What does MVP stand for in the context of product development?

In the context of product development, MVP stands for Minimum Viable Product. This concept refers to the simplest version of a product that includes only the essential features necessary to satisfy initial users and gather validated feedback for future development. The goal of an MVP is to launch a product quickly with the minimum amount of effort and resources while still delivering value to early adopters. This approach allows teams to test assumptions about their product and make adjustments based on real user input, ultimately leading to a more refined and successful final product. By focusing on the core functionalities, companies can iterate more efficiently, minimize risks, and optimize resources during the development process.