Minimum viable product

This is an important concept for startup and for a new project.

However, it is hard to define it.

• It needs to provide business values to the targeted customers.
• The customer should be expected to provide feedback.
• The feature should be just sufficient.
• The work should not require any major rework in the future.  It should be forward compatible.

A MVP is not the final product and does not need to support everything that you can think of.

How to measure the value?

Should we consider only the value to the customers or the value to us?

It should be viable financially.  It means that the (potential) revenue is greater than the (expected) costs.  The projected discounted cashflow should be positive.