MVP / NFP: Address the misconceptions now, don’t screw yourself later
We now know that dropping $100k (or more!) on an untested idea is absurd, but too many entrepreneurs that we speak to are still going in head-first without testing.
Furthermore, because they are diving in too fast without guidance, they bring in their misconceptions about minimum viable products (MVPs) and non-functional prototypes (NFPs) right in.
What are these misconceptions? Here are a few that we’ll be discussing in-depth in this video:
1. Prototypes are meant to be broken and then wholly redone later. The prototype is disconnected from the final product.
2. Because we won’t be able to pick up from where I left off, prototyping is a waste of money in the long run…
3. Investors only care about working products rather than seeing concepts. Only a half-truth.
4. The same team needs to design and develop my product
5. MVPs aren’t scalable, so we’ll just need to start over anyway. Also, couldn’t be further from the truth.
These misconceptions, if they follow you, will serve to hold back your business
NFPs and MVPs need to be taken seriously as a part of the process of building a full product. If done right, they can be a continuation of your idea, where you can then evolve it over time without having to scrap and start over.
In our latest video, we go through the misconceptions that can lead you to spend more money than you have to, and then what to do to make sure that doesn’t happen to you.
If you have any further questions, feel free to send us a message by leaving a comment below!
