You've probably heard the term "minimum viable product" or MVP a lot if you're exploring the startup scene. But what does it actually mean?

In this blog post, we'll break down what an MVP is all about. We'll show you some examples of MVPs in action and give you tips on how to make your own. So, let’s start!

What Exactly is an MVP?

Let's say you've come up with an amazing idea for a new app. Instead of investing all your efforts and resources into building every feature you've imagined, you begin with creating an MVP. An MVP stands for Minimum Viable Product, which is essentially the most basic version of your product that you can launch.

Before going all in, it's crucial to figure out whether your idea has potential. However, the true test comes from the market itself. To make your mark and gather feedback, you could start with an MVP that could be as simple as a landing page, an explainer video, or a version of the app with just one key feature. This approach allows you to gauge interest and collect valuable insights directly from your target audience.

Why Start with an MVP?

1. To Learn

Making a Minimum Viable Product is all about learning. It's a great way to understand who you're selling to and if they're going to like your product or service. Instead of guessing what your customers want, you get to hear it straight from them. It's like having a chat with your market—they tell you what they like, what they don't, and what they really need from your product. This info is super valuable because it shows you what parts of your product work well and what parts might need a bit more love. And if you're stuck for ideas, keep an eye on the hottest trends of 2024 for some inspiration.

2. To Minimize Costs

Creating the "final" version of a product or service can take years and eat up a lot of cash. That’s where an MVP becomes super handy. It lets you test your big idea without spending all your money or time to make it "perfect" right out of the gate. Even if you’re watching your budget closely, an MVP gives you the chance to get your idea out there. You can start getting feedback, seeing some growth, and figuring out how to handle your money better.

3. To Get Your Product Out Fast

One big reason startups don't make it is because they create something nobody needs. You definitely don't want to be in that boat. So, a huge plus of using an MVP is that it lets you quickly get your product out there for customers to try. With an MVP, you can start showing off what you've made a lot sooner. This way, you can check if people like your idea and change direction if you need to. But even if that happens, don’t worry - you've just failed yourself a little bit closer to success. 😉

Examples of Successful MVPs

Feeling unsure about your idea? Don't be—many of today's giants began with MVPs or made significant pivots. Here's a list to inspire you:

Dropbox

Remember the explainer video MVP approach we mentioned? Dropbox is an excellent example of this strategy in action from their early days. Initially, Dropbox wasn't much more than a brief video on YouTube. In that video, which was only about 3 minutes long, Dropbox's creator, Drew Houston, explained how Dropbox works. He even threw in some nerdy jokes to make it fun for the tech lovers who were watching. This simple video was all it took to get a lot of people excited about Dropbox and prove that it was a really good idea.

Airbnb

Airbnb started as a simple site in 2007 when Brian Chesky and Joe Gebbia were struggling to pay the rent of their accommodation in San Francisco. As a solution, they thought of renting the top floor of their apartment to the visitors. As an MVP, an ad about renting an air bed on a basic web page was placed. It consisted of their housing pictures and soon they had three guests. The idea was proven and the platform was redesigned. Today, Airbnb not only offers accommodation but also provides its users with a list of restaurants, events in the cities of their destination along with feedback and ratings.

Amazon

Amazon's story starts in a pretty cool way. Back in 1994, Jeff Bezos decided to start his own company right out of his garage. He made a list of 20 things he thought people would like to buy online. But first, he wanted to see if his idea would work. So, he started small by selling just books on a simple website he set up. That’s how amazon.com was born. It didn't take long for the website to become really popular with shoppers. As more and more people started buying books, Jeff kept making the website better and started adding other items from his list. Fast forward to today, and Amazon has grown into the biggest online store in the world.

How to find MVP funding for startups

Finding the funds to launch your MVP can be a daunting challenge for startups, but there's always a path to success! Digital Den offers a supportive hand, ready to assist with expert advice, technical help, strategic partnerships, and funding opportunities.

And if you're dreaming of making it big in the American market, Digital Den's got your back. Over the past three years, they've guided startup groups through an Acceleration program in major U.S. cities. It's not just any trip; it's a chance to learn from top leaders, get advice, share your ideas with investors, and meet people who can help your startup grow. Feeling excited about joining this adventure in the USA? Digital Den can't wait to have you. Just hit them up on their website to get started.