Minimum Viable Product (MVP) in Product Management
A Minimum Viable Product (MVP) is the version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort. This concept is crucial in the lean startup methodology, where the focus is on quickly launching a product to learn from real customer feedback, then iterating or pivoting as necessary.
Spotify started as an MVP by offering a simple streaming service with a limited selection of music. This allowed them to gauge user interest and gather feedback, which was instrumental in developing the full-featured platform that Spotify is today.