What is usually referred to as MVP or minimum viable product is the first version of a product. This usually has the main features that are needed to make the product work. In other words…it is as simple as possible.

This term came about and became popular with its reference as part of Lean startup methodology. This kind of methodology thrives on reducing waste or "muda". The most common type of waste is overproduction. This is the production and creation of things that there is not any demand for by the customers. The MVP should represent a product with as little waste as possible and thus including only what is absolutely necessary for the product to work. 

Building a MVP, can save you time and money. It strips the product down to the most essential in order to allow you to prove that there is a demand to what you are building and that it is a solution to a problem. It allows you to test and learn and iterate a number of prototypes before you achieve the vision, knowing that by the time you get there you have learnt as much you can in order to make a success of your product. 

Do you have experience in building a MVP? Can you share any benefits that you’ve seen from going down through this route of product development? Share your experience in the comments below.