Minimum Viable Product (MVP)
The term Minimum Viable Product (MVP) was first coined by Eric Ries – a prominent Silicon Valley entrepreneur and the pioneer of the lean startup movement.
According to Ries, “A Minimum Viable Product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least amount of effort…”
What MVP has become is simply the smallest and simplest version of your product you can build, send to market, and receive feedback on so as to iterate to the next stage in a logical and advantageous manner.
The idea is that instead of spending hundreds or thousands of hours working on what you imagine to be the perfect product – you spend a few hours to send a small version of your product out, collect information & feedback, and then improve your product based on the feedback you receive.
Working through your product and business in this manner not only saves an immense amount of time, it also allows your product to be continually improved and enhanced based on real market feedback. Ultimately, this will save you time and allow you to deliver a much better experience to your customers.