Minimum Viable Product is a version of a new product with just enough (minimum) features to be usable by early customers. If early adoptors can use our product to solve their core need, then they can provide feedback for future product development of the product.
MVP aims to validate key assumptions / hypothesis about the product idea and achieve most validated learning possible for the least amount of effort / investment.
The purpose of releasing an MVP could be: • Solve the core need of customers as soon as possible • Test a product hypothesis with minimal resources • Accelerate learning • Reduce unnecessary features / wasted effort
MVP doesn't have to be dud. It can be Exceptional as well.
After validation of the idea through MVP, the Product is supposed to be improved incrementaly based on customer's feedback - each increment being more valuable than the previous verisons.