Minimum Viable Product (MVP)
A Minimum Viable Product (MVP) is a version of a product with just enough features to satisfy early adopters and provide feedback for future development. The goal is to test the core idea with minimal resources before investing heavily.
Key Aspects of an MVP:
- Core Functionality Only – It includes only the must-have features that solve a problem.
- Fast to Market – It helps validate an idea quickly and cost-effectively.
- User Feedback Driven – Early users provide insights for iteration and improvement.
- Reduces Risk – It prevents wasting resources on unwanted features.
Why Use an MVP?
- To test a business hypothesis before full-scale development.
- To attract investors with a working prototype.
- To minimize time and cost while refining the product.
Examples of MVPs:
- Airbnb: Started as a simple website renting out the founders' apartment.
- Dropbox: Launched with a demo video before building a full product.
- Facebook: Began as a limited social network for Harvard students.