Start-up companies have to overcome a lot of technical and strategic challenges before they rise as a successful enterprise. Among the various types of challenges, one of the major challenges that are faced is whether to choose the minimum viable product (MVP) or the exceptional viable product (EVP) as a start-up company.
MVP vs EVP
It is often easy for a start-up company to build or gather an idea, circulate it among the close group and get appreciation and acceptance from them, and take it as a license to start your business, with that idea. However, whether the market is in need of the business idea, or whether there is any need for that product or service at all, is important to understand and analyze, before implementation.
While you choose MVP for your start-up business, it is essential to keep in mind, the possible outcome. It is important to ensure that the product is not over-delivered or under delivered. The idea of using MVP is to make a product, that is just right to be taken to the customers. However, it is created with scope for customization as you are unsure, whether your customers will like it or not. It is important to ensure that the product is a useful one and pays off well. Going with MVP should be done with caution since the customers who will like your products will take it forward. MVP also relies on releasing a product, gathering feedback and working on it to develop the final product.
On the other hand, EVP believes in the development of the complete product, with all the best features and elements, before they are released. For start-up companies, it is difficult to take up the approach of EVP, since they do not have a readymade customer base. Moreover, EVP needs good funding, such that a readymade product could be obtained easily. Thus, for a start-up company, it is difficult to go with EVP.
Thus, to conclude it can be said that MVP is the best one to choose for your start-up company. It can be developed with minimum resources and financial support. Once the product is given to the customers, it can be customized and enhanced based on the requirements of the clients. Thus, in a limited resource, it is good for a start-up to launch the MVP, gather clients, analyze how the product is accepted by the potential customers and gradually upgrade it such that the business can grow.