Minimum Viable Products are often mistaken for prototypes. A Minimum viable product (MVP) is a concept that has been gaining traction in the business world. It refers to the creation of a product with just enough features to satisfy early customers and gather feedback for future development.
Singapore, being a hub for startups and innovation, has seen several successful MVP case studies. In this article, we will explore some examples of these successful minimum viable products.
MVP examples in Singapore
Carousell is a Singapore-based mobile classifieds app that allows users to buy and sell second-hand goods. The company was founded in 2012 by three National University of Singapore graduates.
They started with a minimalistic MVP that allowed users to list items for sale with just a picture and a brief description. Buyers could browse items and make offers. The founders quickly realized that the app's chat function was the most popular feature, and they improved it in subsequent versions.
Today, Carousell has more than 250 million listings and is one of the most popular apps in Southeast Asia.
Grab is a ride-hailing and food delivery app that operates in eight Southeast Asian countries. The company was founded in 2012 by Anthony Tan and Tan Hooi Ling, who created an MVP called MyTeksi.
Due to uncertainty, unstable hiking prices and lack of security in taxi hailing. MyTeksi allowed users to book a taxi through a mobile app. The founders realized that the app's GPS feature was the most valuable to users, allowing them to track their ride's progress.
They improved the GPS function and added features like cashless payments and food delivery. Today, Grab is valued at over $14 billion and has more than 200 million app downloads.
ShopBack is a cashback rewards platform that partners with e-commerce merchants to offer users discounts and rewards. The company was founded in 2014 by six Singaporeans who created an MVP called Seedly, a personal finance management app.
They realized that users were most interested in the app's cashback feature and pivoted to create ShopBack. The MVP allowed users to earn cashback on purchases made through the app. ShopBack quickly expanded to other Southeast Asian countries and now partners with more than 1,500 e-commerce merchants.
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Gush is a Singapore-based online platform that connects freelance beauty professionals with clients. The company was founded in 2016 by two Singaporeans who created an MVP called Beautify, which allowed users to book beauty appointments through a mobile app.
They realized that clients were most interested in having access to freelance beauty professionals. They pivoted to create Gush, which allows freelance beauty professionals to create their profiles and connect with clients.
The MVP quickly gained traction, and the company has since expanded to other Southeast Asian countries.
What can these successful stories teach us?
In conclusion, the stories of these successful MVPs in Singapore demonstrate that starting with a minimalistic product and focusing on the most valuable features can lead to success.
These companies listened to their customers' needs and iterated on their MVPs to create products that continue to thrive today. A minimum viable product is very beneficial because entrepreneurs can learn from these examples and apply the MVP approach to their own businesses.