New Product Development: PoC versus MVP
Launching a successful product, whether it be for ecommerce, healthcare, FinTech, or any other industry relies on discovering its perfect product/market fit. Product/market fit measures how well a product satisfies the market demand. It’s the difference between people loving a product, and it getting lost in a sea of competitors.
In new product development, there are two main ways that successful ventures attempt to find their product/market fit; PoC & MVP. Although they serve a similar purpose, a Proof of Concept (PoC) and Minimum Viable Product (MVP) are vastly different approaches.
In this article, we examine the key difference between PoC and MVP, what they are, and how to use them.
PoC VS MVP: Key Differences
One of the biggest differences between a Proof of Concept and a Minimum Viable Product is that only an MVP is a working product.
A Proof of Concept determines whether or not a product is possible. Whereas, an MVP determines if a product is viable. Although they both are used when asking if there is a product/market fit, they provide different answers.
The POC answers, “can this product be implemented?”
The MVP answers, “will people buy it, want it, use it?”
Using a Proof of Concept
The purpose of a proof of concept is to de-risk a project. It’s often the first step on the way to developing an MVP. After all, it doesn’t matter whether or not people will use a product if it is impossible to create.
Using a Minimum Viable Product
The purpose of a minimum viable product is to get the most learning with the least effort.
Unlike a PoC, the MVP is a product you can actually take to market. It is a bare-bones version of the goal product that uses the minimum necessary features to go to launch. Although it is not fully fleshed out, launching with an MVP has a number of advantages:
- Fast to Market
- Real User Feedback
- Lower Cost
- Streamlines Projects
Can a PoC be Developed Into an MVP?
A PoC is a good first step towards developing an MVP, but it’s not ideal to turn your proof of concept into a minimum viable product.
It seems as though evolving your PoC into an MVP would be a timesaver, but in reality, it tends to have the opposite effect. A PoC doesn’t address the same issues and objectives, resulting in it missing key factors like scalability. As a result, much of the product needs to be reworked.
It is almost always more time-consuming and expensive to rework the PoC, in comparison to starting the MVP from scratch. Your proof of concept should inform your MVP, but it should not become it.
New Product Development Experts
Torinit are your product development experts. Our team helps you build PoCs, Prototypes, and MVPs that set your digital products up for success. Our strategic technology partnerships guide the creation of compelling, revenue-generating, user-centric, scalable products.
Contact us now and discover the Torinit difference.