An MVP, or minimum viable product, is the smallest set of features needed to validate an idea. It allows companies to accelerate learning, reduce wasted engineering hours, and get products to early customers quickly with minimal resources. There are several types of MVPs a company can start with, including a single featured MVP, landing page, Wizard of Oz MVP, and explainer video. The key purposes of an MVP are to test a product hypothesis with minimal investment and serve as the base for future products.