What is the MVP stage in a startup? - Startup Canada Visa %

What is the MVP stage in a startup?

The phrase MVP stands for a minimum viable product. It’s an important concept in the world of technology and startup companies. It refers to creating something that has only as enough features, or functionality as possible; without compromising on quality just yet – this helps startups get their ideas off ground before investing too much time into them so they can focus more energy elsewhere if needed!

Setting a Startup

The Minimum Viable Product (MVP) is a concept that comes from a book called ‘The Lean Startup’ by Eric Reis. It refers to the first working version of your new business idea. it’s done in order for you to test whether or not people are interested enough in what they see. Without having too much information overload at once. Rather than wasting hours upon end trying to push through tough spots. The key here lies in getting feedback along these lines to get a product out there into the marketplace.

Design a product you’ll develop

Creating an MVP (or Minimum Viable Product) is essential to building any type of digital service. It allows you to get user interest. Usage data and feedback that can be used in order to make your product better without launching too soon into full-scale production.
A great way for entrepreneurs who are starting out or have just started their own business. For the idea being pitched at some stage where investors might become involved. When presented before angels groups or VCs, this would give them early understanding, especially if you are looking to apply for the Canadian Startup Visa. It will give an indication of whether there’s demand among potential customers or not.

MVP phase allows to:

  • Provide an initial product to users
  • Obtain user feedback and comments
  • Shift your focus, based on feedback

Start MVP early for your Startup

The MVP phase is an important part of the process that helps you move your startup to exactly where it needs to go. It’s not just about making a product people will want and pay for, but generating some initial revenue as well!

The Airbnb founders had the idea of letting out spare rooms to create an income. Initially, people thought this was crazy but they just started doing it – testing their concept with friends and family. They were able to get enough data from these tests that proved how popular short-term renting can be!

What comes first: Chicken or an Egg?

 To create an MVP, you need funding. But to get investment and funding, your investors will want to see the product and your business plan. So, which comes first?

One of the best things about tech and digital industries is that if you have a good idea with great skills or connections then perhaps some funding will come your way!

Good experts are your secret sauce

The lack of a strong financial base and shortage in business experience is what largely contributes to startups failing within the first three years. This means finding an advisor who can offer both guidance, as well as services for growth, will be beneficial not only towards you but also to other entrepreneurs looking at taking their own risks with beginning companies!

Talk to one of our representatives about planning your startup’s development through the SUV program.