Choosing the Right Option for Your Startup: Prototype vs. MVP

One of the most important decisions faced by entrepreneurs when launching a new business is whether to develop a prototype or a Minimum Viable Product (MVP). Gaining an understanding of the differences, goals, and advantages of each may have a big impact on how your product development project develops and, ultimately, how successful your business is.
What is a Prototype?
Prototypes are early models or iterations of products used to evaluate and test concepts or methods. Before full-scale development starts, it is typically a crude, functioning model used to illustrate and evaluate the functionality and design of the product. Prototypes are concrete representations of concepts that allow stakeholders to comprehend, test, and consider these risk-reduction tactics while iterating on the features and design of the final product. They can be low-fidelity, such as basic drawings or mock-ups, or high-fidelity, such as interactive digital models.