Building a mobile app is a thrilling experience, and getting funding for your vision is the cherry on top! Statista predicts that worldwide mobile app downloads will skyrocket to a whopping 299 billion by 2023. That’s a staggering increase of 25 billion downloads in just three years from the 2020s 275 billion downloads. 

The mobile app industry is constantly growing and evolving, and it shows no signs of slowing down. This means that if you’re thinking about developing a mobile app, there’s never been a better time to do so. However, with fierce competition in the market, it’s essential to build an MVP to raise funding for mobile app to ensure your app’s success.

MVP_to_raise_funding

An MVP is a stripped-down version of your app that showcases its core functionalities, providing potential investors with a glimpse of your app’s potential. In this blog, we’ll guide you through the process of building an MVP that makes your mobile app stand out and gets your investors hooked. Let’s get started!

Why launching a MVP (Minimum Viable Product) is Crucial for your Product’s Success?

If you’re planning to launch a mobile app, building an MVP (Minimum Viable Product) should be one of your top priorities. According to a study by CB Insights, “42% of startups fail because there’s no market need for their product”. 

Building an MVP can help you validate your idea, save time and resources, and ensure that your product meets the needs of your target audience.

Additionally, statistics from Statista show that the average cost of developing an app ranges from $37,913 for a basic app to $171,450 for a complex app. By building an MVP, you can cut down on these costs and potentially attract investors to fund your app’s development. 

In fact, a study by TechCrunch found that “more than 80% of startups in the mobile and web sectors that raised Series A funding had built an MVP”.

In today’s competitive app market, it’s crucial to have a well-validated and well-designed product that meets the needs of your target audience. At Veltris, we build an MVP to achieve a solid foundation for future iterations and improvements. 

As the famous entrepreneur and author Eric Ries said, “The only way to win is to learn faster than anyone else.” So, build an MVP and start learning!

How to Build An MVP (Minimum Viable Product)?

An MVP, or Minimum Viable Product, is not only a popular concept in product development but also a proven strategy to test your product idea with minimal risk. 

According to Statista, “90% of startups fail,” and one of the main reasons for failure is building a product that nobody wants. At Veltris, we build an MVP that helps you mitigate that risk by getting early feedback from your target audience. 

Here are Some Detailed Steps to Help you Build your MVP to Raise Funding for Mobile App:

  • Define Your Target Audience and Their Needs 
MVP_Target_Audience

It’s essential to understand your target audience to build a product that satisfies their needs. According to McKinsey, “70% of buying experiences are based on how the customer feels they are being treated.” 

Gathering feedback from your target audience through surveys, interviews, or focus groups can help you create a product that addresses their pain points and preferences.

  • Determine the Core Features of Your Product

According to a study by Standish Group, “45% of features in software applications are never used.” We identify the core features that provide the most value to your target audience saving clients time and resources. 

Focusing on the essential features solves user’s problems and builds a product that people want.

  • Design a Basic User Interface

A user-friendly and visually appealing interface can enhance the user experience.

Based on the research by UserTesting, “39% of users will stop engaging with a website if images won’t load or take too long to load.” We always keep the design simple and intuitive with wireframes or mockups that can help build a functional UI that works for your target audience.

  • Build a Prototype with the Core Features

Building a functional prototype with the core features is crucial to validate your product idea. As Paul Graham, the co-founder of Y Combinator, said that “Build something people want and spend less than you make.” A simple prototype that works well and is easy to use can help you test your product idea with minimal resources.

MVP_Prototype
  • Test your MVP with Your Target Audience

Testing your MVP with your target audience is crucial to get feedback on the features, usability, and overall user experience. According to a survey by TechValidate, “88% of respondents said they use online reviews to determine the quality of a local business.” 

Gathering feedback through surveys, user testing, or feedback forms can help you identify areas for improvement and validate your product idea.

  • Collect Feedback and Improve Your Product

Gathering feedback and making the necessary changes to improve your product is an ongoing process. As Jeff Bezos, the founder of Amazon, said, “We see our customers as invited guests to a party, and we are the hosts. It’s our job every day to make every important aspect of the customer experience a little bit better.” We analyze the feedback and make the necessary changes to build a better product that satisfies your target audience.

  • Release Your MVP to the Market

Releasing your MVP to the market and monitoring user feedback is crucial to building a successful product. Keeping an eye on user feedback and making additional improvements can help you build a product that people want and are willing to pay for.

MVP_For_Mobile_App

MVP (Minimum Viable Product) Examples

“Rome wasn’t built in a day” and neither were some of the world’s most successful products! Building a Minimum Viable Product (MVP) has been the secret sauce to many innovative products that we love today. Here are some examples of top Minimum Viable Products that have paved the way for their creators:

  • Dropbox

This cloud-based file-sharing service started with a simple MVP consisting of just a video demonstrating its basic functionality. The video went viral and the rest is history.

