A Minimum Viable Product (MVP) is the simplest product version that can be launched to customers.
An MVP has only the essential features needed to solve a specific problem or meet a particular need.1
Purpose
The purpose of a minimum viable product is to quickly test and validate a product idea with minimal cost and effort.
It allows to gather feedback, make data-driven improvements, and enter the market faster, reducing the risk of developing an unwanted full product.2
Key Characteristics
- Core Functionality: The MVP includes only the essential features needed to solve the main problem for the target users. Extra features are added later.
- Rapid Development: The MVP is built quickly to test the market with minimal effort and cost.
- User Feedback: After release, early users give feedback, which helps decide what additional features to develop.
- Cost-Effective: By focusing on essential features, an MVP reduces development costs and lowers the risks of launching a new product.3
Benefits
- Early Market Entry: An MVP lets companies launch their product faster than competitors and begin attracting customers.
- Validated Learning: Testing the product with real users helps businesses confirm their ideas and decide based on actual data.
- Reduced Risk: By investing less initially, companies reduce the risk of creating a full product that might not be needed.
- Focused Development: User feedback helps prioritize the target audience’s most important features and improvements.4
Examples of Successful MVPs
- Dropbox: Started with a simple video demonstrating the core concept, which helped validate the idea before developing the full product.
- Airbnb: Launched with a basic website to test the concept of renting air mattresses in apartments, which eventually evolved into a global marketplace.
- Facebook: Initially started as a simple social network for college students, focusing on core features like profile creation and basic communication.5
References:
1. Wikimedia Foundation. (2024a, May 29). Minimum viable product. Wikipedia. https://en.wikipedia.org/wiki/Minimum_viable_product
2. Minimum viable product (MVP). Minimum Viable Product – What is a MVP and why is it important? (2022, May 27). https://www.productplan.com/glossary/minimum-viable-product/
3. Minimum viable product: 4 characteristics of mvps in business – 2024. MasterClass. (n.d.). https://www.masterclass.com/articles/minimum-viable-product-explained
4. Arinkina, M., & Studio, U. P. (n.d.). 10 main benefits of building an MVP for startups. 10 Main Benefits of Building an MVP for Startups. https://www.upsilonit.com/blog/how-a-minimum-viable-product-mvp-can-benefit-your-startup
5. Baus, A. (2022, October 25). Examples of successful apps that were mvps first. DECODE. https://decode.agency/article/app-mvp-examples/