Minimum Viable Product is a concept we've stolen from the world of startups. Instead of developing a software solution with all the bells and whistles the MVP approach means you solve one or two of the most necessary requirements first, then add additional functionality as it is required (and as budgets are made available).
In a non-MVP environment a typical development lifecycle might look like this:
When we develop with MVP the lifecycle looks like this:
There are several key benefits of this approach:
Every project is different and there can be complications around access to data etc, but we generally deliver the first phase of an MVP for $5,000 to $20,000.
Further iterations are similar.