Startup: figure out the cost of tech product development
Scenerio: As a founder, you want to develop a technical solution to launch your product or services but the expenses are racking up. Here, you’re curious to know about average capital requirement for a start-up.
Generally at startups, product development is highly depend on the viability of business use cases. That's mean we develop product iteratively instead of building all required functionality at once. This practice save our capital and time to acquire realistic learning about our end user behaviors and changing market equations.
For both of my venture I had spent bare minimum on building & launching first version of product. That's common scenarios for most of technical founders. Non-technical founders can also save their initial product development cost by on-boarding a technical product leader. Even if you google, you will find a lots of free resources to build elegant e-commerce portals, mobile applications and websites.
To devlop technical product efficiently, you need to identify:
- identify the nature(quantitative and qualitative) of your target audience: what/how they do
- how can you impact their behaviour by providing a new customer experience: the why part
- what are the core/main functionalities you required to achived that
- what are the minimum features you need to built to test end user behaviour on core functions
- how simply you can group & launch these features to conduct your first customer experince experiment.
Once you've successfully validated your customer experience experiment, you may put more resources to develop a high performing, technically advanced and scalable platform. Until then please consider your current capital as your own blood.
Please feel free to share your comments or queries. Thanks for reading!