An MVP (minimum viable product) is a product (SAAS Application, web based application, etc) that is built in small stages and groups of functionality. Often times, companies looking to start an MVP Project will follow the "lean startup methodology" made popular by Eric Ries. The lean startup movement has gained something of a cult following in the past 5 - 7 years due to the success of its underlying ideology. So what is the MVP Definition?
The MVP process starts with a valuable build. Before starting to work on design or code, you should think about your core functionality in its simplest format. Ask your potential users, set up focus groups, do as much research as you possibly can without actually building something to determine what your mvp project will eventually be.
Once you are armed with some qualified guesses about functionality, build your minimum viable product. The mvp project should be quick and easy and just enough functionality to enter the next phase of the loop, the "measure" phase.
Utilize quality user feedback by making sure your minimum viable product has the capability to track user interaction with your product (hotjar.com is a good tool for this). Utilize online tools like Hotjar to get user feedback. Also hold more focus groups, test with real people and get as much feedback as you possibly can. You're going to utilize this feedback to move onto the next step in the process of building your mvp project.
Armed with the feedback you have received from users of your mvp project, learn from your successes and your mistakes. Take all of this information to heart and enter the loop again. Make incremental, small changes to your product, or pivot entirely into a space based on user feedback. Repeat the build, measure, learn feedback loop until you have a successful product.
At 422 Studios, we help clients plan, design, build and launch their mvp projects by coming up with a strong MVP Definition and building solid minimum viable products based on those definitions and assumptions based on solid user and potential client research. We are big fans of the lean startup methodology and we have build many successful web based software applications utilizing its methods.