{"id":67975,"date":"2024-02-12T14:40:09","date_gmt":"2024-02-12T13:40:09","guid":{"rendered":"https:\/\/intellias.com\/?post_type=blog&p=67975"},"modified":"2024-06-24T11:20:07","modified_gmt":"2024-06-24T09:20:07","slug":"developing-an-mvp-from-first-release-to-mature-product","status":"publish","type":"blog","link":"https:\/\/intellias.com\/post-mvp-product-development\/","title":{"rendered":"Developing an MVP, from First Release to Mature Product"},"content":{"rendered":"

Fundamentally, an MVP in product development is the first product release with just enough features to validate a set of hypotheses \u2014 your assumptions about your target market and customers.<\/p>\n

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The minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.<\/p>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t <\/span> The Lean Startup<\/span><\/span>\n\t\t\t\t<\/small>\n\t\t\t<\/blockquote>\n\t\t<\/section>\n

But what happens after the first successful release? How did companies like Dropbox and Instagram (both adopters of the MVP approach to product development) scale into the enterprises we know today?<\/p>\n

That\u2019s the idea we want to explore in this post \u2014 scaling an MVP into a mature product.<\/p>\n

You\u2019ve launched an MVP: What\u2019s next?<\/h2>\n

Stories of the MVP approach to product development often sound like a fairytale. After an epic adventure, we arrive at the happy ending \u2014 the big launch day. Everyone\u2019s cheering, bottles are popping, and the team toasts to \u201chappily ever after.\u201d<\/p>\n

But what is actually hiding behind the happily<\/em> ever after is more hard work.<\/p>\n

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Launching an MVP isn\u2019t the end of the journey. It\u2019s just the first stop in your product development lifecycle. So what does an MVP mean in product development?<\/p>\n <\/div> \n <\/div>\n

Product development lifecycle <\/strong><\/p>\n

\"Developing<\/p>\n

Source: O\u2019Reilly<\/a><\/em><\/p>\n

After introducing an MVP, you need to prove its viability<\/em> \u2014 its commercial potential in terms of finding sufficient market demand, sustaining customer interest, and having customers who are ready to pay the set price.<\/p>\n

Not everyone makes it through this growth stage. Only 1% of startups become unicorns, while 90% fail<\/a> for an array of reasons: no market need, high competition, flawed business model, regulatory challenges, pricing\/cost issues, poor product design.<\/p>\n

Most innovative products don\u2019t generate immediate profit, and those that do often get by on slim margins. Instead of heading into the maturity phase, they end up in the death valley curve \u2014 a period of declining sales, cash flow, and marketing ROI.<\/p>\n

\"Developing<\/p>\n

Source: Semantic Scholar<\/a><\/em><\/p>\n

At this point, product teams often face confusion and tough choices. Common questions flying around are:<\/p>\n