MVP / Minimum Viable Product
What is it? The simplest core feature set of any product or service. It’s used in the product development process to represent the initial version of what is being created, to enable testing, learning and further iteration to inform a viable and successful solution. MVPs help minimize the risks (error, product market fit, pricing, marketing, customer frustration, etc.)
When is it best used? Typically used to quickly test the viability and value of a product / feature without dedicating a large amount of resources. It is often used when a product / feature is brand new, and the viability is not clear, or the need to release something quickly outweighs the brand risk of releasing an incomplete or imperfect product/feature (for instance you need proof of concept for an investor or customer).
What does it entail? Understanding the minimum user, business value and usability requirements, of what the product or feature needs to accomplish. Then designing and developing the core minimum elements that must be in place to accomplish this objective to gather feedback to inform future iterations.
Interchangeable term: none
Use in a sentence: Curiosity Tank created a prototype of the education series to serve as the minimum viable product before releasing the final product.
Related terms: Product design, alpha test, beta test, product development, innovation cycle, agile process
Visual: No
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