Full Definition
A Minimum Viable Product (MVP) is the most basic version of a product that includes just enough features to satisfy early adopters and provide feedback for future development. The concept was popularized by Eric Ries in "The Lean Startup."
Purpose of an MVP
- Validate core assumptions about user needs
- Test market demand with minimal investment
- Gather real user feedback before full development
- Demonstrate traction to potential investors
- Reduce time-to-market and development risk
Types of MVPs
- Landing Page MVP: A page describing the product to gauge interest
- Concierge MVP: Manually delivering the service to validate demand
- Wizard of Oz MVP: Appearing automated but manually operated behind the scenes
- Functional MVP: A working product with core features only
Real-World Example
Dropbox's MVP was a 3-minute demo video showing how the product would work. It generated 75,000 waitlist signups overnight.
Related Terms
The stage where a product satisfies strong market demand, indicated by rapid organic growth.
The earliest stage of startup funding, usually from founders, friends, family, or early angel investors.
A methodology for developing businesses through validated learning, experimentation, and iterative product releases.
A fundamental shift in a startup's business model, product, or target market based on market feedback.
Evidence of market demand and business momentum, demonstrated through metrics like users, revenue, or engagement.
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