Fellow entrepreneurs, I'd like to share details on an important concept that our team has used to develop our software products. That concept is an MVP, which stands for Minimum Viable Product. MVP is a key concept in product development that helps to keep teams focused on delivering products that can be validated in the market. An MVP includes just enough features to validate that the product meets the needs of the target audience.
Developing an MVP is critical to the success of a product. A well thought-out MVP will save time and money. It's important to remember that aiming for perfection during your first release will most likely lead to numerous delays, indecision, and frustration. Take a step back and think about some of the most successful companies. The Apple iPhone is considered to be one of the greatest devices ever created; however, the current iPhone 7 is the 11th iteration of the device. I remember having the original before there was an App Store, before you could copy and paste, and before you could forward a text. Apple is notorious for progressively adding features to their products.
I Am Black Business has delivered on two MVPs (web based directory and mobile app), and we’ve continued to update those products based on feedback and market validation. Without that valuable feedback, we may not have decided to continue developing our core products and may have pivoted onto something else (*Key: Pivot does not mean giving up but adjusting to what the market actually needs). As part of our MVP strategy, we developed a web-based directory to validate our concept and to test the first iteration of our search platform. Since delivering the website MVP, we have made numerous improvements. The same goes for our mobile app which was recently released in August of this year. We've had hundreds of downloads which indicates that there exists a need. Once again, we continue to iterate and listen to user feedback. We have already released our first update to the mobile app.
If you’re developing a product, I highly suggest you plan out an MVP. It can be scary releasing a product that may not have every feature on your roadmap or the polish you desire, but trust me, the faster you release your product, the quicker you’ll receive feedback and validation. Some of those features on your roadmap may not be needed, and you won’t find out until your product has shipped. I'll end with one of my favorite quotes that applies to MVP - "Perfect is the enemy of good."