MVP solutions for startups

Any technology startup goes through a certain life cycle. From idea to launch of a fully functional product. However, 42% of startups (according to CB Insights analytics) failed because their product was not needed by the market.

If you have a brilliant idea for an app or service that solves a user problem, don't rush to invest in a full-featured product and prepare for months or even years of development.

Many successful startups and analysts recommend finding the answer to the question: “Do users need this product?”.

By implementing an MVP (Minimal Viable Product), you will receive feedback from users (including in a focus group), analyze, understand what they need and will not create what they are not interested in, or what that the user or investor is not ready to pay. But startups are just created in order to attract customers, win their interest and trust, and solve the user's problem. MVP allows you to significantly and effectively reduce risks and costs, and ultimately get a product that works.

The Laboratory42 team of analysts has the competencies to help young startups identify the main core from a business idea (full-functional product), by implementing which, users and potential investors will be able to evaluate a startup.

Startups should not be afraid to consult, but if there are concerns about their business-idea, we will help to draw up and sign an NDA (Non Disclosure Agreement) - a non-disclosure agreement when working with a startup.

How we can help at this stage:

• Consultations on development stages;
• Development of functional specifications;
• Technical and technological analysis, selection of technologies;
• Legal consultation.

The Lab42 development team has the competencies to develop a startup MVP from scratch, be it a web service, a mobile application, an information system, a complex bundle of different software products, a software bundle for hardware products, etc.

How we can help at this stage:

• Consultations;
• Technological decomposition;
• Team building;
• Development;
• Testing.

 Eric Ries, author of the best-seller "Lean Startup", was constantly asked how to figure out what the minimum viable product is. He gave the same advice: come up with a product, cut the features in half, and then repeat the same thing twice. It turns out that you minimize the version by 8 times.

Startup founders are afraid that users will not accept such a low-functioning product. However, Eric urges not to worry about this. If the reaction is negative, you can always fix everything in the next release. The iterative process of creating an MVP assumes that it is realistic to return to the starting point or to a certain stage of development.