Minimum Viable Product (MVP)
The first version of your digital product. MVPs include a focused feature set that aims to satisfy early adopters and allow the product to be tested in market.
Here's an analogy.
Building a digital product is similar to building a home: They both come with constraints around time, resources, and money. The first step to take your high-level dream to a reality is planning your MVP. What are the must-haves before you can test your product in market, or move into your new home? You may not need the pool and patio before the moving truck rolls up, but the kitchen, bedrooms, and bathrooms need to be in working order.
Why does it matter?
Aligning on a digital product MVP allows you to test an initial version of your product in market, then iterate and continuously add to narrow in on product/market fit. Defining your MVP requires prioritization. In agile software development, you’ll continuously release new features following the MVP, so don’t get too hung up on early sacrifices.
How does it apply?
Testing your MVP through the initial release for a digital product allows you to understand the strengths, shortcomings, and most valuable components of your digital product. This means that, as decisions need to be made down the road, you can be better informed and more confident in your decisions because of the lessons learned from your MVP.