MVP - Minimum Viable Product: why this approach saves founders years of life and millions of dollars.
MVP: The three letters that save a startup
A Minimum Viable Product (MVP) is a version of a product that allows you to collect the maximum amount of validated learning about customers with minimal effort.
Why do you need an MVP?
- Testing the hypothesis on real users.
- Saving resources on developing unnecessary features.
- Early market entry and the start of building a customer base.