A minimum viable product (MVP) is a version of a product with just enough features to be usable by early customers who can then provide feedback for future product development. A focus on releasing an MVP means that developers potentially avoid lengthy and (possibly) unnecessary work. Instead, they iterate on working versions and respond to feedback, challenging and validating assumptions about a product’s requirements. The term was coined and defined in 2001 by Frank Robinson and then popularized by Steve Blank and Eric Ries.

The purpose of an MVP is to learn as much as possible about your customers and their needs with the least amount of effort and expense. This allows you to validate your product idea before investing too much time and money into developing a full-fledged product.

Here are some of the benefits of using an MVP approach:

• Reduce risk: By releasing an MVP early, you can get feedback from real customers and make sure that there is a market for your product before you invest too much time and money into development.
• Save time and money: Developing an MVP typically takes less time and money than developing a full-fledged product. This is because you are only focusing on the most important features that your customers need.
• Learn from your customers: By getting feedback from early adopters, you can learn what features they like and dislike, and what improvements they would like to see. This information can be used to improve your product before you launch it to a wider audience.

Here are some tips for creating a successful MVP:

• Identify your target customers: Who are you trying to reach with your product? Once you know your target customers, you can focus on developing the features that are most important to them.
• Prioritize your features: Not all features are created equal. Some features are more important to your customers than others. Prioritize the features that will provide the most value to your customers and that will help you validate your product idea.
• Launch early and iterate often: Don’t wait until your product is perfect to launch. Launch your MVP early and start collecting feedback from your customers. This feedback will help you improve your product and make it more appealing to your target market.

Here are some examples of MVPs:

• A landing page for a new product with a form to collect email addresses from interested customers.
• A working prototype of a software product with limited features.
• A manual version of a service that is later automated.
• A beta version of a product that is released to a small group of early adopters.

The MVP approach has been used to successfully launch many products, including Airbnb, Dropbox, and Uber. If you are developing a new product, I encourage you to consider using an MVP approach. It is a great way to reduce risk, save time and money, and learn from your customers.