Do you know the worst thing a startup can do? Hiring wrong people, poor branding, not enough marketing, or improper investor pitching? No, none of the above.
The worst thing they could do is building something that people do not want, need, or like.
According to the Fortune Magazine’s story “why startups fail according to their founders”, the number one reason behind startups failure was “lack of market-need for their product”. 42 percent of the founders cited going after an idea with no or very little market need was their primary reason of failure as they went for something that didn’t sell well.
The CB Insight survey also shed light on some other, and more practical reasons of failure: Like, lack of sufficient capital (29%), the assembly of the wrong team for the project (23%), and superior competition (19%).
So, what’s the solution?
We’ve done extensive research on finding the best technique, development framework and methodology to find out the best solution to this product-market fit issue.
While there’s no one-size-fits-all solution, there are certainly some strategic steps that founders can take to avoid such catastrophic failure.
Our experience with some of the world’s most successful startups (like CloudOn and Dropbox) suggests that the best solution is to adopt the MVP Development Methodology.
This approach starts with idea validation that focuses on launching minimum features to test the core product idea. You validate the product idea from a different perspective in different market scenarios. Once the idea is validated and acquired by customers at large, startups can step into releasing the complete version of the product/service and invest more.
Just take the example of the outline you drafted in the first phase after brainstorming your concept. The ideas that looked great on the first hand were totally abandoned after screening and evaluating. Same goes for your Minimum Viable Product, you develop it, test it and make or discard the changes.
Now, relate this to your business: What if the users abandon your app after you’ve developed and released the full version? You may lose your money and time that you cannot afford at any cost as a startup.
Even a brilliant app idea might be misunderstood, ignored or unclaimed by customers.
Done with Suggestions? We Got a Solution Too!
As one of the World’s leading App Development Company, we’ve learned a lot from our experience in working with hundreds of startups from different domains.
Keeping the biggest and the most common challenges of startups in might, we’ve designed a simple framework – an MVP Program to get your startup prepared for the growth journey.
Salient Features of MVP Program
This program is based on the complete understanding of the startups’ challenges & provides all the resources you need to develop a world class app. Idea validation to architecture development, prototyping to workflow design, app development to QA, and testing to maintenance, launch to growth hacking we’ll do everything for you – all that in 12 weeks!
Here are the key components of the program!
1. Idea Validation Workshop
What’s the difference between a successful idea and a failed idea? We at IQVIS hold your hand from the ideation stage and take you as long as you reach your goal. The program offers you Free and non-obligatory consulting session where you meet and discuss your app or product idea with our startup experts!
2. Rapid Prototyping
Prototyping makes it possible to clarify all the ambiguities and discrepancies in an app before full development takes place, saving you money and time. We’ll help you visualize the idea of the app and have an in-depth analysis of the objectives and creating the concept. It’ll give you the initial understanding of the user experience and app’s functionalities.
3. Application Development
Designing a successful app is an art and we have mastered it. Not only we provide application development services but also help you optimize, scale, and grow your app. By utilizing technology stacks effectively, we will deliver a world-class app that streamlines your business processes and delivers value to your customers.
4. Launch and Growth
We understand that there’s more than one way to grow your business. Our growth hackers will work with you to devise a success roadmap. Our strategy will help you attract customers in the early days to test a marketing idea, use data to forecast output and to repeat, enhance and implement the results.
5. Investor Pitching
Funds are the life-line of startups as nearly 8 out of 10 entrepreneurs fail within the first two years, mainly due to the lack of funds. As part of MVP Program, we’ll hold your hand and work closely with you on creating an effective pitching and funding strategy. We’ll create professionally designed pitch decks that allow you to raise the vital capital.
Did We Say: It’s Affordable?
Our MVP Program is a very affordable and the fastest choice for startups – as not only it covers application development but also all essential elements of your startup journey. If you hire dedicated resources for idea validation, application development, funding advice and growth hacking, the cost will be too high to bear.
Conversely, our 12-weeks package ensure that you get the maximum value for a reasonable package!
To learn more about MVP Program, download our program deck OR talk directly to our app engineers and startup consultants. The discussion phase is absolutely FREE with “No contracts and No obligations!
