The minimum viable product
Example: Minimum viable product offers basic features to test market demand
Definition
"The minimum viable product" refers to the most basic version of a new product that includes only essential features necessary to satisfy early customers and gather feedback for future development. It helps entrepreneurs test market demand quickly and efficiently with minimal resources.
Etymology
The phrase "the minimum viable product" originated in the startup and entrepreneurship world, popularized by Eric Ries in his Lean Startup methodology. It combines 'minimum,' meaning the smallest amount, with 'viable,' indicating functionality sufficient to meet needs, and 'product,' referring to the market offering. Did you know? This concept encourages launching quickly to learn from real users rather than perfecting the product in isolation.
Learn to use this word actively
"The minimum viable product" appears in the Vocaplus list "English - Entrepreneurship - (A1-C2) - set 1", containing 110 commonly used words.
Would you like to not only understand these words, but also remember them and use them actively? Create a free account and select English as the language you want to learn.
Create a free account
