What does MVP mean?
It is a version of a product with just enough features to be used by early customers.
Purpose
The MVP is used to test a product hypothesis with minimal resources, speed up learning, and reduce engineering hours wasted on features that will not be used.
Lean Startup
The concept is central in Lean Startup, emphasizing the importance of validated learning in the development of new products.
Iterative Development
MVPs allow for iterative development, where products are launched with basic features and then improved based on user feedback.
Cost Savings
MVPs help to minimize the time and resources committed to building a product that may not succeed.
Market Validation
They allow testing market demand for a product or business idea before a significant investment.