According to a recent study by CB Insights, the #1 reason why startups fail is a lack of market need. This was shown to be the case in approximately 42 percent of all surveyed businesses. The great lesson here, of course, is that as an aspiring entrepreneur, you must always be careful to not put out there something that consumers simply have no appetite for — but how can you be so sure?
Well, if you’re a regular blog reader, you probably know that an MVP, or minimum viable product, is an excellent way to gauge the market readiness of your product, but this is where things can get a little confusing. After all, how does this differ from a prototype, or even a proof of concept (POC)? These terms get thrown around by techy developers all the time, but deciphering what they mean can often be a challenge.