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"Minimum Viable Product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort." — Eric Ries
After speaking to budding entrepreneurs about launching a business, most of them have massive dreams of starting a big, successful company that will be the next Facebook, Instagram, or Amazon.
While implementing new ideas or new features in an existing system, most organizations are unable to decide what strategy to adopt for developing their product or evaluating the idea and its feasibility. The results every organization expects are a satisfied customer, the right transformation of ideas into an actual product, and better ROI.
The three fundamental strategies that organizations go for to achieve this in an initial stage are Proof-of-Concept (PoC), Prototype, and Minimum Viable Product (MVP). The dilemma when choosing an MVP, PoC, or Prototype can at times lead towards an incorrect selection. By doing so, an organization may end up leaking their finances, wasting their effort and time, and it may affect business growth overall.