6. Minimum Viable Product (MVP)

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...

Using the information you’ve gathered to build previous versions, you’re going to build a high fidelity MVP, which will have more features than the last one. It’s definitely more polished, but it’s still not the complete, finished product.

Be sure to capture as much d...

This concept is most associated with software development, particularly at fast-moving start-ups with few resources:

• Instead of trying to release a perfect version of a product that may or may not fit customers’ needs, focus on producing a “minimum viable product”.