The acronym "MVP" in product development stands for "Minimum Viable Product." This concept refers to the initial version of a product that has just enough features to satisfy early users and gather valuable feedback for future development. An MVP aims to validate assumptions about customer needs and preferences while reducing the risk of developing a full-fledged product that may not meet market demands. By launching an MVP, companies can assess viability and iterate quickly based on user input, improving chances for long-term success.