The term MVP is used a lot, you can find it in business as well in sport. The term, however, does not have the same meaning.
In business and startups, MVP means minimum viable product. In sports MVP means most valuable player.
In a sense, minimum viable product, is the most valuable product the startup company has.
What exactly is a minimum viable product ?
An MVP is not a prototype. A minimum viable product should be able to provide a value, even if it is minimal.
For example: If you are launching a dating website, a prototype would be a mock-up of the site / app, while an MVP would be a functional site / app but with minimal features.
A minimum viable product is a version of a product with just enough features to attract early-adopter customers and validate a product idea, these early customers can then provide feedback for future product development.
Why a minimum viable product is important?
In Tech industries, the MVP can help the team receive feedback as quickly as possible to iterate and improve the product, or even pivot.
In software, an advantage of releasing an MVP is that developers potentially avoid lengthy and unnecessary work.