Agile development is an iterative approach to software development that focuses on incremental goals rather than a single end goal. It allows teams to frequently deliver working software, incorporate user feedback, and adapt to changes more quickly than traditional "waterfall" approaches. Key aspects of agile development include building the app in short iterations of 1-4 weeks, daily standup meetings to discuss progress and issues, and flexible milestones. This approach helps limit risk by allowing teams to build the app incrementally based on user feedback rather than gambling resources on a single large release.