The concept of MVP, that is Minimum Viable Product, is from the Lean Startup methodology and it is used to highlight the importance of learning from feedback in new product development.
According to the definition of Eric Ries (author of The Lean Startup), an MVP is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort. Validated learning translates in whether your customers will actually buy your product or not. So, before building the final product or service, you offer your users or potential clients this minimum viable product for them to test.
What’s in it for you? Well, first of all you can observe users’ reaction to your product or service. And this is not little thing because you can avoid cost loss and other inconveniences. Read about more benefits of the MVP development on our mother company blog.