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

"MVP" is the abbreviation for "Minimum Viable Product", which translates into German as "Minimal Product" or "Minimal Marketable Product". It is a concept from the product development and start-up world that focuses on the idea of creating a product or service with a minimal set of features in order to bring it to market quickly and gather initial experience and feedback from users or customers.

The main characteristics of an MVP are:

1. Minimalism: An MVP contains only the absolutely necessary functions and features to make the product functional and provide the core benefit. All unnecessary functions are avoided.
2. Speed: The main goal of an MVP is to develop and launch the product as quickly as possible in order to test market readiness and gather 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 it to the needs of the market.
4. Cost reduction: By minimizing development and design costs, resources can be saved, especially in the early stages of a project.
5. Early validation: An MVP makes it possible to validate the idea and market demand at an early stage before major investments are made. This minimizes the risk of failure and helps to decide whether the project should be continued.

MVPs are often used by start-ups and companies in software and product development. It allows them to efficiently test their ideas before investing in full-scale 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 possibly discard it if there is insufficient market demand.

The concept of the MVP has established itself as an effective method for minimizing risk and maximizing value for users and customers by focusing on the essentials and enabling rapid iterations.