MVP (Minimum Viable Product)
What is a Minimum Viable Product (MVP)?
A Minimum Viable Product (MVP) is the simplest version of a product that allows a startup to launch quickly and begin learning from users. It includes only the core features necessary to validate the business idea and attract early adopters. The purpose of an MVP is to test the product’s assumptions and gather feedback for further development, minimizing the risks associated with building a full-featured product.
Benefits of Launching an MVP
- Faster Time to Market: Allows startups to launch quickly and start gaining user insights.
- Cost Efficiency: Reduces the need for significant upfront investment by focusing on essential features.
- Validated Learning: Provides valuable feedback that helps shape future iterations of the product.