What is the Minimum Viable Product?
A Minimum Viable Product means a product with limited essential features that can solve users’ primary problems. This method will give insight into how to allocate resources in order to achieve your organization's goals as a whole.
What are the benefits of developing an MVP?
Here are the main benefits:-
1. Product viability
2.Cost-effectiveness.
3. Test your product in real market conditions.
4. Early feedback
5. shortest time to market release possible
6. Potential investments
7. Comprehensive software documentation, including a product roadmap
8. Market research, crash tests, and expert advice from seasoned professionals.
A real-life example of MVP?
Airbnb is one of the most successful MVPs. Airbnb was initially an Air Mattress, Bed & Breakfast. In 2008, two designers wanted to see if homeowners were willing to rent out their homes. To try this idea, they built a "Minimum Viable Product" website featuring photos of their apartment. After successfully getting guests, they created AirBnB, a platform where homeowners can rent out their properties. And now, it has a 4 million plus listing of properties and a $30 billion company.
How much does it cost to develop an MVP?
In any new product development, the cost is the most frequent question discussed. The cost of a Minimum Viable Product (MVP) is dependent on a number of factors, and it is difficult to provide accurate numbers.
The type of the MVP affects its prices too. Non-functional prototypes or low-code solutions might be developed with less capital investment, while other MVPs may require a slightly more substantial amount.
Moreover, the development model you choose has a major role in deciding the cost of MVP. If you decide to develop in-house or hire a team in the US, the hourly rate starts from $150 to $200 USD per hour. And Offshore development teams charge $40 to $60 USD per hour. So even if it takes around 500 hours to develop an MVP, the cost of development in the US will be $75,000 to $100,000 USD, while the Offshore Development team develops the MVP for approximately $20,000 to $30,000 USD. You need to consider various factors while selecting the MVP development model. Appsvolt offers a mix of onshore and offshore IT Staff Augmentation services to keep the initial development costs low while maintaining quality.
Do you have a product idea in your mind?
At Appsvolt, we will assist you in identifying User Flow and Core features that can be included in the MVP. Our Design & Development team will make sure to have an attractive UI/UX with a quality product.
