[Term of the Day]:Minimum Viable Product
Term of the Day
“Minimum Viable Product”
Definition — What is MVP?
MVP is an abbreviation for ‘Minimum Viable Product’. It is the launchable version of a product that contains enough basic features to function and satisfy early adopters in the market. It is similar to the POC (Proof of Concept) or a smaller version of the product with limited features. This MVP concept was popularized by entrepreneur and author Eric Ries in his book The Lean Startup. He was one of the main people, along with Steve Blank, who popularized the term MVP.
In recent times, the importance of MVP has increased rapidly because it is all about continuous improvement and consistent growth of a product. The current situation has led businesses to institute several budget cuts in several departments. In such testing times, MVP is a proven strategy and the best way to launch a new product. It is universally adopted not only by start-ups but also by well-established companies. The MVP development strategy allows your team to validate (or invalidate) product assumptions and learn how your target users react and experience your product’s core functionality. This approach will provide insight into properly allocating your budget to satisfy your overall business objectives. You can view the MVP as a risk reduction tool.