A (MVP) Minimum viable product is an early version of a product, such as a SaaS (software as a service) application, that is intended to ensure that the product vision and strategy are in line with market demands.
Early adopters and other innovators are typically attracted to MVPs because they provide just enough capability and value. It's not a test version of your product, where issues are worked out and features and interface components are fine-tuned. It's also not a concept that just lives on paper (or presentations) or a crude proof-of-concept demonstration.
Instead, the term “MVP” suggests something very specific:
Minimum: the smallest number of capabilities, features and packaging that …
Viable: deliver enough value that customers are willing to spend money (or another currency such as personal information) …
Product: on something they can use today … not just invest in a future concept, promise or offer.
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