MVP
Minimum Viable Product
The smallest version of a product that lets you learn whether the idea is wrong. Not the smallest version that ships, the smallest version that teaches.
The word "viable" does the work in MVP, and almost everyone gets it wrong. Viable does not mean "a stripped-down version of the eventual product". Viable means "sufficient to test the hypothesis that this product is worth building". A landing page with a waitlist can be an MVP. A working product with three features can be a worse MVP than the landing page.
The most common failure: building the MVP you imagined six months ago instead of the MVP that tests this week’s most uncertain assumption. Every week the assumption you should be testing changes. Most MVPs are obsolete before they ship.
Wavect’s discovery phase exists in part to fix this. Before scoping the MVP build, we name the hypothesis it needs to test. If the hypothesis is "users want feature X", the MVP is not a polished feature X; it is the cheapest possible way to find out.