What is MVP and why is it necessary

"Did you know that nearly 70% of startups fail? There are many reasons for this, from disharmony in the development team to a lack of product-market fit. And what’s more, there’s rarely a single reason why a startup fails. In 2011, The Lean Startup by Eric Ries changed the history of startups by introducing several new concepts. The minimum viable product, or MVP, was one of them. The idea of an MVP is to get user feedback before developing the final product. This feedback helps you avoid failure. In today’s IT industry, developing an MVP is common practice. It’s useful in the planning of a project or startup. If you’re planning to launch your own product, read to learn more about mvp development"