MVP vs. Prototype: When to use each?

 

For startups, it is often true that if you get off to a good start, you'll be successful in the early stages. And a good start for a startup is impossible without an MVP or Prototype development. These terms are relevant for startups at the seed and pre-seed stages. If your startup is at either of these stages, here's a guide that can help you understand MVP and Prototype development.

Prototype 

A prototype is basically a visualization of your product's user flows and main design elements. What differentiates a prototype from other visualization methods is the fact that it provides not just the look but also the feel of the product. Most visually appealing prototypes are made by adding interactivity to them.

Let's look at some reasons to use a prototype:

1. It helps collect early feedback from users and stakeholders and understand the user's behavioral pattern.

2. It finds mistakes in design and fixes them beforehand, saving you time and money.

3. Use it to demonstrate it to investors and help you get funded. 

MVP - Minimum Value Product

A prototype is just the visual representation of your product, but what if you need something that actually works, then you may use an MVP. A minimum value product, or an MVP, is a product with the bare minimum number of features to satisfy an early set of customers and use their feedback to further develop the product.

What differentiates an MVP from a prototype is that an MVP is actually a product. The key idea here is to build a product and satisfy those users and early adopters that face the problem that your product will solve. By doing this, you can check if the core idea of your product is viable or not. 

Let's look at some reasons to use an MVP:

1. Validate your idea: You may create a prototype, but the only factor to consider is whether your product is actually used by the users or not.

2. Fail early: It is always better to fail early than at later stages where it becomes difficult for you to make changes, and MVP allows this. 

3. Make money: Unlike the prototype, MVP is a product with the bare minimum features that can be sold to make money.

No doubt there are several advantages to MVP or prototype development. Choosing between these two comes down to the problem you're solving with your product and the stage you're on. If you have successfully defined your product, then you may begin building a prototype that you can use to showcase to stakeholders or investors. Whereas MVP is built at the beginning of the product development stage, so you can also sell it to a small set of users to generate some revenue. If you still have doubts about MVP and prototype development and are not sure which one to choose. Then you may look for a business startup consulting that provides MVP and prototype development services.