MVP - Minimum Viable Product

Your Minimum Viable Product is kind of like your prototype. You come up with a basic version of the product you have in mind, with just enough features to make it function as it should. You then show it to investors, test consumers, your aunt, the guy who sells ice cream at the corner, etc. and get feedback. After that, you incorporate the feedback and (probably) have a couple of rounds of presentation/feedback loops until you develop your product that’s ready for the big leagues.