When our customers, being already a business owners, orders software development services from WBT—Global, they usually know what they want exactly and how it should work. Meanwhile, beginner startup founders usually come to us with just an idea. In other words, they strive to develop something great but often do not understand the scale of needed resources and the risks lying ahead.
How do we start working on such projects? How do we help reduce losses in case of startup failure and increase the chances of an idea developing into a business? Read on to find out.
Where Startupers Usually Start with: How Do You Save Dozens and Even Hundreds of Thousands of Startup Budget
Excited guys with a brilliant idea ask to develop an IT solution to launch their own product. Surely, they want to use machine learning and artificial intelligence technologies. In other words, all they care about is how much money they will manage to make.
Some startupers have heard something about the MVP, and the need for preliminary study and prototyping. But the product idea seems so great to them as if there is no risk of failure. The newcomers believe that, in this case, they do not need to spend money on a prototype that they will not use anyway. Unfortunately, the real statistics show that more than 90% of startups started from scratch end in failure.
Now imagine that, at the project launch, you have a choice: to create a prototype and lose 5,000 dollars in case of failure or not to create a prototype and lose >15,000 dollars in case of failure. Given these points, what would you choose?
Chose the right way of your product launch
Where We Start Working on a Startup
We Delve into the Project – We Help Make It Easier, Cheaper, Faster
When contacting us for the first time, a client usually focuses on the development of a powerful solution. However, in addition to the time-consuming technical implementation, it involves the development of complex business processes and huge marketing costs.
We know how to handle the same challenge in different ways. Therefore, we recommend you not to create something fanciful right away, and we offer to use ready-made tools. As a result, this is easier, cheaper and faster.
“There is a rule: the more features at the start, the less likely a product will succeed.”
– WBT—Global team
Before proposing alternative ways of the startup development, we delve into the project, we interview the customer, examine the product and consider several options.
We Evaluate the Risks So That You Don’t Go Broke in Case of the First Failure
For each product, we select suitable ways of implementation. Formerly, we compare the pros and cons of each of them, calculate the cost of creating a prototype, estimate losses in case of failure of the whole project. As a result we provide a step-by-step action plan.
Let’s look at an example of a 3 options of MVP development compared for one startup:
MVP comparative analysis for one of our customers, 2020
Planning for the Startup Risks Is Not Just About Savings
We recommend newcomers to start with simple tools, correspondingly, we justify this approach by preliminary estimations. For example, instead of dealing with one great task, you can develop a product in small steps. Accordingly, this gives the startup a better chance of becoming a profitable business.
Let us clarify. The budget and emotional resources at the start are limited.
If you invest all your resources in the achievement of one great goal, you will have nothing when something changes in the process (trust us, something always changes). Unfortunately, there is no enthusiasm and money left to work on the pivot.
If you start by creating a simplified version of the product, then in case of failure, you can develop several versions of the project using the same resources.
You can wholeheartedly believe in your idea. Of course, it’s great if it is really groundbreaking, can turn a startup into a large business and bring a lot of income. However, if you do not consider the alternative development options at the start, you put yourself and the project at great risk. In other words, you risk spending all the funds before you achieve your goal, burn out emotionally and do not bring the idea to a real business.
Please note that the work you do will be judged only by your business results. Indeed, VCs and bankers do not want to deal with people who cannot boast of their profits. For this reason, it’s important to understand that the value of the unfinished project is near zero.
Why to Get in Contact With Us Is a Good Idea?
We understand that it is difficult to get an outside perspective on your product and as a result, to find alternative ways of its development. In that case, submit a request for a consultation. Thus, we will review your project, tell you the approaches to its implementation and estimate the risks for each option.
During the communication, if we think that we can’t help you, we will not charge you for the consultation. After all, our main goal is not earnings on advisory but a new partnership with cool entrepreneurs whom we can help to grow a profitable business.
