MVP

 
An MVP or Minimum Viable Product is the maiden version of the Product. This version is the first one that only consists of basic features. In general, these basic features determine whether the product has prospects of succeeding. These features are enough to deliver core values and verify them to early customers. In short, the main idea behind a Minimum Viable product is to provide a perfect balance between the minimum and viable. This basically saves time and development costs. In addition, it also assists in acquiring valuable customer feedback.

Eric Ries, entrepreneur and author of the book “The Lean Startup”, gave a straightforward definition for MVP. As per Ries, an MVP is a version of a new product that permits a team to collect the maximum amount of validated learning about customers with the least effort.

However, it’s important to understand that goal of an MVP strategy is not to build a product for a short-term period. To clarify, it merely helps you develop a simplified version of a product available for public access.

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