Minimum Viable Product (MVP)

The Minimum Viable Product (MVP) is a concept in product development and startup environments. It refers to the most basic version of a product that can be released to the market to validate hypotheses, gather user feedback, and test key assumptions without spending unnecessary resources on features or functionalities that might not meet customer needs. The MVP is designed to solve the core problem of the target audience, with just enough features to prove that the concept is viable and the product is worth developing further.

The MVP approach helps companies:

  1. Validate assumptions: By releasing an MVP, a company can see whether there is demand for the product before fully committing to it.

  2. Gather early feedback: Feedback from early adopters helps refine the product and make necessary adjustments.

  3. Save resources: Focusing on only the essential features at the start prevents wasted time and money on developing unnecessary features.

  4. Speed to market: By releasing a simpler version, companies can get their product into the hands of users faster.

In the world of SaaS, for example, the MVP might be a basic application that performs the core functions of the service, with plans to add more sophisticated features over time based on user needs and feedback.