Minimum Viable Product is a version of a new product just enough (minimum) features to be usable by early customers. If early adoptors can use our product to solve their core needs, then they can provide feedback for future product development of the product. MVP aims to achieve most 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.
If an MVP is improved incrementaly based on customer's feedback - each increment would be more valuable than the previous verisons.