What is a Minimum Viable Product (MVP)? And What are the benefits of developing an MVP and how much does it cost?

Posted by Appsvolt on August 29th, 2022

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 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 0 to 0 USD per hour. And Offshore development teams charge to USD per hour. So even if it takes around 500 hours to develop an MVP, the cost of development in the US will be ,000 to 0,000 USD, while the Offshore Development team develops the MVP for approximately ,000 to ,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.