A Minimum Viable Product (MVP) is the simplest version of a product that includes only the essential features needed to attract early adopters and validate the idea. It allows startups to test their concept in the market with minimal resources and gather feedback for future improvements.
Key
Characteristics of an MVP:
- Basic but Functional – Only core features are included.
- Quick to Develop – Built with minimal time and cost.
- User Feedback Driven – Helps understand customer needs
before full-scale development.
- Reduces Risk – Avoids investing heavily in unproven
ideas.
Example:
A food delivery startup may launch a
basic app where users can place orders without complex features like AI
recommendations or loyalty programs. If users respond positively, the startup
can then enhance the product based on feedback.
MVPs help businesses validate ideas,
attract investors, and build scalable products efficiently.
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