A Minimum Viable Product (MVP) is the simplest version of a product that allows a team to collect the maximum amount of validated learning about customers with the least effort. The concept was popularised by Eric Ries in The Lean Startup.
An MVP is not a poor-quality product — it is a learning instrument. Rather than spending months or years building a complete product based on assumptions about what customers want, the MVP tests core assumptions as quickly and cheaply as possible. Customer feedback on the MVP guides further development.