Eric Ries once described the minimum viable product (MVP) as a version of a new product that allows a team to collect the maximum amount of validated learning about customers with the least effort:
Instead of spending years perfecting our technology, we build a minimum viable product, an early product that is terrible, full of bugs, and crash-your-computer-yes-really stability problems. Then we ship it to customers way before it’s ready. And we charge money for it.
The reasoning behind releasing an MVP is simple: The longer companies wait to release it—and the more money they spend building it—the riskier their product becomes.