Additional Information
Also known as an MVP, this term is most often used in the context of software, particularly in regards to startups, which often need to move fast and ship features quickly.
Why Create an MVP?
They are useful for testing the validity of a concept or idea before investing a large amount of time and resources into a single project. Typically, if it can achieve some degree of success, the thinking follows that a better-built version of the same idea will perform or function even better.