In the world of emerging technology, Prototypes and Minimum Viable Products (MVP) are terms we often come across. Both these terms are associated with the steps involved in converting an idea into a final product. So, what are prototypes and MVPs? What value do they add through their creation?
A prototype is a sample. They can be created at any stage of the product development cycle starting right from ideation to a fully functional product. Prototypes can be sketches, 3D models, digital drawings, limited usage products or even fully functional products. They can be a cost-effective and rapid way to bring ideas to life and validate hypotheses. They can be used to attract investors for product development and prove a faster time-to-market. However, not all prototypes make it to the market and as seen in the IoT sector, over 50% of prototypes do not convert into final products. The hardships of scaling them into market-ready products have proven to be the deterrent of success for many technology startups.
How is a Minimum Viable Product (MVP) different from a prototype? MVPs are essentially prototypes, except they are normally created at a much later stage of the product development journey. MVPs are built to demonstrate the functions that the final product will possess and are generally distributed to the early-adopters of the product. These early adopters begin to test the MVP and provide value-added feedback on the functionality, design and user experience of the product. Based on the feedback, iterations are made to the MVP to evolve it into the market-ready product that the creators have in mind. MVPs give creators the opportunity to indicate the value their product can provide to the end-consumers.
Prototypes and MVPs are vital components in the product development journey and a product generally goes through at least three stages of prototyping before it reaches the market. WeMakeIoT has been developing prototypes for our customers and is proud to have brought so many business ideas to life and satisfy their product expectations. WeMakeIoT engages customers at every stage of the development journey including choosing the technologies required to build prototypes when necessary and implementing the required functions. Connect with us today at [email protected] to bring your product ideas to life and build a smarter world.