minimum viable product

Definition

The most stripped-down version of your product that customers will actually use without demanding a refund—or at least that's the theory. In practice, it's whatever you can ship before running out of money.

Example Usage

Our MVP is basically three buttons and a prayer, but the landing page has a gradient, so investors think we're technical.

Origin

Popularized by Eric Ries in 'The Lean Startup' (2011), based on earlier concepts from agile development

Fun Fact

Dropbox's MVP was literally just a video of the product working, before they'd built the actual syncing technology.

Source: Lean Startup methodology and product development best practices

Related Terms

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Exit Strategy

The plan for how founders and investors will eventually cash out, ranging from IPO to acquisition to quietly shutting down and pretending it never happened. It's planning your escape route before you've even built the building.

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fundraising

The noble art of convincing individuals, corporations, and foundations to part with their money for your cause, institution, or startup dream. In education, it's what keeps universities building new buildings with donors' names on them. In nonprofits and startups, it's a full-time job disguised as networking events and carefully crafted pitch decks.

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warrants

Options for investors to purchase additional equity at a predetermined price, typically sweetening deals when a startup is desperate or when investors have serious FOMO about missing upside. The financial equivalent of a rain check.

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graduation

When a startup 'grows up' from an accelerator program or moves from seed to institutional funding, like leaving college but with more awkward Demo Days. Implies you're now playing with the big kids.

🚀 Startup / VC

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feature creep

The continuous addition of new features to a product beyond its original scope, usually resulting in bloated, confusing software that pleases no one. The disease killing promising MVPs since software began.

🚀 Startup / VC

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recycle provision

A fund agreement clause that allows GPs to reinvest early returns back into new deals rather than distributing them to LPs, extending the fund's effective deployment capacity. A controversial provision that LPs love to scrutinize because it delays their returns.

🚀 Startup / VC

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