What is MVP exactly?

We all like the buzzword minimal viable product (MVP); however, what is MVP exactly? What attributes qualify an MVP?

In the definition of the lean startup: MVP is the product version that is

  1. enables a full turn of the build-measure-learn loop
  2. with a minimal amount of effort / development

How to measure? Innovation accounting.

  • asking whether the product dev efforts are leading the real progress.
  • identifying learning milestones.
  • ask pivot or persevere.