The concept of Minimum Viable Product (MVP) was popularized by Eric Ries, the advocate of Lean startup methodology. A common pitfall for many startups is spending excessive time and resources perfecting a product based solely on the founder’s assumptions, rather than validated market data. This often results in startups depleting their capital reserves and closing down before achieving product-market fit.

The Lean startup approach addresses this challenge by advocating a series of principles and practices aimed at increasing a startup’s likelihood of success. Central to this methodology is the Minimum Viable Product (MVP), an initial version of a product launched not on assumptions but on iterative customer feedback. While an MVP may not be flawless, it serves to validate the core idea before substantial resources are invested in further development.