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What is a Minimum Viable Product (MVP)

You spend years of your life developing the perfect software, the definitive tool, with all the functions a user could need. Then you publish it and it is a failure. Who will give you back all the time and money you spent? The MVP is a solution.

A Minimum Viable Product is launched on the market with basic characteristics that are enough to catch the attention of the consumers. The idea is to get initial feedback from them which can help make the desired changes in the final product and get ideas on what is expected of it.

A good MVP must have 3 essential characteristics: 1) enough functions for the consumer to buy the product; 2) a feedback mechanism that allows users to comment on the product; 3) future benefits for early adopters.