So what Minimum Viable Product (MVP)?
MVP is a core component of the Lean Startup methodology. During MVP, the team will follow a build-measure-learn feedback loop. Initially during the build phase, the team will produce a version of the product with the least effort that allows for validated learning. After the product version is launched or implemented, the team will monitor\measure the results and begin to learn\adjust as required. (The key here is least effort)
The Lean Startup methodology with MVP has many benefits, such as the following:
- Continually aligns development and investments to the correct solution
- Allows you to be flexible and pivot quicker
- Ensures the end product meets customer expectations
- Quicker customer feedback
- Costs less and results in faster product implementation
So from my experience using Lean, with MVP and Agile software principles, you focus more on experimentation (learning and eliminating waste), feedback (allows you to adapt and pivot), and iterative design (using short iterations allow you to fail fast and gather feedback quicker), which really is beneficial.