For the Silicon Valley product development canvas pdf episode, see Minimum Viable Product. Some experts suggest that in business to business transactions an MVP also means saleable: “it’s not an MVP until you sell it. Viable means you can sell it”. Gathering insights from an MVP is often less expensive than developing a product with more features, which increase costs and risk if the product fails, for example, due to incorrect assumptions.
The term was coined and defined by Frank Robinson about 2001, and popularized by Steve Blank, and Eric Ries. It may also involve carrying out market analysis beforehand.
A minimum viable product has just those core features sufficient to deploy the product, and no more. Developers typically deploy the product to a subset of possible customers—such as early adopters thought to be more forgiving, more likely to give feedback, and able to grasp a product vision from an early prototype or marketing information.
This strategy targets avoiding building products that customers do not want and seeks to maximize information about the customer per dollar spent. The minimum viable product is that version of a new product a team uses to collect the maximum amount of validated learning about customers with the least effort.