Minimum Viable Product
The Minimum Viable Product (MVP) is a concept in Product Development and Entrepreneurship that refers to the most basic version of a product that still meets the core needs of its target Market. It is a strategy used to test assumptions and gather feedback from Customers with minimal investment. The MVP approach is often associated with Lean Startup methodology, which emphasizes rapid experimentation and iteration. By releasing an MVP, companies can validate their Value proposition, identify Variation in customer needs, and make data-driven decisions to improve the product. This approach is also related to the concept of Heuristics and biases in decision-making, as it encourages entrepreneurs to challenge their assumptions and be open to feedback. The MVP concept has been popularized by entrepreneurs and authors such as Eric Ries and Steve Blank.