What does MVP stand for and what are its main features?

“MVP” is the abbreviation for “Minimum Viable Product,” which is translated in German as “Minimal Product” or “Minimal Marketable Product.” It is a concept from the product development and startup world that aims at the idea of creating a product or service with a minimal set of features in order to bring it to market quickly and gain initial experience and feedback from users or customers.

The key features of an MVP are:

1. Minimalism: An MVP only contains the absolutely necessary functions and features to make the product functional and offer the core benefits. All unnecessary functions are avoided.
2. Speed: The main goal of an MVP is to develop and bring the product to market as quickly as possible to verify market readiness and collect feedback.
3. Learning process: An MVP is used to gain valuable insights from real customer or user feedback. These insights can be used to improve the product and adapt to market needs.
4. Cost reduction: By minimizing development and design costs, resources can be saved, particularly in the early stages of a project.
5. Early validation: An MVP makes it possible to validate the idea and market needs at an early stage before major investments are made. This minimizes the risk of failure and helps decide whether the project should continue.

MVPs are often used by startups and companies in software and product development. It enables them to efficiently test their ideas before investing in comprehensive development and production. After an MVP has been launched and feedback has been collected, companies can decide whether to further develop, expand, and improve the product, or perhaps discard it if market demand is not sufficient.

The MVPs concept has established itself as an effective way to minimize risk and maximize value for users and customers by focusing on what's important and enabling rapid iterations.