Building a Minimal Viable Product (MVP) is crucial for validating an app's concept, reducing development time and cost, and generating buzz among investors or consumers. An MVP provides the core functionality of the app without building out a full product, showcasing its execution while sparing resources. It offers benefits such as faster development, reduced costs, and the ability to use it as a building block for future updates. The choice of developing an MVP app depends on the specific needs and goals of the project, with native app development providing a solid base for a full app in the future, cross-platform solutions offering similar benefits but varying in quality, and no-code solutions providing quick results at the cost of lower functionality.