How Important are MVPs?

On Behalf of | Jan 29, 2020 | Business Law

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If you are starting a new business, one of your top concerns may be determining if, and to what extent your product or service will be successful. While it is impossible to predict the future, there are some methods you can use to get a better idea of how consumers might embrace or reject your product before you put too much into it.

One option is to build a minimum viable product, or MVP.

What is an MVP?

An MVP is essentially a stripped-down form of your product. It includes basic features and simple functionality that allows you to bring the product to market before it is final.

The benefits of an MVP are that you can gauge the response to your product before you invest the time and money to make it fully-realized.

There are various types of MVPs, as this article discusses, but what every startup business owner should know is that an MVP should be viable without being overly complicated.

Precautions to consider

When it comes to your products at any stage of their development, you must be sure that you are protecting them. You must also avoid adding unnecessary obstacles to the design and delivery of the product.

For instance, if you have a novel approach to a service or product, you can safeguard it against theft or misuse even before you bring it to market. Solutions might include trademarks, patents, or other means of protecting intellectual property.

Another important thing to avoid is misusing someone else’s information, strategy, or design to create your MVP, even if it may not be part of your final product. Don’t assume the ends will justify the means; be sure that you do not set yourself up for failure by using a solution or data that could either lead to a legal dispute or permanent obstacles that jeopardize your business.

Whether an MVP should be part of your startup strategy is a personal decision that business owners must make after careful consideration. But no matter what you decide to do, do not overlook the legal, financial, and professional implications of creating the foundation upon which you will build your business.

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