In Silicon Valley, start-ups don't launch with polished, finished businesses. Instead, they release their "Minimum Viable Product" {MVP}-the most basic version of their core idea with only one or two essential features. The point is to immediately see how customers respond. And, if that response is poor, to be able to fail cheaply and quickly.
In Silicon Valley, the approach to launching start-ups is centered around the concept of the Minimum Viable Product (MVP). Rather than presenting a fully developed business, entrepreneurs put forth a simplified version of their core idea, focusing on just one or two key features. This strategy allows them to gauge customer reactions promptly, which is crucial for adapting their offerings.
The primary aim of releasing an MVP is to facilitate quick learning from customer feedback. If the initial response is not favorable, the start-up can learn from these insights and make adjustments without incurring significant losses, ensuring that both time and resources are utilized efficiently.
