Feb 03. 2017
Do you have a good idea for a startup? Start with MVP, prepare for IFM and choose the right TP
After first analysis of your idea and market, and establishing a plan for its great future is necessary to take the first steps that will guide you in the right direction for your startup.
Start with MVP
Acronym MVP (Minimum Viable Product) is the definition of product with the lowest possible functionality, that we need to have for right placement on market and successful use of the target group. Before and also after releasing, we have to perform a variety of testing the product and its features for obtaining useful feedback from users. After that, the product can be edited, updated and it gets on a higher level.
What are the benefits of MVP for startup?
Development (a.k.a. formation) of MVP application or MVP website is less time-demanding process than creating a complete version of the product. Launching such initial version of your startup idea creates its success rate, and by that you can consider if it's worth for further development and investing time and money.
What is the procedure?
- At the beginning is necessary to establish a list of all functions, which are necessary to determine the MVP to ensure minimal functionality of the product. That functions must show points to what is the core of your idea, what users problem it is solving, and what enables it to be used an tested.
- Define the way and method of product development (application or website) with your technology partner. Agile methods play an important role in here.
- Adapting to the process of creating a new realities and changes that occur.
- Perform initial testing using early adopters – a group of people who have tested the product and who will give you the necessary feedback.
Prepare for IFM
IFM (Incremental Funding Methodology) is a cost-aware approach to the development of the software that has been designed to maximize the return on invested funds in presenting and commissioning MVP application or website.
The aim of IFM is to monitor key indicators such as net present value, or the project (NPV), return on investment (ROI), the initial cost of startup and more.
As a result, you know if finances are used appropriately, whether the project can have successful launch with that budget and what kind if investors you need.
Good ideamakers are often people without knowledge about programming and they even do not know any programmers. They are developing on their own with friends on evenings and this process creates mostly unrealistic ideas.
That’s why you need technology partner, a company that has the knowledge, skills, experience and capacity to successfully bring you idea into reality and build its path to success. You will need a wide range of professionals (analysts, programmers, designers, UX specialists, managers, marketers, etc.). The greater part is technological partner able to cover, the smoother cooperation you can expect.
Come to us and see what we can do for you as a technology partner – Touch4IT.