Glossary - Startup
Minimum Viable Product (MVP)
The smallest real product that produces a learning loop with paying or active users.
Definition
A minimum viable product is the smallest version of a product that delivers real value to real customers and produces measurable learning. It is not a stripped-down version of the eventual product; it is the cheapest experiment that can answer a market question.
Example
Dropbox's first MVP was a 3-minute explainer video that drove 70,000 signups before the product existed.