Peter Chen's Blog
Minimum Viable Product

An oldie but goodie on building a minimum viable product (MVP).

"The problem with [building a product with the maximum number of features before launching it] is you won’t get any feedback until you’ve already built all those different products. …By the time it’s done, it’s too late to make sure that you are on the right track."

"The alternative would be, let’s do the release early, release often thing, and let’s get feedback as we go. …You find yourself running around in circles, because you ship code, you get some feedback from people, you do a focus group."

"The minimum viable product is that product which has just those features and no more that allows you to ship a product that early adopters see and, at least some of whom resonate with, pay you money for, and start to gave you feedback on."

http://venturehacks.com/articles/minimum-viable-product