What is a Minimum Viable Product (MVP)

Imagine you want to open a café because you have a brilliant idea for a lemonade recipe. A Minimum Viable Product (MVP) is like setting up a lemonade stand and attracting paying customers to ensure your product has a market fit. You do this with minimal resources spent and a fraction of the time while having your business idea validated by your target market.

For a data analytics project, an MVP follows the same principle. Start small, test, and refine. Instead of spending $100 000+ developing an enterprise-level Software As A Service, you start with a concise application that automates repetitive tasks that cost your company thousands or even millions of dollars per year.

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