More on "Minimum Viable Product" in Product Development Process

 In the product development process, the "minimum viable product" is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort. Think of it as a "beta" released initially to a rather small number of power users, to test features, find bugs and prepare for a "full production" product.

The idea is sort of like "prototyping." One wants to quickly figure out what features everybody wants, which features nobody wants, and find out fast.