When we are developing a new product or in the early stages of building a start-up, we have no idea if it will be accepted or where it will fit in the market. Therefore, it is critical to define our goal from the start and ensure that we are providing a solution to our end users’ real problems.
This is where the Minimum Viable Product (MVP) and Proof of Concept (POC) come into play: two of the most widely used methodologies in the digital era, each with their own set of benefits and processes.
What Is a Proof of Concept?
A proof of concept (POC) is a simple project that validates or demonstrates an idea in the world of mobile app development. The goal of a proof-of-concept is to see if an idea can be developed without consuming too many resources or time. With a POC, you essentially evaluate core functionality.
When creating a POC, user experience is put on the back burner. That’s because creating an optimal user experience takes a lot of time and effort, and that’s not the point of a POC. The objective is to validate technical ability.
By building and testing your proof of concept you will be able to determine a) whether people need your product and b) whether you have the capabilities to build it.
The Advantages of a POC
- Attract initial investors.
- Save time.
- Choose the most appropriate technology.
- Be one step ahead of your competition.
An example of a successful POC
Satoshi Nakamoto released the Bitcoin whitepaper in 2008. That served as a proof of concept as well.
He addressed a problem, suggested a solution, and detailed what the blockchain will accomplish and how Bitcoin may benefit society.
We now have that means of payment and trading thanks to the widespread adoption of this public proof of concept. Satoshi Nakamoto’s proof of concept launched a whole new industry.
Why do you need a proof of concept?
- Attract seed investors
- Validate the idea’s feasibility
- Choose the right technolog
What is an Minimum Viable Product (MVP)?
The Minimum Viable Product (MVP) methodology involves developing a product with the least amount features necessary to make it usable.
One of the primary benefits of this technique is the ability to observe your users’ reactions before the product is officially released. Furthermore, you only need to invest the bare minimum of resources to develop the product’s basic functionalities, while also identifying its weaknesses and strengths, as well as its usability and viability.
By building and testing your MVP you’ll learn how people react to different iterations of your product and its potential features. The MVP process allows you to determine exactly what your customers want, allowing you to add only the features required to make it marketable.
The Advantages of a MVP
- Save and optimize time and costs.
- Attract early-adopter customers after they test the first version of the product.
- Catch the attention of investors.
An example of successful MVPs
Netflix was founded in 1997 as an online DVD rental service by executives Reed Hastings and Marc Randolph, much to the surprise of most people. The service was a success, with 4.2 million users by 2005.
The founders took advantage of their market knowledge and identified a technological shift. So they created an MVP for online streaming and rolled it out to their existing customers. Netflix iterated and improved the MVP to become one of the most successful content streaming and production companies.
Users can now watch an unlimited number of movies and television shows from any location with an internet connection.
Why do you need an MVP?
- Gain first users for deeper and insightful feedback
- Save and optimize resources
- Start monetizing your idea
So what Is the Difference between a POC and MVP?
A proof of concept essentially addresses the issue of feasibility — whether or not a particular idea can be realized using a specific technology.
Even if it lacks some features, an MVP is essentially a finished product. With an MVP, you can begin collecting user analytics and adding or refining features in subsequent iterations.
How can we help you?
Join “Discover with Skywalk” and let us help you go from new business idea/product to commercial ready.
We go on a journey to understand what it will take to build and design a digital product that your users will love. This is done completely code-free!
We understand the time, effort, and cost it takes to build a digital product. “Discover with Skywalk” is an iterative workshop approach over 3-6 weeks that allows you to understand the product and users you’re building for and include them in the feedback loop from day 1!