The term of Minimum Viable Product is used first-time by Frank Robinson and it has been popularized by Eric Ries. Well, What does MVP mean, Eric Ries often uses it while he is talking about Lean-Startup enterprises?
An MVP, has the highest ROI over the risk.
An MVP, is the product with features which are necessary to see if product is viable in the market.
An MVP, is the simplest product which can get paid by early adaptors or is given feedback about it by early adaptors.
An MVP, means spending less time and money.
An MVP, is the test for ideas and It is the test for performing of those ideas.
An MVP, is a prototype for other products.
An MVP, is sometimes just an opinion and it can be tested by a Google Ad, landing page or Youtube video.
An MVP, is the most important and powerful Lean-Startup technique.
Minimum : Minimum means that product has only core features.
Viable : That means product has a chance to get attraction which creates value. The value has different descriptions. For example, a game provides fun which is value. Product is viable if it can generate enough revenue to be worthwhile the cost of developing the product.
Product : The most simple product which is valuable for last users. In addition, product means that developers can get insight from early adaptors, spend less time designing and developing.
Benefits of MVP
- It minimizes development cost.
- MVP provides early marketing oppurtunities.
- It provides iterative releases.
- MVP helps developers for gaining experience from their mistakes.
- MVP creates fans from early adaptors.