A Minimum Viable Product (MVP) is a simplified version of a product or service that includes only its most essential features and functionalities. MVPs are created to address specific problems or meet the core needs of target audiences with the minimal set of features required. The MVP is not meant to be a final, fully-featured product but rather a starting point for further development and refinement based on user feedback and validation.

Characteristics of a Minimum Viable Product

Minimal Features: An MVP includes only the basic features necessary to deliver value to early users or customers. If it has any non-essential features, they are intentionally left out.

Quick Development: A major focus here is on rapid development and deployment, so you will be able to release your product or service as quickly as possible into the hands of your users.

Testing and Validation: The MVP is used to gather user feedback and validate assumptions about the product's viability and market fit.

Improvement from Feedback: Feedback from users is used to refine and enhance the product in subsequent iterations. There will be several iterations of this process to ensure the product evolves into an even better, more comprehensive, and refined product.

Cost-Efficiency: Building an MVP typically requires fewer resources (time, money, and effort) compared to developing a full-scale product, making it a cost-effective way to test and validate a business idea.

Risk Reduction: By releasing a minimal version of the product early, you can identify and address potential issues or market uncertainties before committing significant resources to a full-scale product.

How To Create a Minimum Viable Product?

To create a Minimum Viable Product (MVP), start by clearly defining your product vision and objectives. The core function of the MVP should be addressed by prioritising and streamlining your features based on your target audience and their pain points. Once done, develop a basic, working prototype or version of your product, emphasising rapid development to save time and resources. 

Test this MVP with a small group of target users, gather feedback, and iterate based on their input. Continue refining and improving the MVP until you have a product that resonates with users. 

Examples of MVP

Several well-known companies and products began as Minimum Viable Products (MVPs) before evolving into the fully-fledged offerings we know today. Here are a few popular examples:

Dropbox: Dropbox, a cloud-based file storage and synchronisation service started as an MVP with a simple video demonstration by the company's founder, Drew Houston. The MVP allowed users to sign up for early access and refer friends in exchange for more storage space. A prototype of this product drew a lot of attention and user sign-ups, proving there's a demand for it.

Twitter (now renamed as X): Twitter's early version was essentially an MVP focused on the core functionality of sending short, 140-character messages or tweets. Initially created as a side project by the founders of Odeo, a podcast company, it quickly gained popularity and developed into what we know as social media.

Instagram: Instagram's MVP was a simple photo-sharing app for iOS devices that allowed users to apply filters to their photos and share them with friends. The MVP was designed and developed in just a few weeks but attracted a large user base. Instagram later added features and expanded its platform before being acquired by Facebook.

MVPs are closely associated with the Lean Startup model, which stresses the importance of launching a product quickly so you can learn from feedback and pivot or persevere. The method minimises risk, optimises resources, and increases the probability of building a successful and market-ready product.