What is MVP and why is it necessary?

Did you know that nearly 70% of startups fail? There are many reasons for this, from disharmony in the development team to a lack of product-market fit. And what’s more, there’s rarely a single reason why a startup fails.

According to CBInsights, there are 20 main reasons. You can check them out in the image below. Some may come as quite a surprise.

In 2011, The Lean Startup by Eric Ries changed the history of startups by introducing several new concepts. The minimum viable product, or MVP, was one of them. The idea of an MVP is to get user feedback before developing the final product. This feedback helps you avoid failure.

In today’s IT industry, developing an MVP is common practice. It’s useful in the planning of a project or startup. If you’re planning to launch your own product, read to learn more.

MVP is aminimum viable product, a basic version covering the product’s fundamental components and features targeting the core requirements and needs of end-users. MVP helps software engineers facilitate the development process. And this is one of the reasons why MVP is important. The product is then tested on the market to see if it has the potential to succeed.

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