What is an MVP (Minimum Viable Product)?

By Arjun M S | 15th June 2022 | 1 min read

What is an MVP?

What is an MVP? It is a Minimum Viable Product. The idea behind MVP in iterative development is creating a “rough version of a product” with the express purpose of getting feedback on it. 

What Does MVP Stands For

Minimum: a basic set of features and capabilities which...
Viable: provides a value to the customers, and...
Product: ready to use today.

According to Megan Torrance, chief energy officer at Torrance Learning, 

“The goal is to get a simple version of the solution out into the hands of the users to make sure that you’re on the right track and identify the highest-priority things to do next” 

Noted Benefits of MVP concept in Iterative process :

  • It’s easier to make changes to an early “draft” than to a finished product.
  • Problems and needed changes are identified “before you’ve burned all your budget and timeline developing the ‘perfect’ finished product.”