A Minimum Viable Product or MVP is a way for a startup to show an idea to a customer with a minimum amount of time/effort invested in the MVP. The founders of the startup pick the key, essential features of the offering and create something that can demonstrate them to the customer. One of three things might happen when customers see the MVP: 1) They love it, 2) They are lukewarm but suggest ways to make it better (so the startup can iterate and improve the MVP), or 3) They really have no interest in it. Either way, the startup gains valuable information about the customers and market quickly and efficiently.
Related Startup Content:
- Customer Discovery for Startups
- Evaluating Startup Ideas
- Seed Funding for Startups
- Business Model Canvas for Startups
- Success Factors for Startups
- Failure Factors for Startups
- Value Propositions for Startups
- Minimal Viable Products (MVP) for Startups
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