What Is MVP (Minimal Viable Product)?
For an MVP we build only the core features with no bells and whistles in a relatively short time and reasonable budget to be able to show the application to potential users, investors, potential acquirer etc. Once there is feedback from users/investors- we can add more features, improve it etc. Modifications are done based on the real feedback that we get from actual users/investors/acquirers- no need to spend months and large sums of money to build a huge application with a tons of features that we think is good but the actual users could care less about.
Ambitious development projects where a team decides to build a rocket to send to the moon from zero to hero – are often out of touch with the target market, usually overloaded with a ton of (not needed) features, over budget, late and often fail (no immediate or medium term gratification).
With MVP we are able to get feedback from actual potential users and determine whether to refine, develop and grow the product further or abandon it (minimum amount of time and money lost).