  • Airbnb

The founders of Airbnb started with a simple MVP, consisting of a website with photos of their own apartments and a basic booking system. From there, they gathered feedback and improved the user experience, until it became the global platform we know today.

  • Uber

Uber’s MVP was a simple app that connected passengers with nearby drivers. The app only had basic functionality, but it was enough to prove the concept and gather feedback for future improvements.

  • Buffer

Buffer started with a simple MVP consisting of a landing page and a “sign up for early access” button. This allowed them to gauge interest in their social media scheduling tool before building it out.

How Much Does it Really Cost to Build an MVP?

Well, the cost of building an MVP depends on various factors such as the complexity of the app, the features you want to include, and the technology stack you choose.

To give you an idea, here’s a table showcasing the estimated cost of building an MVP for different types of mobile apps:

Type of AppEstimated Cost of Building MVP
Social Networking    $25,000 – $50,000
On-demand Services  $10,000 – $30,000
E-commerce   $20,000 – $50,000
Health and Fitness   $10,000 – $30,000
Education  $15,000 – $35,000
Gaming  $10,000 – $50,000

It’s important to keep in mind that these are just estimated costs and the actual cost may vary depending on various factors. However, at Veltris, we  built an MVP to reduce the client budget cost in the long run. And thereby allowing to test the idea and gather feedback from early adopters.

Mistakes to Avoid When Developing an MVP

Here are some things to avoid when building an MVP, along with app examples:

  • Overloading Your MVP with Too Many Features

One of the key principles of building an MVP is to keep it simple and only include essential features. We always avoid the temptation to add too many features, as it can increase development time and costs. For example, Snapchat originally started as a simple app for sharing disappearing photos, without the added features like filters and stories that came later.

  • Failing to Validate Your Idea

Before building MVP, we validate client ideas and ensure that there is demand for your product. One example of a company that failed to do this is Juicero. A startup that created a $700 juicer that could only squeeze pre-packaged juice packs. The company failed to validate the demand for its product, leading to its eventual downfall.

  • Not Considering Scalability

While you want to keep your MVP simple, it’s also important to consider scalability and potential future growth. Avoid building an MVP that can’t be easily scaled up or requires significant reworking later on. 

  • Ignoring User Feedback

The whole point of building an MVP is to gather user feedback and use it to improve your product. Ignoring user feedback or failing to incorporate it into future iterations can lead to a failed product. For example, Foursquare started as a check-in app, but its users found that they were more interested in discovering new places to go. The company listened to this feedback and pivoted to become a location-based discovery app.

Closing Thoughts

Crafting a winning MVP is a crucial step in raising funding for a mobile app. It allows you to showcase your idea in a tangible way, gain valuable feedback, and prove your concept to potential investors.

At Veltris, we create a winning MVP, with a clear understanding of your target audience, focusing on essential features, designing a user-friendly interface, and thoroughly testing your product. We consistently try to avoid common mistakes such as overcomplicating your MVP, neglecting user feedback, or trying to include too many features. Now it’s time to start building your MVP, and get ready to take the mobile app world by storm! Let’s talk about your project now!

Find Your Perfect Cross-Platform App Development Partner Find Your Perfect Cross-Platform App Development Partner

In a world where technology is evolving faster than a cheetah chasing a gazelle, it’s essential to keep up with the latest trends. One of the most significant trends in the business world is cross-platform app development. Creating a high-quality, user-friendly, and multi-device compatible app can be the key to success for many businesses. But let’s face it, developing a mobile app that works seamlessly on various platforms is not a cakewalk. That’s why choosing the right cross-platform app development partner is crucial. In this blog post, we’re going to help you find your match by discussing the key factors to consider when selecting a partner. So get ready to learn how to find the perfect partner for your business needs.

What Is Cross Platform App Development?

Cross-platform app development is the process of creating mobile applications that can run on multiple operating systems, such as iOS and Android. Instead of building separate apps for each platform, developers use cross-platform development tools to create a single app that can be deployed on different platforms with minimal modifications. This approach allows businesses to reach a larger audience and provide a consistent user experience across different devices and operating systems. Cross-platform app development tools include frameworks like React Native, Xamarin, Flutter, and PhoneGap, among others. These tools allow developers to write code once and deploy it on different platforms, reducing the time and cost involved in creating multiple native apps.

Why It’s Important To Choose The Right Cross Platform App Development Partner ?

Developing a cross-platform mobile app can be a game-changer for your business, but choosing the right development partner is essential for achieving success. Here are some points to consider:

  • Expertise

A skilled cross-platform app development partner has the knowledge, experience, and resources to create a high-quality app that meets your business needs.

  • Tools and Technologies

Your partner should use the latest tools and technologies to create an app that’s compatible with different platforms and devices. This will ensure that your app runs smoothly and provides a seamless user experience.

