What is meant by the term "minimum viable product" (MVP)?

The term "minimum viable product" (MVP) refers to a simplified version of a product that is designed to meet the basic needs of early adopters while allowing the product team to gather valuable feedback for future development. The primary focus of an MVP is to launch a product quickly with the core features necessary to attract early users or customers. By doing so, teams can test assumptions, understand user behavior, and iterate the product in a way that aligns with actual market needs.

This approach helps mitigate risks associated with developing a full-fledged product without prior user input. It allows companies to validate ideas and make informed decisions based on user interaction and feedback, ultimately leading to a more successful and user-centric product. The term encapsulates the essence of balancing minimalism with functionality to initiate learning and engagement.