Proof of concept vs prototype vs MVP: Which is the best for innovation

To successfully innovate, you need to know when to use proof of concept, prototype, and minimum viable product (MVP). Proof of concept is used to validate whether an idea is practical, while a prototype is used to create a scaled-down version of a final product to be analyzed and reviewed for applicability. MVP is the most basic form of a product that is used to test the marketability and usability of the product with consumers. Using each at the right time helps reduce costs and boost product success.