Creating a digital product and launching it in the market without testing can be a big risk to your company’s reputation and your investment. Therefore, digital products are tested before launching in the market. Proof of concept, prototype, and the minimum viable product helps you to test your digital product before it launches in the market to save your investment from being wasted.
Proof of concept, prototype, and minimum viable product which method will help to test your digital product in the market, and which method is best for your project, for this you need to understand the difference between Proof of Concept, Prototype, and minimum viable product.
Altamira US LLC helped you to differentiate between them so that both your investment and your reputation are not affected.
● Proof of Concept (POC)
● Minimal Viable Product (MVP)
PROOF OF CONCEPT (POC)
Proof of concept is also known as proof of principle or POC Development. It is used in various industries around the world but is considered an essential part of digital products. Proof of concept is used to check the efficiency and feasibility of a digital product or idea and to see if it is capable of solving the problem for which the product is being developed.
POC development process of any digital product done before prototyping. A proof of concept can be in the form of a document or a PowerPoint.
A prototype product is a pre-built process in which the product is presented virtually so that before the product is built it can be seen what is wrong with it and how it can be fixed. You can also call it a demo product.
A digital product, for example, a version of a mobile application that is currently in interactive mock-up mode is called a prototype. It shows the user interface, screen, and stimulated function in which no coding has been done yet. It is a model of a digital product that outlines what the product will look like after it is built. Furthermore, It is developed in a framework, like all other apps, you can use it, install it and see what the app will look like.
MINIMAL VIABLE PRODUCT (MVP)
A minimum viable product or MVP is a product that is presented to initial customers with specific features. Who then gives their feedback to the company so that the best development can take place in the future of the product?
The same method is used in digital products, for example, a website is presented to its initial operators with specific features, and changes are made after receiving feedback from clients. The website is improved.
Each project is different in its nature and structure, which is why every project has to follow a custom approach. For proof-of-concept, prototype, and minimum viable product, you first need a great innovative idea.
● Your goal in Proof of Concept is whether the idea is feasible or not
● The prototype will show how the product can be built
● In the minimum viable product, the product is developed for the initial customers and the product is modified based on their feedback.
● Proof of concept can take days or months to develop, depending on the project.
● The prototype takes a few weeks to develop
● Minimum viable product, product testing depends on feedback, so it takes months.
● Proof of concept is targeted at audience developers and researchers who have come up with the idea and who have to work on it until the idea is given the shape of a product.
● In Prototype, viewers are the members who have to develop the idea. In addition, investors and stakeholders are also taken into confidence at this stage so that the investment can be increased to launch the app in the market. Prototypes sometimes include end-users, but very limited
● Testing on minimum viable products is entirely up to end-users who give good or bad feedback on the product after using it. Developers use this feedback to improve future app development.
● Proof of concept is used for an idea that is not available in the market or has never been worked on before.
● The prototype attracts seed funding companies and shows them what the product is like and how it will work.
● Minimum viable products, look at how the product has urged the changes in the market and whether the product fits the market or not, and if the product is not fit the market then why it is. The all information we get from the end-user feedback.
If you do not validate your business idea, it is quite possible that your startup idea will not struggle and will fail in its early stages. Skipping the validity of the product is not the best option and can never be. To increase your chances of growth you need to test your product in the market. You must include MVP and prototype in your product development roadmap if you are going to work on such an idea. If it is not already on the market, you may feel the need to include proof of concept in your roadmap.
Product validation confirms that your idea is a successful business model for the market, and if you proof it that your idea is good to fit in the market and fulfill the market need then you can get a huge investment in your startup from the market. Because investors and stakeholders like to invest in good ideas. It will also help you to scale your business.