What does MVP mean?
MVP stands for minimum viable product and is a term regularly used in the world of business and making products. It is not to be confused with the sports terminology MVP, which means valuable player. A minimum viable product is usually created quickly and without heavy resources, because the goal is to find out if a customer base will be interested in the product. After launching an MVP, a business will understand if it is worth dedicating the time, effort, and money to move forward with it. In the app industry, MVPs are often created to validate whether users are interested in an apps concept.
How do MVPs work?
An MVP’s goal is to figure out how to release a product to the market as quickly as possible and test it with real customers and users. Businesses will use an MVP to understand what features are successful and which ones don’t resonate. They collect data during this phase and then use it to determine if they want to shelve the product and focus on something else, or continue investing in product development.
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