Why do 70% of all new products fail? Consumers don’t want them (or don’t prefer them to alternatives). Over half of startups fail because of poor products and the top reason for startups failing is creating a product no one needs.
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Product development is of critical importance for startups: given the limited budget typically available to early-stage startups, making the right product development decisions can make the difference between success and failure.
Product development typically refers to all of the stages involved in bringing a product from concept or idea, through market release and beyond. In other words, product development incorporates a product’s entire journey, including:
- Identifying a market need
- Conceptualizing and designing the product
- Building the product roadmap
- Developing a minimum viable product (MVP)
- Releasing the MVP to users
- Iterating based on user feedback