If he hasn't already, the author should really read The Lean Startup before criticizing the term that it popularized. In the context of the Lean Startup, the V in MVP doesn't refer to financial viability.
"To apply the scientific method to a startup, we need to identify which hypotheses to test. I call the riskiest elements of a startup's plan, the parts on which everything depends, leap-of-faith assumptions."
"Once clear on these leap-of-faith assumptions, the first step is to enter the Build phase as quickly as possible with a minimum viable product (MVP). The MVP is that version of the product that enables a full turn of the Build-Measure-Learn loop with a minimum amount of effort and the least amount of development time." - Eric Ries, The Lean Startup
An MVP is simply the smallest possible product that is capable of testing your assumptions about the value you think you can provide to customers. An MVP doesn't have to represent a viable business model, it only has to provide a viable means of testing your assumptions.
"To apply the scientific method to a startup, we need to identify which hypotheses to test. I call the riskiest elements of a startup's plan, the parts on which everything depends, leap-of-faith assumptions."
"Once clear on these leap-of-faith assumptions, the first step is to enter the Build phase as quickly as possible with a minimum viable product (MVP). The MVP is that version of the product that enables a full turn of the Build-Measure-Learn loop with a minimum amount of effort and the least amount of development time." - Eric Ries, The Lean Startup
An MVP is simply the smallest possible product that is capable of testing your assumptions about the value you think you can provide to customers. An MVP doesn't have to represent a viable business model, it only has to provide a viable means of testing your assumptions.