What is a Minimum Viable Product (MVP)?

Minimum Viable Product (MVP) is a version of a new product with the minimal set of features necessary to gather feedback from early users and validate key hypotheses about its value.

Goals of MVP:

• Quick market entry.
• Validating the product's value to users.
• Gathering feedback for further development.
• Saving development resources.
• Reducing the risk of failure.

Difference between MVP and a prototype or demo version: MVP is a complete, albeit simplified, product that can already be used and sold, not just demonstrate potential.

Example: Instead of developing a full-featured online store with a shopping cart, payment, personal account, and reviews, an MVP could be a simple web page with one product and an email order form. This allows testing demand for the product and sales channels.