MVP stands for Minimum Viable Product—a product with just enough features to validate customer needs. But why build one and how much does it cost? Let’s find out.
Why build an MVP
As a founder, building an MVP is a crucial initial step. It can save time and resources that would otherwise be spent on a potentially unsuccessful product.
Some of the key benefits of an MVP are:
- Testing the market
- Getting user feedback
- Gain product clarity
- Faster and cheaper iterations
Cost of an MVP
It can range from a few thousand dollars to tens of thousands of dollars. The price depends on factors such as:
- Digital product or physical product
- Team size
- Problem complexity
- Choice of technologies
How long does it take
Speed is crucial, as there are many unknown variables and assumptions in the beginning. It’s likely that an MVP will require lots of iterations based on user feedback. The final product may differ significantly from the initial version.
Ideally, building an MVP should take from a few weeks to a few months.
Our approach
At Refined, we help entrepreneurs turn their ideas into market-ready MVPs, with all they need to launch and run it. Our approach is fast, affordable, and stress-free development.
If you want to validate an idea, let’s chat.
Final notes
A Minimum Viable Product allows businesses to validate their ideas, efficiently and cost-effectively. With it, businesses can gauge the market, gather valuable feedback, and iterate quickly.
Despite having a limited set of features, it should be well-executed, rather than scrappy. Otherwise, customers will simply not use it.