A Minimum Viable Product (MVP) is the most basic version of your product that you can launch to test your idea. It's a prototype, but it has enough features to solve the users problem
The goal of an MVP is to get feedback from users early on so that you can make sure you're building something that people actually want
MVP is important because it can help you avoid wasting time and money on a product that no one wants. By getting feedback from users early on, you can make sure that you're on the right track.
MVP: A concise explainer video demonstrating cross-device file synchronization.
Core Functionality: Visualizing the simplicity of file syncing.
Validation: Massive waitlist sign-ups, proving overwhelming demand.
Today: A top tier cloud storage and collaboration platform, integrated into modern workflows.
MVP: A basic website showcasing air mattress rentals in the founders’ apartment.
Core Functionality: Connecting travelers with available space.
Validation: Real customers paying to stay in a non-traditional setting.
Today: A global hospitality platform, redefining travel and accommodation.
MVP: An app connecting luxury car drivers with passengers in San Francisco.
Core Functionality: On-demand transportation via a mobile app.
Validation: Early adopter usage, proving the demand for app-based ride services.
Today: A global mobility and delivery platform, transforming urban transportation.
MVP: 'The Facebook,' an exclusive social network for Harvard students.
Core Functionality: Connecting students within a closed network.
Validation: Rapid user adoption and high engagement within the Harvard community.
Today: Meta, a global social media and technology conglomerate.
It stands for Minimum Viable Product. In other words, the most basic product that solves the problem for testing market fit.
The best example include Airbnb’s simple website back in 2007. Brian Chesky and Joe Gebbia, saw a need for affordable alternatives to hotels in San Francisco. They didn't launch a full featured app like you know it today. Intead, they created a simple website with photos of their apartment and offered to rent out airbeds. They received three bookings and validated the idea. Now, Airbnb is a multi-billion dollar company.
A good MVP solves a users problem effectively in the easiest way posible. It also, gathers useful feedback for improvements. If your app or product is too complex or has many features, it's not an MVP. You don't need a dark theme to validate your idea.
There most important components are: 1) A feature that solves a key problem to the user, 2) Fast development and launching of that core feature, 3) An easy way to measure success and user feedback.
It’s the phase where a startup has defined the problem they want to solve, and it's ready to validate the concept. The startup must builds a basic product and test it to validate market demand.