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Definition
A new product usually goes through several cycles of evolution. Creating a flawless product on the first try is challenging. Therefore, early-stage firms frequently experiment with different product features in order to make them more appealing to the market.
How is it used?
Paul Graham famously says that one should ‘launch fast’ to not only be early in the market but also because it enables getting feedback & then allows to tweak the offering as per the user demand. Execution is imperative & hence getting it right in the first go is quite rare.
Example
The productive tool Notion, initially after going through rounds of iteration was a ‘programming application’. It still wasn’t remarkable & only after more rounds of iteration, they created the now famous productive tool, Notion.