The concept of a Minimum Viable Product (MVP) aids startups by allowing them to launch a basic version of their product with essential features to test the market. This strategy minimizes initial costs while enabling early customer feedback on functionality and usability. An MVP approach helps identify what works and what doesn’t, reducing the risk of failure by validating product ideas before developing more comprehensive features. It fosters an agile development process, allowing startups to iterate quickly based on actual user experiences and preferences.