Minimum Viable Products assist entrepreneurs in validating their market breakthrough ideas. MVP is a product that assists in this research and ensures the entrepreneur does not make a mistake by deploying its business idea in the wrong market.
An MVP is a base product with all essential features required to perform the primary function(s). This type of product is used to validate the consumer demand in a market and collect consumer feedback for further improvement.
MVP especially assists in testing the business potential of service and a product in a specific given market.
If you still want to develop yourself with the help of an MVP, or just wanted to know the procedure, then the following are the steps that will help you:
Below are some benefits of using MVP Software Development that will help you understand why launching an MVP can be beneficial for your firm:
Several companies fail to establish a strong foothold in a new market due to poor market validation. They do release the product and get a decent amount of sales in the beginning, but in the long run, the product fails due to poor viability. Releasing an MVP first, on the other hand, not only assists in validating market demand but also vaguely indicates how the product will perform in the long run.
Helps in Securing Funding
MVP is an essential part of a proof of concept, which is often required in various funding programs. This means that having an MVP alone makes you eligible for several funding options. Even when MVP is not a requirement for the funding, developing one can assist you to leave a positive impression on investors and depict your dedication, thus, resulting in higher chances of success.
Suppose if your product or business idea fails, then with an MVP, you won’t be incurring huge losses. This is because of the low development cost of an MVP. On the flip side, rushing to market launch with the final product may result in heavy losses in case the product fails.
As an MVP consists of only the bare minimum features required to make the product functional, it is a lot cheaper to build. Based on the cost of MVP development, businesses can also evaluate the cost of final production and formulate cost-reduction strategies to maximize their profit margins.
MVP is based on the real market conditions, consumer behavior, and industry dynamics. Thus, when observed for the long term, MVP can help you identify and predict the ongoing and upcoming market trends. Based on the collected information, you can make your product market and future-ready.
The market validation of a product via an MVP pinpoints the essential features required to earn a profit. This reduces the back and forth that usually happens in finalizing the features and specifications. Another way MVP accelerates the overall development is by identifying the key development problems beforehand.
MVP development provides numerous privileges to your business both in the long and short term. It enables you to recognize your unique value proposition, lessen the cost of custom software development, and get the required funding. The feedback from the early adopter further assists in improving the product and enhancing the overall quality.
FATbit is a leading MVP Software development company, with a wide range of MVPs to help businesses. It takes pride in delivering high-quality and well-designed minimum viable products (MVPs) as well as software solutions with extensive customizations and integrations.
With FATbit MVPs, you can launch and validate businesses like rental and selling marketplaces, online tutoring, grocery delivery, and gigs marketplaces.
FATbit also provides CMS development, Agile development, Mobile development, Business consulting services, and eCommerce development.
Established In: 2004
Top Clients: Uni-Diamonds, Superlivery, Gearflow
Hourly Rate: $$
Digiteum is an MVP development agency. It offers web, mobile, and IoT development. Additionally, they implement AI and chatbots into their software solutions. They implement a broad tech stack into their projects. The company offers time-bound project completion with an early start and quick responses to any changes that may be required. The company caters to clients from all over the world.
Established in: 2010
Top Clients: Printique, Oxford, Oracle, Dona
Hourly Rate: $$
Net solutions offer bespoke products and platforms engineered to provide a better user experience. The MVP development company looks to enhance the customer base for their client through a better customer experience of its products. It uses around 30 technology products and offers services. The company created the first of its kind mobile monitoring platform that provides 3600 of the entire organization. It uses an agile methodology to produce applications for the web and mobile.
Established in: 2000
Top Clients: Pageant Planet, EdPlace
Hourly Rate: $$
Ample work provides MVP solutions for mobiles, Web, VR, IoT, and wearables. Ample work is one of two companies on this list that has worked with clients from the education sector. The company focuses on delivering products keeping in context the human element. Apart from that, the company emphasizes the quality and performance of its products. It documents the code delivered to you. It also offers continuous product development and maintenance services.
Established in: 2016
Top Clients: Soflete, TalkRemit, Relief
Hourly Rate: $$
Having a global experience, Intelivita offers mobile app development, MVP development, AR and VR services. The company focuses on delivering a custom product based on the client’s needs. They implement a stepwise approach to their services, implementing AR and VR for a futuristic and aesthetically pleasing user experience.
Established in: 2015
Top Clients: MowMow, AwayBack, Art of Work
Hourly Rate: $$
As per our analysis, we found the above-mentioned top companies for MVP software development in 2021. To select the best one amongst them, you can share your requirements with the companies above and discuss your project in detail. Lastly, pay equal attention to the customer support these companies provide post product launch.
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