Product Discovery is the process of identifying and validating the needs and problems of users before developing a product. It involves gathering insights through methods like interviews, surveys, and market research to ensure that the final product addresses real user demands. This phase helps teams understand what features are essential and how to prioritize them. During Product Discovery, teams often create prototypes or minimum viable products (MVPs) to test ideas quickly. Feedback from users during this stage is crucial, as it guides adjustments and improvements, ultimately leading to a more successful product that meets market expectations.