A minimum viable product is the smallest version of a product that delivers value to real users and lets a team learn whether the idea works.
The MVP is a learning tool, not a cheap first release. It tests the riskiest assumption with the least effort, then the team builds on what it learns.
Example
Before building a scheduling app, a team runs bookings by hand through a simple form for a month to see whether customers actually use it.
Planning an MVP
List the must haves as stories, cut everything else to the backlog, and set a date. Track it as an epic in Starlex.