According to estimates from experts, up to 90% of startups worldwide fail at the first stage, or take a long time to get through this stage. In order to reduce the failure rate, many startups have chosen the Minimum Viable Product (MVP) approach, thereby determining the right development direction next to lead to success. In this article, Tech Town will work with startups to find out why you should hire a professional agency to do your MVP.
Solutions for limited resources
In 2020, the Ministry of Science and Technology and Sun Asterisk Vietnam Information Technology Corporation conducted a small survey on the issue of technology resources of information technology startups. As a result, 100% of the 30 startups said that they all had difficulties in terms of resources to develop technology products, 95% of startups had or are willing to spend from VND 300 million to VND 1 billion to operate their internal IT team. set in 3 – 6 months depending on the case.
However, the big barrier here is the lack of capital or the internal team not meeting the requirements of software development projects with very high flexibility. The professional capacity of outsourced IT personnel is still quite limited in the context of technology that needs to be constantly updated and renewed based on the needs and budget of the project.
Choosing MVP development services from professional companies is wise right now. Because startups save a lot of costs including: HR, training, management, accounting or recruitment, they still have the service from highly qualified experts, experienced in developing new businesses. Similar products and available professional and scientific working processes bring high efficiency in a short time.
When it comes to project implementation time, it is also one of the important factors that determines the success or slowness of startups. Let’s talk about this.
Quick product launch
MVP is a product that has just the right amount of features and is basic to attract early adopters. Because of that feature, the MVP implementation time of a professional company is much faster than that of an in-house team, because they used to have experience in developing MVPs for many projects. Startups also shorten the time to launch products to market, which brings a lot of value:
– Get early feedback from early adopters, which is very valuable information to validate the feasibility of an idea, determine the next development direction or change the project completely, avoiding over-investment. put a lot of effort into the project and then cancel.
– In the event that MVP is well received by the market, startups will also assess the actual needs of users through their interactions with the product or face-to-face interviews. From there improve, or develop products that meet the right market needs and can earn revenue early.
– Owning an MVP early also helps startups attract potential investors, because most smart investors base their decisions on product-market interactions. A well-received MVP will increase startups’ chances of receiving promising investment capital.
Professional working model
As mentioned above, startups hiring a professional unit to develop MVP is also a way to inherit their professional workflow.
For a professional MVP development company like Tech Town, we apply the Lean startup approach to MVP development. At the core of this approach is the Build-Measure-Learn (BML cycle) feedback loop, which aims to save startups as much time and money as possible.
We iterate over the BML cycle continuously, the task here is to complete the MVP and launch it on the market as soon as possible to start the Learning process as quickly as possible. It should be noted that focusing effort on validated learning helps startups avoid a lot of the waste that startups today often make.
When a BML cycle is completed, a new cycle opens with more specific plans, gradually shaping a complete software product for the end user. With this approach and the motto of the Lean startup model, it is inevitable for startups to own high-quality, market-appropriate and profitable products, which is also the key goal of a project. software development project.
“The Lean Startup Method creates capital-efficient companies, because it allows startups to realize if they need to change direction sooner, avoiding wasting time and money. Although we know that the above rotation is to apply to business activities, sometimes the effects actually appear in the opposite order: figure out what to learn, use innovative accounting to learn what to measure. measure, see if you have any proven knowledge, then figure out what to build to test and measure. All of the above techniques are designed to minimize total build-measure-build cycle time.” Excerpt from The Lean Startup
Get experience from experts.
It is not enough to have a flexible product development model without the experience to operate. Because the market is always changing, it requires process flexibility and frequent technology updates. Experts play a large role in ensuring product progress goes according to plan, managing memberships, recommending growth directions, providing guidance on security and maintenance, and helping to promote the product to market. future school
As a technology company with more than 4 years of implementing projects for many fields: Finance, Education, E-commerce, retail, entertainment… We have accumulated a lot of valuable experience to provide services. suitable technology solutions for startups depending on product requirements and project budget. Besides, we are willing to share our experiences with the internal team of startups, because the success of our partners is also a measure of our service quality and reputation.
We hope that the information we have provided will be useful to you.
Tech Town knows how to turn your ideas into reality. Please contact us to discuss your ideas.