The minimum viable product (MVP) refers to a product that has the capability to attract early adopters while validating the idea of the product at the early stage of its development cycle. Businesses offering SaaS (software-as-a-service) are often benefitted from MVP.
This allows them to gather user feedback at an early stage while working on further improvements. MVP also allows businesses to significantly reduce the overall time taken to develop the given product.
MVP benefits companies to develop a clear understanding of their customer's interests, and further, refine the product accordingly. This also increases the success rate of the product when launched in the market.