In product development, the Minimum Viable Product or MVP is a strategy used for fast and quantitative market testing of a product or product feature, popularized by Eric Ries for web applications. — Wikipedia
The minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort. — Eric Ries
The minimum viable product is that product which has just those features and no more, that allows you to ship a product that early adopters see and—at least some of whom—resonate with, give you money for, and start to give you feedback on.
— Eric Ries
Lessons Learned: Validated learning about customers
I’d like to try and convince you that it’s not. All things being equal, of course, you’d rather have more revenue rather than less. But all things are never equal. In an early-stage startup especially, revenue is not an important goal in and of itself. This may sound crazy, coming as it does from an advocate of charging customers for your product from day one. I have counseled innumerable entrepreneurs to change their focus to revenue, and many companies who refuse this advice get themselves into trouble by running out of iterations. And yet revenue alone is not a sufficient goal. Focusing on it exclusively can lead to failure as surely as ignoring it altogether.