Hey All, I started working on one idea 6 months ago, and now standing on the verge of execution.The idea is for a website with some complex search algorithm and unique User Experience. Because of these requirements, I can not use anything off the shelf. I checked with few website development companies, but they are charging a bomb. I thought of building it myself but I am working full time while developing this idea. Building it myself will take far longer time, and it still may not be that polished.
I am sure many of you must have faced this classic situation, I am facing right now. I want to build my MVP but do not have enough funds and to approach investors, I need at least MVP to showcase my idea. Got any tips or guidelines?
Natwar Maheshwari
No doubt, MVP (any day of the week, and twice on weekends)
What is least can you do to deliver value to your users/customers. I agree UI/UX is really really really (I know, 3 times) important. But, there must be some value to your users/customers that you can showcase/deliver via MVP?
Let me know if you want to brainstorm over this on phone, I will be happy to help in any way I can 🙂
PS: I run my own startup and a huge believer and practitioner of Lean methodologies. Have been on this crossroads myself 🙂
Best
Natwar
Manoj Navandar
Yes. You are right. You need an MVP to showcase your idea. I was in the same situation a year before and what I discovered soon is, no investor is going to fund you unless you have a traction (or at least an MVP). There are exceptions though, but generally it’s hard to secure funding only with “idea” in mind. So you need to build something that covers at least core features of your idea.
If you are considering building a website with limited funds, you might not want to go development companies (As you have experienced, they charge a lot). And since you are working full time, you cannot do it by using DIY softwares, because it will take a lot of time. So your best option might be to hire a “great” freelancer from sites like O’Desk, Freelancer or PPH and work with him. You can pay him based on milestones (consider it as an EMI scheme, where you pay developer based on the tasks completed). I’m not sure about the complexity of your idea so it’s really difficult to comment on what expertise are required and how much it’s going to cost you. I’m sure you will find someone on O’Desk within your budget, but for that you need to invest serious amount of time to shortlist/interview people and find the one suitable for your requirements.
If you are a technical person who knows a thing or two about developing websites, you and freelancer can work together and get it done under ~$1-1.5 K. If you want freelancer to do all the work, it might cost you more than that.
And yes, things keep changing, so make sure to include “Testing” and “Maintenance” related things while you bring a freelancer to work with you. These things can take up a lot of your budget, if not planned properly.
Hope this helps!
Alok Rodinhood Kejriwal
Investor?
The first question she will ask is – Where is the MVP
Satish Medapati
Yeah..Even with MVP, there are 50 other things they will ask you to do.
I heard Michael Jones (ex My Space) tell the audience here in Bangalore (SharkTank in BLR, 25th Jan’15) that once there was an online clothes washing company where they can pick up your clothes within 30 mins through their app and they needed funding for development and operations. He asked them to use google forms and do a blog /SEO and get door to door campaigns to prove the concept. Apparently, they did it and in 45 days they told him that they no longer needed funding. If your business is a needs based one, you can still work it out with least possible amount of money.
Gayatri
Ok, I get it. MVP comes first.
But I dont have enough funds available (even with the minimum possible features), what shall I do?
Aman Jha
Hi Gayatri,
Please put investor out of the scenario first. I don’t see any idea in India getting funded, so you of course need a MVP first. But still it’s difficult to get investor just by having a MVP.
Even when RedBus got it’s first investor, they had managed to earn a revenue of Rs.6000 approx, it seems less but then they proved that their model was functional at least.
Also, without a solid team it’s very difficult to attract any investment.
Now coming to MVP, hiring a freelancer is a good idea only if you have enough time to monitor him and enough knowledge to do it yourself again. Hiring an agency may cost you more but its a safe bet.
Why don’t you try hiring a startup, they will definitely try to fit into your budget. I have hired one such startup, if it interests you, contact them and ask for quotation.
Another option you have is, work on it yourself, it may take little longer but it would be worth.
Regards,
Aman Jha