The Minimum Viable Product, or MVP, is a version of a product that contains only the set of features strictly necessary for the company to validate a business hypothesis in the real market. In the context of technology and Venture Capital, the MVP serves to test whether the proposed solution actually solves the identified problem and whether the target audience is willing to use it or pay for it. Building an MVP avoids wasting capital and time on developing complex features that may prove useless after launch. It should not be confused with an incomplete product; the present functions must be fully operational and capable of clearly delivering the promised value. The data collected from the MVP's use guides the subsequent development cycle, indicating which features should be prioritized or if the business model needs structural changes.
Practical Example: Before building a complete food delivery platform with recommendation algorithms and real-time tracking, the founders create a simple landing page where they list the menus of three local restaurants. Orders are placed via a basic form, and delivery is coordinated manually by phone. If the number of orders through this page is high, the demand hypothesis is validated. This justifies the technical investment to automate the process and hire developers for the final platform.
Read the book that popularized the concept of agile development and validation: The Lean Startup, by Eric Ries.
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