Worried about a second-rate product, people call for Minimum Valuable Products or Minimum Lovable Products. This is going in completely the wrong direction, though. Leading you to make larger bets on riskier assumptions. Leaving it later and later to learn anything from real customers.
Not to mention, you aren’t actually giving yourself a way to definitely fail. Focusing on the positive (“lovable”) is like verifying, rather than falsifying, a theory. It also orients the team towards making it more lovable (premature optimization) rather than minimizing risk.