The Minimum Viable Product (MVP) framework has several practical applications in the tech industry. It is used to validate a product idea by developing a version with just enough features to satisfy early customers and provide feedback for future product development. This approach helps in reducing the overall risk associated with product failure. For instance, Uber used this approach to develop a basic app that simply connected drivers and riders, which was their MVP. Based on the feedback and adoption, they then added more features like fare estimation, ratings, and different ride options. MVP is also used for A/B testing where two versions of a product are released to see which one the market prefers.
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