The minimum viable product (MVP) concept is too often used to justify shipping an unfinished product to meet an internally committed release date. Already, new product failures are far too common in the technology industry - with failure rate estimates ranging from 40% to 80%.
The purpose of an MVP is to confirm users’ needs and buyers’ willingness to spend as early as possible, so these lessons can be used to refine the product for launch. Product managers should utilize an MVP proactively to validate and refine their offering and improve time-to-market success.
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