Version 1 is a software development methodology that emphasizes iterative progress through small, manageable updates. It allows teams to release early and often, gathering user feedback to improve the product continuously. This approach helps in identifying issues and making necessary adjustments before the final release. In the context of agile development, Version 1 promotes collaboration among team members and stakeholders. By focusing on delivering functional components, it enhances flexibility and responsiveness to changing requirements. This method is widely used in various industries, including technology and software engineering, to streamline the development process and improve overall product quality.