How do Successful Startups Cut Costs through MVP Development?
According to a report by CB Insights, over 70% of tech startups tend to falter within 20 months, even after successfully securing sufficient funding for an initial boost. The causes of such failures often include factors like a lack of market demand, inadequate cash flow, pricing and cost-related challenges, absence of a viable business model, fierce market competition, and more. The real question is whether there are viable solutions to mitigate this high failure rate or if this trend will persist and potentially worsen. While numerous strategies can help reduce startup failure rates, one of the most effective approaches is the development of a Minimum Viable Product (MVP). But again, the art of making astute financial choices becomes indispensable for achieving success in the dynamic realm of startups. The reason is that the importance of every expenditure characterizes the MVP. In this blog, we will discuss MVP (Minimum Viable Product) development and uncover its potential to reduce