What is an Minimum Viable Product (MVP)?
A Minimum Viable Product (MVP) is a version of a product or service that has just enough features to be usable and deliver value to early customers, while also providing a platform for further development based on customer feedback. The idea behind an MVP is to launch a product quickly and at a lower cost, to test the market and get feedback from early adopters before investing more time and resources in further development.
The concept of MVP was popularized by Eric Ries, a Silicon Valley entrepreneur and author of the book "The Lean Startup." According to Ries, an MVP should be designed to solve a specific problem or address a specific need of a target market, with minimal features and functionalities. The goal is to validate the product idea and test assumptions, before scaling up to a full-featured product.
For example, a company that wants to launch a new mobile app might start with an MVP that only includes the most basic features, such as user registration, login, and a simple interface. The company can then release the MVP to a small group of early users, gather feedback, and use it to improve and iterate the product.
The benefits of an MVP include reduced risk and cost, faster time-to-market, and the ability to gather valuable feedback from early users. It is a popular approach for startups and entrepreneurs who want to validate their product idea and build a sustainable business model.