MVP
An MVP (minimum viable product) is the first version of an app that does only what is needed to solve the core problem for real users. Its job is to test whether the idea works before you invest in the full product.
An MVP is not a demo or a clickable mock-up. Real people use it, so it has to be reliable, secure and pleasant to use, just limited in scope. Everything that isn't essential for the first release goes on the list for later.
The value of an MVP is in what you learn from it: whether people use the app, which features they miss and what they ignore. More in our article MVP app: what belongs in the first version and what doesn't.
What it means for your business
An MVP tells you for a fraction of the budget whether the app is worth building in full. Deciding the scope matters more than choosing the technology.