Minimum Viable Product (MVP)
Minimum viable product is an earlier version of a product that helps that attracts early adopters and gather feedback for future development.
The goal of an MVP is to test and validate a business idea or hypothesis with the least amount of effort and investment, while still delivering value to early adopters. By releasing an MVP, businesses can gather valuable feedback from users, validate assumptions, and identify areas for improvement, before investing significant time and resources into developing a fully-featured product.
The MVP approach is commonly used in startups and innovation projects, where there is a high degree of uncertainty and risk involved, and where speed to market and agility are critical for success.