What is MVP?

A Minimum Viable Product (MVP) is defined as:

"The 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

Applications such as Instagram, Snapchat, and Tinder all share the same thing in common: when they were launched, they were a much more simplified version of what they are today. The same can be said about smartphones and iPods. At the time of their inception, they did one thing and did it well. Clearly, these products have matured and after years of capital investment and development, have become apps that deliver way beyond their core functionality. What's important to note is that they are great examples of products that were released to market with a minimal feature set, targeted at solving a core problem for an initial segment of users.