In this article, we will tell you what MVP is and try to help you understand whether your product is at the MVP stage.
MVP stands for a minimum viable product. What is it? Let’s have a closer look at the meaning of each word in this phrase:
- Minimum means a product is so poor, simple and bad that no one wants to buy or use it. However, you will need a minimum amount of resources to create such a product.
- Viable means a product of your dreams – it’s useful, interesting, fast and has a beautiful design. But you should know that it takes a lot of time, money and efforts to create a viable product.
What is a compromise? An MVP which is a product with a minimum set of features that solves a definite problem of users. It allows you to spend as little resources as possible to engage your first users and get useful feedback.
“The minimum viable product is that product which has just those features and no more that allows you to ship a product that early adopters see and, at least some of whom resonate with, pay you money for, and start to give you feedback on.” – Eric Ries
“The minimum viable product is that product which has just those features and no more that allows you to ship a product that early adopters see and, at least some of whom resonate with, pay you money for, and start to give you feedback on.” – Eric Ries