Validating your idea should be one of your first priorities as a business in the early stages of creating a new product. It can be quite costly in terms of money, effort, and worry to just jump without considering. Selecting an idea validation technique, such as a proof of concept, MVP, or both, will save you a great deal of pain and increase the likelihood that your business will succeed. Let’s now examine the distinction between a proof of concept and an MVP, as well as which one is required. Which one will assist you in obtaining funds? What will the price be? Read on for all the answers we have.
What is a PoC?
A proof of concept (PoC) is a great approach to find out if your idea can be implemented technically, whether you are launching a completely new product or need to add something special to an existing market. It can be finished quickly, at a relatively minimal cost, and it gives you a clear picture of the limitations of your project as well as the tools and resources you’ll need to make it work. It also lets you know if your idea will work.
A PoC ignores some characteristics including UI and UX design, security, and programming best practices because it is constructed with internal validation. It relies on rather basic UI controls and mock APIs. Later in the development process, the code written for a proof of concept is frequently not used. As a result, no end consumers should have ever seen your proof of concept. solely to stakeholders, developers, and researchers.
This would imply that in order for your proof of concept to be successful, you must have clear objectives and determine which issues need to be addressed. You need to limit the scope of your project to only one feature. You would perform many proofs of concept if more than one feature needed to be verified as feasible.
Example
Blockchain technology is being used by a financial technology company to enable safe transactions. To show that blockchain may improve security and transaction speed for their particular requirements without committing to full product development, they developed a proof of concept.
What is an MVP?
MVP stands for Minimum Viable Product. It’s a concept used in startups, product development, and software engineering. An MVP is the simplest version of a product that can be released to early users to validate the core idea and gather feedback.
Key Features of an MVP:
Basic functionality only: It includes just enough features to satisfy early adopters.
Fast to build: It can be developed quickly to get the product to market sooner.
Testing hypothesis: It helps validate whether the product idea solves a real problem.
Feedback-driven: It’s used to learn what users want before investing heavily in development.
Example:
Imagine you’re building a food delivery app. Instead of launching with full features like real-time tracking, multiple payment options, and AI-based recommendations, your MVP might only let users:
- Create an account
- Browse a list of restaurants
- Place a basic order
Once people start using it, you can learn what they like, what’s missing, and where to focus your efforts next.
Let me know if you want examples from a specific industry or type of product.
PoC vs. MVP for Startups
An MVP will demonstrate that there is a market need, whereas a proof of concept will demonstrate that something is technically possible.
A proof of concept will be created in a matter of days or weeks, whereas an MVP would take months.
Early adopters and a few investors ultimately view and test the MVP. PoC would only be shown to developers and researchers, and it would only be seen within.
PoC lowers the risk of technical issues, but an MVP lowers the risk of developing a product with no market.
A PoC costs little, whereas an MVP will cost much more.
A PoC cannot be sold or used by the consumer, while an MVP allows for instant income creation.
While an MVP can serve as the foundation for the entire project, a prototype or MVP can be influenced by a proof of concept but will never be utilized in the finished product.
As previously said, the goal of both MVPs and PoCs is to validate your idea from many perspectives. As a result, picking the appropriate strategy early on increases your chances of success. While creating a proof of concept (PoC) is optional and depends on your business model, idea, and current state of development, creating an MVP is generally required for all startups.
Which One to Start With?
By testing the concept before bringing a finished product to market, both aim to save you time, money, and effort. The context of your specific project will determine which one you begin with.
Generally speaking, you should begin with PoC if:
You have a creative, game-changing product in mind, but you’re not sure if it’s technically feasible.
You must show that your product offers distinct functionality in comparison to rivals in order to capitalize on an existing market with potential for new value.
You must determine your idea’s technological prerequisites. For example, what technology is being used, and what resources or outside solutions will be required to make it work?
You should begin with an MVP if:
You know that your idea is technically feasible but do not know if there really is a market need
You truly want to start generating as much profit as possible in the shortest amount of time.
You want real feedback from customers.
Which One Helps Attract Investors?
Although a proof of concept is typically exclusively an internal project, it can be helpful in seeking funds because it shows you are headed in the correct direction. Because you can demonstrate practical application and feedback, an MVP increases your chances of attracting investors.
How Much Will They Cost?
Since the Proof of Concept just proves the idea’s or that particular technology’s viability, it is less expensive than the Minimum Viable Product. Most of the time, just a small number of functions are utilized, and they are solely meant for internal usage, excluding fully functional users. Consequently, it is at the bottom of a low-risk, low-cost enterprise.
Because it includes features like user interface design and some preliminary testing for market feedback, an MVP would be more expensive. For example, a startup’s fitness software can demonstrate motion-tracking capabilities with a proof of concept. After validation, they can proceed build develop MVP with features like workout monitoring and a dashboard for users to provide feedback. Even while an MVP is more expensive than a proof of concept, it is still far less expensive than a finished product, allowing entrepreneurs to evaluate market demand and iterate with actual user feedback before making large development investments.
Which One is Right for You?
Your current stage, the resources at your disposal, and your goals will all influence this. In general, MVP will be your best option if you wish to lower market risks. The greatest option for testing technological feasibility is a proof of concept. Get in touch with us right now to learn more about the many kinds of validation,