03 Oct Difference between POC and MVP
Many a times, wannabe entrepreneurs often get confused with POC and MVP. They get confused finding out the best way to go forward with their brilliant ideas. Understanding POC-MVP and being patient is what it takes to set up a firm launch pad for your product/service.
Let’s take a dig on both the things.
Proof of Concept (POC):
Proof of Concept is to validate marketability on a miniature scale and budget, as simple as that. It’s always good to know if people really need your offering, before you invest time, money and effort into the same.
It involves extensive R&D, iterations and is submitted to a sample size. It also includes assessment of the revenue model, projected revenue, and specifies the development cost, future finance projections and the service costs to maintain sustainability. It’s an excellent way to evaluate your idea internally.
Minimum Viable Product (MVP)
A MVP on the other hand, is the most minimal form of your complete offering. It’s meant to be tested in the market… to get an idea of how people react to it.
After gathering the field results, you may feel like making numerous iterations to make it even better. Remember, your final product may not even have any resemblance to what you started with. But that’s okay.
To sum up
There’s no doubt that for startups, exploring and experimenting with these techniques produce better end results. They are able to create better products that are more acceptable by the users.
The iterations, actual field tests and user feedback’s always help to a great extent.
Did I miss anything on POC and MVP? Would love to hear from you.