What is MVP?

MVP stands for Minimum Viable Product. It is a concept in product development and entrepreneurship that refers to creating a basic version of a product with just enough features to satisfy early customers and test the product idea in the market. The MVP is developed with a minimum set of features that are necessary to launch the product, and it is designed to gather user feedback, validate assumptions, and measure key metrics.

The goal of building an MVP is to quickly validate the market demand for a product and identify areas for improvement while minimizing the investment of time and resources. By releasing a basic version of the product, entrepreneurs can learn about their target market, test their assumptions, and make informed decisions about the product’s future development.

Once an MVP has been tested and validated, entrepreneurs can use the feedback and insights gained to make strategic decisions about the product’s development and prioritize new features and improvements based on user needs and market demand.