MVP ( Minimum Viable Product )
Minimum Viable Product. Imagine spending a huge amount of time and money on a fully-functional, completed project – and then realizing it doesn’t meet the goals of what you needed to accomplish.
Rather than having to scrap everything and start fresh, companies develop MVPs as an interim product. MVPs work, and serve as a liaison between the user and the product, but they aren’t fully developed. A certain amount of development time is reserved for after the product has been used for an amount of time, to “work out the kinks” and gather feedback from the beta users.
The simplest definition is that an MVP must be the simplest core feature set of any product that allows it to be deployed and absolutely nothing more. However, the most popular definition is; “The smallest thing that you can build that delivers customer value (and as a bonus captures some of the value back).”