Facebook, TikTok, Tinder, Uber, Instagram, Zoom, Spotify — today, all these big players are making a fortune in their respective industries. They have multifunctional applications with intuitive features and app designs to give an immersive user experience. However, it was not always the scenario. There was a time when these leading platforms used to have nominal features and a primitive UI/UX design. For instance, Mark Zuckerberg’s popular social media platform, Facebook, was first introduced as a minimum viable product (MVP) on February 4, 2004, to connect Harvard University students via a social network. During its initial phase, Facebook’s MVP had much simpler features, such as User Profile, News Feed, Friend Request, Photo Album, etc., compared to the feature-rich platform we use today.
How Much Does it Cost to Develop an MVP?
Having known the steps of how to build an MVP, another significant question that strikes an entrepreneur’s mind is its development cost. Even if the cost of building an MVP is lower than the complete app development cost, it can still come with a hefty price tag if you don’t evaluate the considerable factors. On average, the cost to build a minimum viable product can range from $15,000 to $150,000, depending on various factors. These factors include but are not limited to the product complexity, functionality, UI/UX design, location of the MVP development team, and of course, the industry you are operating in. Therefore, it is imperative to consider the various factors involved in MVP software development company in dubai. For instance, an MVP for a video-calling app can cost between $30,000 and $50,000, a food delivery app or website MVP can cost between $42,000 and $51,000, and an MVP for real estate can cost around $45,000. The cost to build an MVP is typically less and is less risky than traditional product development, making them appealing to investors. To get an accurate estimate of MVP app development cost, feel free to connect with our efficient team and discuss your product idea now.
Top 4 MVP Development Benefits to Attract Investors
MVP development for startups has grown exponentially in recent years as businesses of all sizes, from startups to enterprises, recognize its multifarious advantages. Accordingly, MVP development has been a crucial phase of the product development process, particularly when seeking MVP investors. Let’s discover its top four benefits that ensure a successful product launch and drive MVP investors.
Investors Can Check Product Functionality
When it comes to product development, the minimum viable product framework is essential to secure investment funding. It allows MVP investors to see the product’s functionality and how it can be used to solve a real-world problem. On the other hand, products that are still in the early stages of development can be much harder to sell to investors, as they may not be able to see the potential value of the product. Additionally, MVPs help ensure that products are developed in a customer-centric way, as they allow for feedback from real users and use it to improve the product before launching it to the wider market. This feedback is essential for making a full-fledged product before seeking MVP funding from investors. Moreover, by clearly demonstrating the commitment to the product, the MVP in startups can increase their chances of success and attract MVP investors.
Investors Can Ensure Product’s Viability in the Market
The main purpose of MVP mobile app development in dubai is to test whether the product is viable in the marketplace. It means testing whether the market has a demand for the product and whether users are interested in paying for it. Since MVP is open for user feedback and modification, it helps reduce the risk of business failure and increase the chances of success. For investors, an MVP provides a way to ensure whether the product is likely to be successful, assisting them in making confident investment decisions.
Investors Rely on Your Team
A wise investor always knows that it is the team that ensures the success of any new venture. A strong team can make even the most challenging project a huge success, while a weak team is likely to fail no matter how good the underlying idea may be. It is why MVP investors often prioritize checking the minimum viable product before committing to a new project. A successful MVP development ensures that the team behind the venture has the skills and experience necessary to succeed. So, if you are looking to raise funding for your new project, make sure to partner with a reputed MVP development company like Appinventiv that will impress even the most skeptical investors. Appinventiv has a team of skilled professionals who have a wealth of experience in MVP building. Hence, it can help give investors the confidence they need to invest in the product. For instance, our passionate team created a job search application, JobGet that brought the entire recruitment process to mobile, from finding suitable candidates/employers to conducting interviews and so on. Also, to make the job seeking process location-specific and time-friendly, we integrated AI technology. As a result, the job search time through the app was reduced from days to minutes. It helped JobGet bag a massive funding of $52 million and become the no.1 recruitment app for blue-collar workers.
Investors Can Check Your Team’s Market Awareness
Market analysis is an important part of MVP app development, helping investors know that your team is aware of the market conditions and can quickly adapt to them. For instance, for successful MVP building, you research your competition, the core purpose of your product, its benefits, and its unique features. The investors know MVP development requires much more effort, research, and preparation than a simple pitch arrangement. They know you will not spend your valuable resources on its creation without knowing the market. Hence, MVP building demonstrates that you have a deep understanding of the market, which will help you gain investors’ trust.
How to Build an MVP?
Building an MVP involves a systematic approach and strategic planning to create a basic version of your product with essential features which validate your app idea and gather user feedback. This feedback ensures the refinement and success of your final product. Here’s a step-by-step guide on how to build an MVP that can garner investors’ attention:
Conduct Market Research
The first and foremost step to MVP development starts with conducting market research. It will help you understand the ever-changing needs of your target market and what they are looking for in a product or service. Many platforms conduct paid surveys and can help target the right respondents for your MVP in business.
Identify Your Target Market
The next step is to identify your target market and user persona. It includes identifying the demographics of your target market by asking yourself several questions like:
Who is your target user?
What are their needs?
Why would they use your solution? And so on.
Once you have figured out all the answers to these questions, you can easily determine who will use your MVP and what needs it should address.
Outline Key MVP Features
Now that you know your target market and their needs, it’s time to outline the key features of your product. It includes identifying the core functionalities of your MVP solution and services. Remember, less is more when it comes to a minimum viable product. Hence, you should focus only on the essential features that will address the needs of your target market.