Minimum Viable Product
The Minimum Viable Product is the simplest, most basic form of a product or service, which can be sold in the market. This doesn't have all of the bells and whistles but has enough features to work. Basically, it is good enough but not perfect.
Releasing an MVP allows one to get feedback at an early stage, and improve the product later on.
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Startups should aim to develop the first product for a small target market via a Minimum Viable Product (MVP). The object of the MVP is to get a product out there for the early adopters (called earlyvangelists here) to play with.
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