It all starts with a game-changing idea to build a successful startup. Ideas that are economically viable and can solve specific issues turn into brands with millions of users.
Take the example of Facebook. Mark Zuckerberg and his friends identified the need for an online community for university students. Soon, the platform initially built for Harvard students attracted users from Yale, Standford, and similar prestigious universities.
However, Mark started with a minimum viable product (MVP) first before going for full-scale development. There were two reasons behind this approach.
First, he wanted to validate his business idea by collecting users’ feedback. Secondly, he didn’t have enough funds to build a robust platform like Facebook. So, he started with an MVP, made necessary changes, and then presented his idea before investors to launch Facebook. He took minimal risk and eventually established a multi-billion-dollar tech giant.
So, if you are an entrepreneur planning to build a new product, always outsource MVP development to the right technical partner for increased chances of success.
The article discusses key lessons startups should follow while outsourcing MVP development.
Let’s get started!
What is MVP Development?
For employers not very familiar with this concept, here’s a brief explanation of MVP development.
MVP stands for the minimum viable product (MVP). It is the simplest version of a proposed product with essential features only. The idea of building an MVP is to test whether this product idea is workable or not. Potential customers use this MVP and share their feedback with the organization.
The benefit of MVP development is that startups can collect customer feedback and make essential improvements before building a full-scale and robust product. The approach saves their time and expenses and reduces the risks of product failure.
To understand MVP development in detail, refer to this blog.
Should Businesses Outsource MVP Development?
Sometimes not, but in most cases yes, just like in the case of outsourcing SAAS development. It depends on several factors.
For instance, if you are a well-established organization with a team of qualified technical professionals with expertise in product development, you need not outsource MVP development. Rather, you can build an MVP in-house to validate new business or product ideas.
Facebook is the best example. Mark and his team were good at coding and web development. So, they build an MVP themselves.
However, most companies, and startups, in particular, lack essential resources and funding to build MVPs themselves. They don’t have prior experience or expertise in how to develop MVPs, which features should be included, and how to get users’ feedback.
Most importantly, finding the right people with relevant competencies can be challenging for startups. In that case, choosing a reliable outsourcing partner specialized in MVP development is the best option.
Benefits of Outsourcing MVP Development
Here is how collaborating with a third-party MVP development agency can help startups achieve their desired objectives:
1. Access Top Talent at Best Price
To build an intuitive MVP, you need a team of talented professionals with extensive experience in this domain. They may include UI/UX designers, software engineers, web developers, SQA engineers, DevOps engineers, product managers, etc.
Where to find all these resources under one roof? MVP development agency is the right answer.
Outsourcing companies that are experts in MVP development have a wide pool of talented resources. Startups can hire world-class talent at an affordable price. Besides, entrepreneurs get the flexibility to choose their preferred engagement model, like hourly, monthly, or project basis.
2. Better Allocation of Internal Resources
When your startup is working on an MVP, your internet team cannot sit idle. Outsourcing helps you better allocate your internal resources to achieve your desired objectives.
For example, you can assign the technical aspects of your proposed MVP to an outsourced team. However, your in-house team can build strategies to reach potential users and evaluate their feedback. Besides, they can also explore opportunities to launch the final product in the market and target the right audiences in-market campaigns.
As a result, outsourced and in-house employees collectively improve the growth and productivity of your startup.
3. Quick Turnaround
Building an MVP requires the least effort and time. The involvement of an expert is essential though.
When a startup starts building an MVP with no background knowledge, it may take more time than expected. The MVP will have more bugs that require additional time for removal. Similarly, the feedback collection and analysis also become more extensive.
Conversely, the presence of an MVP development expert accelerates the process, from development to iteration and launch. The time you save by outsourcing can be utilized in more productive tasks.
Hence, a quick turnaround makes MVP development more seamless and efficient.
4. Long-term Cost Savings
As discussed earlier, most startups struggle to manage financial resources in the early years. Without funding, they can neither test their vision nor reach potential customers.
However, if they outsource MVP development to a reliable agency, they can save a huge chunk of expenses. Because they don’t need to bear the liabilities of full-time employees. The outsourcing agency charges you on an hourly basis or after the delivery of MVP.
Similarly, there is no need to establish expensive IT infrastructure. Instead, startups can utilize this money to explore growth opportunities and enter new markets.
5. Attract Potential Investors
Outsourcing MVP development is the best way to secure funding from potential investors. With an MVP built by an expert, you can reach out to business tycoons to explain your product vision and growth plans.
Impressing investors is the best opportunity to shape your business ideas and go for full-scale saas development.
Eventually, startups can leverage the funding on product research and develop a fully functional platform that meets users’ needs and contributes to brand recognition.
Final Thoughts
Feature-rich digital products don’t emerge overnight. They take months of research, ideation, analysis, validation, testing, and improvement before getting the final shape.
The MVP development is a crucial phase of any product development. It is an economical and reliable way of validating product ideas and building fully functional products according to users’ feedback. The approach increases the chances of product success and delivers measurable results.
Building an MVP successfully requires expertise and extensive knowledge. Hence, experts recommend outsourcing it to third parties with relevant experience. This way, startups can ensure the MVP gives them the best possible results in minimal time and expenses.
