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!

Comments

Post a Comment

Popular posts from this blog

Hi there

Image
An Entrepreneurial Product Leader who lays the foundation for an Innovation-driven product-led organization and nurtures it to deliver a frictionless human experience while analyzing business growth, overall portfolio success and team performance. As a seasoned Product Leader and a first-generation Entrepreneur, I learnt to discover disruptive business opportunities, evaluate them with limited resources, and monetizing them into customer-loved products and high-growth businesses while establishing strong leadership and product-led growth culture. I can switch easily between thinking strategically, analytically and empathetically. I've accomplished this 4 times in my career - by planning, developing, marketing, regulating and scaling 7 high-growth, customer-loved SaaS (enterprise/consumer) products and teams for Fortune #100 companies and market-leading Startups, and by leading and managing them through Agile, DevOps, Lean methodologies. Additionally, since 2016, I have been advisin
Read more

Product Lifecycle Management and People Operations

Image
  Product Lifecycle Management includes Product discovery, Strategy and roadmap development, Roadmaps execution, Performance assessment and People operations. A) PRODUCT DISCOVERY (20% of total time): 1. Define the present stage, desired future stage, environmental scope and constraints.      1.1. define industrial ecosystem with direct and indirect audience      1.2. develop understanding about their experiences and behaviors (what and why they do?)          1.2.1.  define the audience's struggles, executional and operational roadblocks (how they are doing?)          1.2.1.  discover gaps and friction in overall user experience and efficacy of processes (howmuch?)      1.3. define the problem focus area and required industrial, business and user constraints      1.4. envision and define the outlines of desired future stage 2. Gather insights to define the problem statement and deliver proven hypothesis, which is as follows:      2.0. conduct market research, subject specialist int
Read more

The Art of Pitching

Image
Whether you're a founder, product or business leader, you need to pitch your product/solutions multiple times internally and externally. And usually whatever efforts we put, the conversion rate doesn’t match our expectations. Generally, one needs to pitch their co-founders, cross-functional teams, stakeholders, investors, prospects and clients etc. In today’s digital era we knows multiple way to pitch someone via email, phone, social media, in addition to in-person interaction. The effectiveness of pitching depend upon your ability to understand the behaviour of your target audience, market intelligence and the industrial ecosystem. Being a technical co-founder, I have learn the pitching on field by directly interacting with clients and prospects, building strong relationship, while analysing customer behaviour and market insight. With this approach, I'm able to attract and forge strong relationship with senior executives from fortune-500 companies like Microsoft, Del
Read more