What’s an MVP?

Startit Admin

Wednesday 14 March 2018

What’s an MVP?

You were thinking about a game’s most valuable player, weren’t you? In the world of technology and economics, the MVP is the minimum viable product. That basically means it’s a new product that has been developed with a limited number of features, sufficient to satisfy early adopters. It’s a simplified, primary version of a product that is set to be released in the near future.

 

An MVP has 3 basic characteristics:

  • It has (just) enough value for people to buy and use it initially.
  • It shows future benefits to retain early adopters.
  • It provides a feedback loop to guide future development.

After feedback from the initial users, a final and more complete set of features will be designed and manufactured. And that’s the tricky part: the manufacturers of the MVP rely on early adopters, assuming that they will be able to see the promise of the final product and give valuable feedback to the developers.