Creating a new product is expensive and time consuming, is a waste of money and energy if the product will not be successful. This is why it is crucial to validate your product as soon as possible with an MVP.
MPV, minimum viable product, is a product that has only the essential features, which are enough to make your product work as intended. Instead of making a full product, investing a lot of money and time into it, just to find out that the features you have worked so hard on, are not important for the user, and the features you thought are trivial are the actual important ones, you are better off determining what the minimum requirements are to get your product out there in the marketplace, and keep updating the product from the users feedback. (Uh, this was a long thought)
Couple of benefits of an MVP
Verifying Market Demand
Developing A Monetization Strategy
Testing UX And Usability
The key takeaway here is that a Minimum Viable Product allows businesses to start smaller and iteratively build up to produce a better, more polished product. Are you interested in building an MVP? If yes, let us know.