The concept of a minimum viable product (MVP) is crucial for product managers as it enables them to collect early feedback from their target audience, validate business ideas, and reduce waste in the product development cycle. By launching an MVP first, companies can understand what resonates with their audience, make data-driven decisions, and improve their product iteration before investing more time and resources. The key to a successful MVP is to solve a problem or fill a need in the market, and it should be developed using agile methodology and enough features to test with customers. Companies like Airbnb, Dropbox, and Amazon have successfully used MVPs to achieve remarkable results, and the approach has become increasingly popular among small businesses, startups, and enterprises due to its time- and money-saving benefits.