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What is Minimum Viable Product (MVP)?
A Minimum Viable Product (MVP) is the simplest version of a product that can be released to early users to test key assumptions, gather feedback, and validate market demand with minimal resources.
Definition
A Minimum Viable Product is a basic version of a product that includes only the essential features needed to solve the core problem and provide value to early adopters.
Key Takeaways
- Focuses on learning, not perfection.
- Reduces development time, cost, and risk.
- Helps validate product–market fit before scaling.
Understanding Minimum Viable Product (MVP)
The MVP concept, popularized by the Lean Startup methodology, helps businesses avoid building products no one wants. Instead of developing a fully-featured product, companies build a simple version to test assumptions.
An MVP allows teams to observe real user behaviour, collect data, and make informed decisions about improvements or pivots. This iterative process reduces uncertainty and supports continuous innovation.
MVPs can take many forms: prototypes, landing pages, concierge services, or simplified app versions.
Formula (If Applicable)
No strict formula exists, but the MVP approach follows this cycle:
Build → Measure → Learn
Real-World Example
Dropbox launched with a simple explainer video rather than a working product. The video demonstrated the concept, collected sign-ups, and validated demand before full development.
Importance in Business or Economics
MVPs reduce market risk, accelerate learning, and conserve resources. They are essential for startups, innovation teams, and companies testing new ideas in competitive markets.
Types or Variations
- Prototype MVP: Visual or interactive model.
- Landing Page MVP: Tests interest before building.
- Concierge MVP: Manual delivery of a service before automation.
Related Terms
- Product–Market Fit
- Lean Startup
- Rapid Prototyping
Sources and Further Reading
- Eric Ries – The Lean Startup: https://theleanstartup.com
- Harvard Business Review – MVP Strategy: https://hbr.org
- Product School – MVP Guide: https://productschool.com
Quick Reference
- MVP = simplest version that delivers core value.
- Used to test assumptions quickly and cheaply.
- Supports data-driven product development.
Frequently Asked Questions (FAQs)
Is an MVP the same as a prototype?
No. A prototype tests usability; an MVP tests real market demand.
Should an MVP be polished?
No. It must function but does not need full features or design.
How long should it take to build an MVP?
Weeks, not months. The goal is rapid validation.
