MVP Product Example

What is the MVP product example? Read this study to have more knowledge about this title. As a result, it can help you to learn more.

What is the MVP Product Example?

MVP stands for Minimal Viable Product. An MVP is a product that has been with the least amount of effort required to test a hypothesis.

It’s aimed to be the first milestone in product development that allows us to test a hypothesis and discover if there is a product-market fit. An MVP is different from a prototype because it has real value, whereas a prototype is just an interactive mockup.

Example 1: Dropbox

Dropbox has been one of the most successful startups of all time. It was founded in 2007 by Drew Houston and Arash Ferdowsi with one simple idea: “The easiest way to store, sync, and share your files online.”

At first, they just created a video and posted it on Youtube to attract as many visitors as possible. Then they quickly turned visitors into users by allowing them to sign up with their Facebook accounts. 

This was an amazing way to quickly get a large number of people to try out their product without limiting their ability to “get the right users.” This strategy allowed them to, with minimal effort, prove that people would use their product.

Example 2: Groupon

Groupon was founded in 2008 by Andrew Mason at The Point, a non-profit organization. They began with a simple idea: “Help people in local communities connect with the businesses they love.”

So they created a random email list of people and invited them to sign up for their new deal-of-the-day website. They let people sign up and leave their email addresses, but there was no actual service behind the site.  

All it did was send an email saying, “Thanks for signing up! We’ll be launching soon.” This simple, easy-to-launch MVP product provided all of their initial traffic.

Example 3: Bebo

Bebo was founded in 2005 by Michael and Xochi Birch. It was a social network that allowed people to create a profile, upload pictures, chat with friends, and post blogs. They were able to build their initial product with 5 weeks of work.

They created a bare-bones version of their idea and got the attention of several venture capitalists by doing so. Also, they started with a simple website that let people sign up using their email addresses and passwords.  

It was an easy way to get feedback without having to spend too much time coding. This is a true MVP product example.

Risks

MVP product is a good idea to test your idea and to know whether it’s a good idea to develop a new business or not. However, you have to do it carefully because there are risks. Here are 3 main risks of an MVP.

An MVP could cost tens of thousands of dollars, and you might not be able to recover your investment. Also, you may need to pay for hosting and other services, but with an MVP, you don’t have a lot of users yet so you can’t turn a profit.

Conclusion

It’s not a secret that MVP product examples are a great way to test your idea. However, you need to do it carefully because there are some risks.