"Proof of concept, or PoC, is a small project designed to verify that a particular idea is feasible. Usually, companies develop it for internal testing."

"The whole aim of a PoC is to show whether it is possible to develop the functionality in the real world. It also indicates the potential obstacles for the product being developed and accepted by users. The final PoC design should not be flawless, but it presents the concept's viability before you jump into development."

"These terms may seem alike, but they refer to different stages of development. Proof of concept is the initial step, followed by a prototype. PoC proves the feasibility of the product, and a prototype is built after the feasibility has been confirmed."

"Proof of concept vs. prototype is a comparison of the idea draft and its visual realization."

"The prototype includes main design elements and is a rough model that brings the PoC plan to life."

"A minimum viable product, or MVP, is an early product version that includes the core required features. This version brings enough value to get early feedback from customers before you spend tons of time doing something they don't like or need."

"A minimum viable product can be released on the market."

"An MVP gives you an understanding of how your potential audience will accept your product. Users can try it, and if they like it, they will spread the word about the solution."

"A minimum viable product has a modular structure. So, the development team can easily remove unnecessary elements and other weaknesses of your product. This improves users' journey."

"Dropbox is a brilliant example of saving resources for product release. Drew Houston decided to discover if people wanted file-sharing software. So, he released a three-minute video explaining the service work process and targeting early adopters. The video attracted 75000 people overnight who wanted to get the solution as soon as possible. Now Dropbox is worth around $ 9 billion."

"The difference between proof of concept and the minimum viable product is that they serve different purposes. PoC gives theoretical ground to an idea of a solution or a particular function. Meanwhile, MVP implements the features designed at the stages of PoC and prototype."

"PoC vs. MVP is like the idea draft and the idea realization."

"Although it may seem that skipping this stage saves time, proof of concept is crucial for your product development. It highlights essential aspects of your business idea."

"The Bitcoin whitepaper published in 2008 exemplifies how to support an idea at the earliest stage. It is a proof of concept where the author Satoshi Nakamoto described an issue and suggested a solution."

"PoC helps you to differentiate your solution from similar providers. For example, let's say that products similar to what you want to build are already successful, like a messaging app."

"Before requesting resources, you need to prove to potential investors that your project is worthy. PoC may include a description of the core meaning of the project and explain that the proposed idea is practical and profitable. All this may help you persuade investors to contribute to the project."

"Choose MVP when:"

"You aim to minimize and optimize expenses."

"What is typical for PoC and MVP is that they are the stages for the early launch of a product. They save time, costs, and effort when you implement your solution."