Glossaries
Minimum Viable Product
What is a Minimum Viable Product (MVP)?
A Minimum Viable Product (MVP) is the simplest version of a product that can be released with enough features to satisfy early customers and provide feedback for future development.
Synonyms: Minimum Viable Product, MVP, lean startup product, initial product release, basic working product
Why is an MVP important?
An MVP is crucial in product development because it allows companies to test their product hypothesis with minimal resources. By focusing on core functionalities, businesses can quickly get their product to market, gather real user feedback, and iterate based on actual user needs rather than assumptions.
How to create an MVP
- Identify the core problem your product solves
- Determine the must-have features
- Build the simplest version that solves the problem
- Release to early adopters
- Collect and analyze user feedback
- Iterate and improve based on insights
Examples of successful MVPs
- Dropbox: Started with a simple video demonstrating the concept
- Airbnb: Initially just a website with photos of the founders' apartment
- Amazon: Began as an online bookstore before expanding to other products
Frequently Asked Questions
- What's the difference between an MVP and a prototype?: An MVP is a functional product released to users, while a prototype is typically a non-functional model used for internal testing and demonstration.
- How long should it take to develop an MVP?: The development time varies, but generally, an MVP should be created as quickly as possible, often within a few weeks to a few months.
- Can an MVP be a failure?: Yes, an MVP can fail if it doesn't adequately solve the user's problem or if there's no market demand. However, this failure provides valuable insights for future iterations or pivots.
- Should an MVP include all planned features?: No, an MVP should only include the core features necessary to solve the main problem and gather meaningful user feedback.
