Minimum Viable Product (MVP) is an approach popularized by Eric Reis. In product development, MVP is a strategy used for fast and quantitative market testing of a product or a product feature. MVP has just those features that allows the product to be deployed.

A MVP may be an entire product or subset (feature) of a product. There are two approaches:

  • Build the product with the minimum viable set of features
  • Build the landing and signing pages and start testing the customer interest without a product

A common question that people usually ask is the difference between proof of concept and minimum viable product. A proof of concept is usually a prototype on its way to become a fully functioning product and it validates technical or business feasibility. A MVP is the minimum set of feature that represents the first working product. It validates customer feasibility and helps you in validating the learning’s.

(Source: Wikipedia, startuplessonslearned.com, Inc.com)