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Spending $100k(+) on an untested idea is absurd, but there is another way

Technology

Mason Carter released this video

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We have written at great length about the costs of building an app.

Yes, you can get overseas firms to build your app for a fraction of the cost. And despite the propaganda, you aren’t necessarily going to get a substandard product.

But what will be difficult is communicating your vision and having that realized as the app that you want. You’ll be wrestling with language, time, and cultural barriers that could slow down and dilute the vision that you have of your app.

On the other side, the upfront costs of building a fully functioning app locally (assuming you live in the United States or Western Europe) can be quite risky without funding or immediate revenue.

Let’s get this straight – spending $100k(+) on an untested idea is absurd.

It’s is why our team advocates for testing your idea on the market before building a fully functioning app.

Rather than going all out and spending $100k(+) on an untested idea, you can spend a fraction by iterating.

Like we have said before, careful iteration still costs money, but the risk is substantially less.

So how can you iterate to lessen your upfront risk? We are going to introduce you two approaches that you can take instead of a fully functioning app.

1. Nonfunctional prototypes (NFPs) – the more conservative and affordable option

2. Minimum viable products (MVPs) – pricier choice, but it’ll also result in a quicker transition to fully realized product

In our latest video, we go over the pros and cons of NFPs and MVPs, and how you should be thinking about when either option is on the table.

If you have any further questions, feel free to send us a message by leaving a comment below!

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