A Minimum Viable Product (MVP) is a version of a product with the least amount of features required to satisfy early customers and gather feedback for future development. The primary goal of creating an MVP is to quickly bring a high-quality and functional version of the product to market, allowing stakeholders to learn from real-world usage and user feedback while staying ahead of the competition.

The MVP methodology ensures that entrepreneurs and organizations don’t waste too much time and resources building a product that nobody wants or creating too many features or value propositions that don’t lead to commensurate growth. 

Hallmarks of an MVP

The key characteristics of an MVP include the following:

• Minimum features. The product includes only the essential features necessary for its core functionality. This helps reduce development time and resources.
• Quick development. The emphasis is on rapid development and release to get the product into the hands of users as quickly as possible. Speed of development should not compromise product quality.
• Feedback collection. The main purpose of the MVP is to gather feedback from early users, which can be used to refine and improve the product.
• Cost-effectiveness. Building a minimum set of features helps manage development costs and allows for adjustments based on user feedback.
• Iterative development. An MVP has the unique characteristic of being a sample product and an actual, working product at the same time. The development team launches the product into the market, uses the MVP to gather feedback from early customers or users, and gradually improves it in subsequent releases.

Real-world examples of successful MVPs

• Vello. The innovative celebrity-fan social app started as an idea in the mind of AFL legend Ben Dixon. From sheer vision, he partnered with Appetiser Apps to develop a prototype, a simple output that looks like a fully working app, at a fraction of the cost. With that prototype, Dixon acquired over $1 million in investor funding and eventually developed the app that now boasts a database of 1,000+ high-profile celebrities and a fanbase of 150 million.
• Airbnb. Founded in 2007 by Brian Chesky and Joe Gebbia, the booking application began with a basic concept. Struggling to pay rent, they listed their apartment on a basic website, offering air mattresses to guests. The resulting three bookings that weekend validated the concept, and this “concierge MVP” allowed them to test the market before developing the comprehensive platform we know today.
• Dropbox. Conceived in 2007 by Drew Houston, the app originated from his frustration with losing USB drives. Rather than building a complex platform, Houston created a video explaining the idea and collected email addresses from interested users through a “landing page MVP.” This approach generated thousands of sign-ups, proving demand and securing funding. Dropbox then launched a basic version, evolving into the widely used cloud storage solution it is today.