The Minimum Viable Product (MVP) is a concept in startup development that focuses on building and launching a basic version of a product with the minimum features required to test its initial viability in the market. At its core, an MVP is about testing hypotheses, gathering data, and making informed decisions based on insights gained.
The MVP approach saves time and money in the early stages of development, as it allows entrepreneurs to validate their ideas before investing heavily in features and functionality that may not be necessary. The feedback gained from the initial launch of an MVP enables startups to prioritize features that their target users value the most and iterate on their development approach based on data-driven insights.
In summary, an MVP is a lean and iterative approach to startup development that allows entrepreneurs to test the waters and gather valuable insights before scaling up their operations.