Glossary - Minimum Viable Product (MVP)
A Minimum Viable Product (MVP) is a development technique where a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product's initial users. This concept allows companies to quickly launch a product to market with minimal costs, test assumptions about customer needs and preferences, and iterate based on real-world use.
Also known as
- Minimum Viable Product
- MVP
Use cases examples
- Startup Pitch Decks: Our MVP has demonstrated significant interest in our target market, with over 10,000 active users engaging with the core features.
- Seed Funding Agreement: The Company has agreed to allocate $200,000 of the Seed Round towards the development and launch of the MVP, aiming for a market release in Q3 2023.
Considerations for investors
- Evaluating the potential of the MVP to meet market needs and to scale.
- Assessing the team's ability to execute on the MVP and iterate based on user feedback.
Considerations for founders
- Determining the core features that provide value to early users while being careful not to overbuild.
- Gathering and incorporating user feedback effectively to iterate on the product.
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