Minimum Viable Product (MVP)
A minimum viable product (MVP) is the simplest form of a product that can provide enough value to your market in order to prove a business opportunity.
It’s a methodology that gets the first release of your product to market as quickly as possible by only initially developing the features that are required to provide the most impactful outcomes for both users and the organization. It’s a great tactic for cutting back on up-front engineering hours, and starting to validate the product with user engagement earlier in the life of the product.
The purpose of the MVP is to reduce the number of assumptions an organization carries forward into further product development, including the core assumption that what you think is right for the market is actually what the market will use and support.
Ultimately, it’s about ensuring whether or not the product is worth continued investment as quickly as possible and, if so, to capture market share, engagement, and growth based on real world interest, not assumptions.