A minimum viable product (MVP) is a basic version of a product that includes only the essential features needed to satisfy early users. The goal of an MVP is to gather feedback quickly and efficiently, allowing developers to understand what works and what doesn't before investing more resources. This approach helps in validating ideas and reducing the risk of building a product that doesn't meet market needs. MVPs are commonly used in the startup world, where resources are often limited. By focusing on core functionalities, entrepreneurs can test their concepts with real users, learn from their experiences, and iterate on the product. This process is crucial for achieving product-market fit and ensuring long-term success.