GLOSSARY
Minimum Viable Product (MVP)
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A Minimum Viable Product (MVP) is a basic version of a product with just enough features to attract early adopters and validate the core idea, while minimizing time and resources spent on development.
What is a Minimum Viable Product (MVP)?
A Minimum Viable Product (MVP) is the simplest version of a product that can be launched to test the core idea and gather feedback from early users. It helps validate assumptions and reduce the risk of building a product that nobody wants.
Why does it matter?
Building an MVP allows startups to quickly iterate based on user feedback, minimize development costs, and focus on delivering value to customers. It helps in validating the need and refining the product before investing heavily in development.
Examples of MVPs:
- A landing page with a sign-up form to gauge interest in a service
- A clickable prototype to demonstrate key features of a mobile app
- A concierge MVP where manual work simulates automated features
Related Concepts:
Lean Startup Methodology, Product-Market Fit, Rapid Prototyping