What is an MVP? An Introduction

What is an MVP? An Introduction 

By: Abu Dhabi SME Hub
Product management, Design

Creating an MVP entails developing a minimal product with the least amount of effort and a bare-bones budget, to help your company assess whether there would be demand for your finalized product and to validate the idea itself. 

Creating an MVP motivates startup teams, as it requires them to do the least amount of work possible on the product but get useful feedback that will help them in many ways.

How does an MVP benefit your business?

Firstly, it helps them avoid wasting time working on a product efficiently and then realizing… no one really wants the product.  

 

Other benefits include:

1- Helping you onboard potential investors 

2- Making it easier to test business concepts and models

3- Helping you develop a monetization strategy

4- Improving your business’ cost efficiency.

 

So, the main goal of an MVP is to collect knowledge and validate assumptions in your business model.

 

Watch the full video to learn more about MVP and it’s benefits and dive into the full lesson on our Hub to get the whole process propely executed.

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