Business Dictionary
MVP
Definition
Minimum Viable Product; a version of a product with just enough features to satisfy early customers and provide feedback for future product development.
Deep Dive
A Minimum Viable Product (MVP) is a version of a new product that contains just enough features to satisfy early customers and provide value, allowing the product team to collect validated learning about future product development. The core idea behind an MVP is to launch a product with the smallest possible feature set that still addresses a key user problem, rather than waiting to build a fully comprehensive solution. This approach minimizes development time and costs, and reduces the risk of building something nobody wants.
Examples & Use Cases
- 1A new social media app launching with only a photo-sharing feature and no direct messaging or filters, to test initial user engagement with its core concept.
- 2A food delivery service starting with a simple website listing local restaurants and phone numbers for orders, before building a sophisticated app with real-time tracking and payment integration.
- 3A software company releasing a project management tool with only task creation and assignment features, seeking feedback on its core workflow before adding advanced analytics or third-party integrations.
Related Terms
Product DevelopmentLean StartupIteration