What is an MVP (Minimum Viable Product)?
An MVP (Minimum viable product) is a basic, launchable version of the product that supports minimal yet must-have features (which define its value proposition). An MVP is created with an intent to enable faster time to market, attract early adopters, and achieve product-market fit from early on.
Once the MVP is launched, initial feedback is awaited. Based on this feedback, the company will reiterate to fix the bugs and introduce new features that those early adopters suggest.
The MVP approach allows for:
- Making an early market entry which leads to a competitive advantage
- Enabling early testing of the idea with actual users to check whether the product is able to solve their problems efficiently
- Working effectively towards developing a fully-fledged product that integrates user feedback and suggestions
Minimum Viable Product (MVP), is exactly what it says on the label: the product in its smallest, least featureful avatar. An MVP has just the basic functionalities that demonstrate the product and its ability to solve a user problem.
