What is an MVP? (Definition, Benefits & Examples of Minimum Viable Product)

One of the key reasons behind a startup’s failure is relying mostly on assumptions when designing products. This happens when people become overconfident that they know the ultimate solution to a problem in the market. But knowing isn’t the same as validating. To avoid such a situation, you can build minimum viable products (MVPs). It allows businesses to test their concepts in advance to gauge how users respond to it, before investing a lot of money and resources behind it. In this video we explain in simple terms what MVP is, what the benefits are and some examples on how big brands use MVP as their foundation for success.

Timestamps:
00:00 – Introduction
00:38 – What is an MVP?
01:47 – Why build an MVP?
04:17 – The difference between MVP & Prototype
06:45 – Advantages of an MVP
08:23 – Disadvantages of an MVP
10:07 – Big brands that started with an MVP
11:55 – Summary

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Relab Studios is a Melbourne based, multi award-winning digital design consultancy with a high focus on data-led UX studies and well-executed visual UI design solutions. Relab is recognised as a specialist on UI/UX design solutions for complex eCommerce and transactional digital projects that requires high performance on conversion rates. Our design thinking process has helped businesses solve a common problem on making something complex feel simple.

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[Jelvix]

Hi! You did great explanation, thank you We also thought that this is an important topic, so we compared MVP and Prototype in our newest video

[yanniz]

Incredible quality content! I don’t see many videos like this about MVP, which is such a crucial method for startups

[nouztrade]

Great insight! Thanks for sharing mate

[oriklake]

Great video! You explained it very well

[theethicalh]

thank you very much for that golden explanation mate.

[elrzdze]

Chingón Dude! Logre entenderlo bien, Thanks…

[ilehe]

Thanks man! This helped me understand the basics of what an MVP is, all though I have still a question, isn’t a company forever an MVP as there are always improvements or updates to apps?
For example: the product start with basic concepts, a bèta version, then people request new things and want things removed so you make a sort of update. Then users respond, I also want this or that or I want this removed.
So you make an other update and so on.
Are all these versions MVP’s or is just the beginning version/ the bèta version an MVP?
Sorry for the long question but I’m really curious, please let me know. I want to understand this concept ‘MVP’ to it fullest

[ibiamchinenye]

I enjoyed this video, This gave clarity to developing an MVP for my product.

[smilli]

doe it cost to pitch to investers with MVP ? are there any pitching costs thanks

[kendarr]

Best explanation I got, thank you brother.

[onset]

Did airb&b start out with a MVP first too?