I was moving house last week and ran out of time to publish the newsletter. The robot removalists are still under development so it was personal human effort that had to suffice. For a taste of what will be available in the future here are the Boston Dynamics Robot Dogs pulling a truck. Video here.
Also following some feedback, in order to make it easier for busy people to read the whole newsletter I will make it a bit shorter. Additional information for those that are interested will be on my website craigcarlyon.com
From Intent to Innovation
So you have a great idea for an app. How much will it cost to develop that app today? It really depends upon how complex and what type of app you want to develop but here are a few guidelines.
Prototype $1,000 to $5,000
The cost of development will vary greatly depending on the functionality. Most prototypes have limited functionality, just enough to display what the developer is trying to achieve. If you have a great idea and are looking for investors this might be enough however investors will probably want to see some users and preferably paying users. A simple prototype will cost between $1,000 and $5,000 to develop. That will allow you to display your idea. It won’t be enough functionality for users to test it.
MVP $15,000 to $75,000
A Minimum Viable Product (MVP) is the goal for every new startup. It is enough functionality that will attract users and possibly even some paying users. The MVP will allow you to see how users interact with your idea and show you where the product needs to be improved. All MVP’s need improvement. If you develop the perfect app before releasing it you will spend a lot of money hoping that your idea is liked by users. An MVP will cost between $15,000 and $75,000. Why such a big range? Not all MVP’s are born equal. Keep it simple and test and retest is the key to success. Develop as you go, don’t try and finish development before release.
Full Featured Mobile App $150,000 to $400,000
This level of app is your idea fully developed. It is all the functionality that you initially dreamed of and it works. The cost of a fully developed app is between $150,000 and $400,000. That does not include technically challenging apps or new technology that might be difficult to integrate. This will include the cost of the app itself and the backend systems to support the app. You will be up for additional costs such as cloud storage, app updates and maintenance as soon as you release the app. It is a lot of money to spend before you validate your idea. Also don’t forget you will need to develop different versions for IOS and Android and any other platform you wish to operate on.
Complex Mobile Solution Apps $500,000+
This includes technically challenging apps, high load apps (1,000+ users per day), AI, Crypto or other new technology apps. The cost will start at $500,000 and who knows what the limit is. The big mobile apps, Facebook, Instagram etc. spend many many millions of dollars on keeping the app up to date every year. 24/7 functionality and continuous updating are vital to staying relevant.
Make sure your great idea is really a great idea before spending too much money. Develop a prototype, get feedback from potential users, update your ideas continually and develop an MVP before releasing your app into the wild. Once you get some users you can take the next steps towards the fully featured mobile app of your dreams.
Paying it Forward
If you have a start-up or know of a start-up that has a product ready for market please let me know. I would be happy to have a look and give the start-up a shout out to my readers if it is something that I think they could use. If you have any questions or comments please email me via my website craigcarlyon.com
Till next week.