What is an MVP in business

In business, a Minimum Viable Product (MVP) is a simplified version of a product with just enough features to satisfy early adopters and gather valuable feedback for future development. It allows businesses to test their idea in the market with minimal resources and risk while ensuring they address actual customer needs. The concept of an MVP is widely used in startups and product development, enabling teams to launch quickly, validate assumptions, and learn what works without investing heavily upfront. By focusing on core functionality, businesses can identify areas for improvement based on real user interactions and avoid building unnecessary features. MVPs help save time, reduce costs, and increase the chances of a product’s success by aligning development efforts with market demand. Whether it’s a new app, service, or physical product, an MVP is a critical step in creating a customer-centric offering and achieving sustainable growth.