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An MVP is an acronym for Minimum Viable Product, which is used to check the viability of a business idea. A functional prototype (Hi-Fi prototypes) is developed with more features and looks somewhat closer to the final product. A prototype is prepared for various reasons, such as a pitch product to attract investors or demonstrate how the idealized software will behave. It can also be used for simulating the functionality of the software in real-world scenarios. While the MVP is developed to test the market demand for a product, the prototype is supposed to represent the concept.