identify and integrate the core value proposition of the product right from the start.
“True innovation starts with a clear understanding of the problem at hand. Our brainstorming sessions are crucial in bridging the gap between an idea and a viable product.” – Dunja Ibročić, Product and Delivery Manager at BrightMarbles
- Rapid Prototyping with Enhanced UI/UX: Speed and efficiency don’t mean sacrificing quality. We prioritize a swift transition from idea to prototype, ensuring optimal user experience from the onset.
“In today’s fast-paced tech world, a prototype that looks and feels great can make all the difference.” – Viktorija Simonoska, Senior Product Designer at BrightMarbles Macedonia
BM Insight: The MVP’s functionality is not enough to convince the target stakeholders that your product will actually be a useful problem-solver. You need a shiny wrapping that will make it appealing to the eye of the public (and financiers), particularly in software development. This is the role of user interface/user experience (UI/UX) design. Our omnipotent designer and videographer Marko Vladušić explains motion design in the UI/UX context in his comprehensive blog post Fluid Magic: How Motion Design Breathes Life into UI/UX Design.
- Iterative Development: Our process doesn’t stop at the first iteration. We believe in evolving the product based on real-world user feedback, ensuring that the MVP remains agile and responsive to actual market needs.
“An MVP’s strength lies in its adaptability. Through iterative development, we ensure that our products are always market-aligned.” – Zoran Regoda, Senior Software Architect at Brightly
- Education and Expert Assistance: Our relationship with startups goes beyond just development. We provide continuous educational support, ensuring that our partners are equipped with the necessary skills and knowledge for sustained growth.
“Empowering our partners with knowledge is as vital as the tech solutions we provide.” – Milenko Jevremović, CTO at UN1QUELY
With a team that boasts a wealth of experience and a proven track record, BrightMarbles stands as a beacon for startups looking to turn their ideas into market-ready MVPs.
“Every MVP is a journey. At BrightMarbles Group, we ensure it’s a journey towards success.” – Tanja Maliković, Product and Delivery Manager at BrightMarbles
Business Benefits of the MVP Approach
To sum up the points expressed in this piece up to now, developing an MVP benefits businesses for the following reasons:
- Cost-Efficiency. By focusing on core features, you can avoid allocating resources and time on elements that may not resonate with users.
- Streamlined Market Entry. An MVP allows for a quicker and more focused launch, paving the way for immediate user feedback and potential traction.
- Risk Mitigation. Launching an MVP helps in identifying potential pitfalls early on, thus reducing financial, developmental, and operational risks.
- Engaging Stakeholders. An MVP serves as a tangible representation of your vision, enabling clearer communication with stakeholders and potential investors.
Potential MVP Issues and How to Address Them
As our goal is not to sugarcoat any softdev principle, procedure, or phenomenon, let’s discuss some potential MVP issues and how to handle them:
- Feature Overload: Ensure you don’t overcomplicate the MVP with non-essential features. Stay focused on the primary goal to save time and resources.
- Losing Sight of the Product Goal: Regularly revisit and reassess the product’s primary objective. This helps in maintaining alignment with the intended vision and user needs.
- Overlooking User Feedback: Prioritize and implement user suggestions. They provide invaluable insights that can guide refinements and improve the product’s market fit.
BM Insight: When clients or investors see your MVP, it’s time for negotiations. Given that they like it and recognize its business potential, get ready to negotiate the best possible conditions for your enterprise. Our Dragana Ječmenica has compiled some handy tips for improving client communication. Read her article Mastering Client Communication: The Art of Productive Dialogue.
Our Success Stories with MVPs
BrightMarbles Group has always believed in the transformative power of innovation. For example, when we encountered Carna Health and NAQ, we recognized two ventures set to revolutionize their respective sectors.
Carna Health: In a world increasingly valuing convenience and timely health insights, Carna Health’s vision of delivering clinical whole blood tests right at the patient’s home intrigued us. Our team dived deep into understanding the intricate aspects of the medical tech involved. We worked closely with Carna Health to streamline the integration of the compact reader technology into their service offerings. Our collaborative efforts ensured that not only were the blood test results immediate but the data transmission back to the clinical teams was seamless, secure, and real-time.
“Innovating in the healthcare sector brings its own set of challenges, but the prospect of revolutionizing patient care and convenience propelled our collaborative efforts with Carna Health.” – Boris Berat, CEO at BrightMarbles Group
Introducing the Carna Platform – transforming the kidney disease management
NAQ: In today’s digitally connected era, cybersecurity and compliance aren’t mere options but necessities. NAQ’s vision of simplifying and automating cybersecurity processes resonated with our core values. We collaborated with NAQ to enhance the platform’s functionality and user experience, ensuring businesses could effortlessly meet regulatory and industry requirements. Our focus was not just on technical prowess but ensuring that even the most complex cybersecurity protocols were accessible and understandable for businesses of all scales.
“NAQ’s ambition to demystify cybersecurity was a challenge we eagerly took on. Making robust security measures user-friendly was a journey of innovation and technical dexterity.” – Bojan Tomić, COO at BrightMarbles Group
GDPR Essentials | Interview with Nadia Kadhim, Naq Cyber
BrightMarbles Group takes pride in playing a pivotal role in turning the visions of Carna Health and NAQ into tangible realities. Our collaborations with these innovative ventures exemplify our commitment to pushing technological boundaries and creating solutions that impact industries and everyday lives.
BM Insight: Our idea is to bring software into projects that matter, i.e., the ones that are trying to make a positive impact on the community and society or bear global significance. Therefore, we’ve been doing our best to offer mentorship, guidance, and professional assistance to startups from ideation to validation, to designing and completing ground-breaking software solutions. Our CXO Nevena Nemeš is one of the key promoters of our client-based approach to providing softdev and digital services. Read everything about it in her article Empowering Brands through Full-Spectrum Digital Services: BrightMarbles Approach.
Conclusion
Understanding the significance of a minimum viable product (MVP) is crucial for startups looking to secure funding and gauge market interest. Preparing an MVP opens more opportunities for startups, enabling them to present their business ideas simultaneously to more potential partners.
Our experts from BrightMarbles Group Holding always go the extra code to help new ventures prepare their MVPs and develop their innovative software solutions. Feel free to contact us for additional information, tailored quotas, and any other sort of softdev expertise.
About Author
Pavle Bobić, BrightMarbles’ resident wordsmith extraordinaire. With a passion for wordplay and a keen eye for eye-grabbing marketing materials, Pavle has been producing top-quality web content and copies for fintech, IT, and eCommerce since 2013. Now he keeps sharing his wealth of experience and expertise as part of the BrightMarbles team, making an impact by creating distinguished content across various digital channels.