In software development, there are three different stages of product development: "proof of concept," "prototype," and "minimum viable product" (MVP). Each stage has a specific purpose. Let’s dive into the purpose of these three stages, and what makes them so different.

What Does Proof of Concept Mean In Startups?

In SaaS startups, demonstrating a proof of concept verifies that your idea is feasible. It’s the first thing entrepreneurs need to do once they have a vision in place. Proofs of concept achieve answers to basic questions like, “Is there a need in the market?” and “Does the value outweigh the risks in building this?”.

Key Steps In A Proof of Concept

#1: Define Objectives - Identify the specific problem your idea will solve and present a clear opportunity gap in the market.

#2: Set Goals - clearly state the goals you’d like to reach i.e. what criteria you will use to indicate this idea’s success.

#3: Create Workflows - determine what components your idea needs to become reality, including customer sequences, technologies and tools. Basically, how will your idea work from a user point of view.

#4: Gather Feedback - talk with ideal users and stakeholders to source responses, questions and other comments related to your idea.

#5: Evaluate - Based on the results of the above steps, evaluate the feasibility of your idea. Determine whether to proceed or pivot your idea.

Must-Ask: 4 Questions Startups Need To Know

What Is Prototyping In Software Development?

What is a prototype? A prototype is an early version of your product. They’re used to gather feedback, test user experience and improve design before full product development. Prototypes help stakeholders visualize the product and identify potential issues or improvements.

What Does A Prototype Look Like?

Prototypes can range from lo-fis like wireframes on Figma or hi-fis like interactive demos. The level of effort depends on your idea and stakeholders.

To DIY Or Not? Mobile App Development

What Does MVP Mean In Software?

A minimum viable product (MVP) is the first live iteration of your product. It’s the one you launch to the world! An MVP addresses your core objectives, but not much more. Its purpose is to:

1. Validate your concept

2. Test the market reception

3. Gather real user feedback

MVPs are meant to be barebones. You don’t want to spend all your time and money on a product that receives poor feedback. Instead, practice iterating, or improving, your idea little by little. Be wary of the classic founder’s trap to never release your product because it’s never perfect.

Know-It-All: What’s Involved in a SaaS Product Soft Launch?

Key Components of A Software MVP

Essential Functionality: Your MVP needs to address the basic objectives and solve your users' core problems. At a minimum, you need to deliver baseline value to customers through your product.

User Interface (UI) and User Experience (UX): Even though it’s barebones, your product needs an interface that allows users to interact with your product. Remember, functional not fancy.

Basic Design and Branding: A cohesive brand look should be considered to start building brand awareness. However basic elements like colors, fonts and logos will suffice for now.

Feedback Tools: Include a tool(s) to gather user feedback. Ideally, you’d get feedback before users begin, as they use the product and after they’re done testing. This feedback loop will help you improve subsequent iterations. Tools include surveys, focus groups and even monitoring analytics for user trends.

Fact Or Fiction: Mobile App Myths Debunked

Think of a proof of concept vs. a prototype vs. an MVP as different stages in your product's evolution. Each stage is critical to building something valuable, but don’t ever feel like you’re stuck.

If a feature you posed in the proof of concept doesn’t work, pivot in the prototype. And always keep an open mind with MVP feedback. Success SaaS entrepreneurs treat products like a journey, not a destination.