Minimal Viable Product (MVP)

A minimum viable product (MVP) is the first functioning iteration of a product that needs to be developed to meet customer, market, or functional needs with minimal effort and provide relevant feedback. The final, complete set of features is only designed and developed after considering feedback from the product's initial users. A minimum viable product (MVP) is the the most pared down version of a product that can still be released. An MVP has three key characteristics: It has enough value that people are willing to use it or buy it initially, it demonstrates enough future benefit to retain early

Related terms: Iteration