In plain English
An MVP gives a team a focused way to find out whether people want what it is building. The team offers enough of the product or service to observe real customer behavior, then uses that evidence to decide what to improve or build next. It needs to work well enough to test the chosen assumption.
Example
A startup offers manually prepared meeting summaries to a small group of paying customers. It watches whether they keep using and paying for the service before investing in a fully automated AI product.