  • Cost and Pricing Models

A reputable partner will provide transparent pricing models that suit your budget and needs. They’ll work with you to identify your business goals and develop a plan that aligns with them.

  • Communication and Project Management

Good communication and project management are critical to the success of your project. Your partner should be available to answer questions, provide updates, and address concerns throughout the development process.

  • Portfolio and Testimonials

Take a look at your potential partner’s portfolio and client testimonials. This will give you an idea of their past work and their clients’ satisfaction levels.

  • Flexibility and Scalability

Your partner should be flexible and able to adapt to changing project requirements. They should also have the capacity to scale up or down as your business needs change.

Research and Evaluation Process

Choosing the right cross-app development partner can make or break your project. To ensure that you find the right partner, it is important to conduct thorough market research and evaluate potential partners carefully. Here are the steps involved in the research and evaluation process:

Conducting Market Research and Identifying Potential Partners

Market research is a crucial step in identifying potential cross-platform app development partners. Not only does it help you understand the latest industry trends, but it also enables you to identify your target audience and competitors. By conducting thorough market research, you can find a partner that can offer unique insights and approaches to help you build an app that stands out in the market.

There are various ways to identify potential partners. Some of them include:

  • Social Media Platforms 

Platforms such as Instagram and Pinterest are great resources for finding cross-platform app development partners with a strong creative streak. By browsing through the visual content of potential partners, you can get a sense of their style and creativity.

  • Attend Industry Events

Attending industry events such as hackathons and tech fairs is an excellent way to meet potential partners face-to-face. At these events, you can interact with cross-platform app development companies and get a sense of their creative capabilities.

  • Referrals

Word of mouth is a powerful tool when it comes to identifying potential partners. Reach out to friends and colleagues for recommendations and referrals.

  • Online Directories

Online directories are fantastic resources for finding cross-platform app development partners with an eye for design and creativity. These directories showcase the portfolios of companies and allow you to browse through their work to find a partner that aligns with your creative vision.

Shortlisting Potential Partners For Cross Platform App Development

Shortlisting potential cross-platform app development partners requires a comprehensive evaluation of several factors. 

  • Skills and Experience

Look for partners who have a proven track record of delivering high-quality work in the areas of cross-platform app development, UI/UX design, and project management. Make sure the partner has relevant experience working on projects similar to yours.

  • Compatibility with Project Requirements

Choose a partner that has a good understanding of your project requirements and is aligned with your creative vision. The partner should have a clear understanding of your project goals, target audience, and the desired outcome.

  • Budget and Timeline

Ensure that the partner can deliver the project within the desired timeline and budget. It is important to work with a partner who can provide a realistic estimate of project costs and timelines.

  • Communication Skills 

The partner should be able to communicate effectively and clearly throughout the project. They should be responsive and available to address any concerns or questions you may have.

  • Project Management Skills

Choose a partner who has strong project management skills and can effectively manage the project from start to finish. The partner should be able to manage the project timeline, budget, and resources effectively.

To shortlist potential partners based on project requirements and budget, provide a detailed project brief and ask for a proposal outlining the scope of work, timeline, and cost estimates. Evaluate the proposals based on their creativity, completeness, and compatibility with project requirements.

  • Evaluating Potential Partners through Interviews and Proposal Review

After shortlisting potential cross-platform app development partners, it is essential to conduct interviews and review proposals. And ensure that you select the right partner for your project. 

  • Importance of Conducting Interviews 

Interviews provide an opportunity to get to know the partner, assess their communication skills, and evaluate their approach to project management. Conducting interviews also allows you to clarify any doubts and concerns you may have regarding the partner’s experience, skills, and understanding of your project.

  • Questions to Ask During the Interview Process

Ask open-ended questions to help you understand the partner’s approach to cross-platform app development, design, and project management. Ask about their experience in handling projects similar to yours, their design process, communication methods, and how they plan to manage the project timeline and budget.

  • Reviewing Proposals Submitted by Potential Partners

Review the proposals submitted by potential partners to evaluate their creativity, completeness, and compatibility with your project requirements. Look for a partner who can provide a detailed proposal that covers all aspects of the project, including project goals, timeline, budget, design approach, development process, and project management.

  • How to Evaluate Proposals Based on Quality, Completeness, and Compatibility with Project Requirements

Evaluate the quality of the proposal by looking at the creativity and innovation in the design and development approach. Assess the completeness of the proposal by ensuring that it covers all aspects of the project and includes a detailed breakdown of the project timeline and budget. Evaluate the compatibility of the proposal by comparing it to your project requirements, ensuring that the partner has understood your project goals and requirements.

Final Selection

After evaluating the proposals, choose the partner who meets your project requirements, budget, and timeline. It is important to consider factors such as experience, expertise, communication skills, and project management skills when making the final selection.

Summary

And there you have it! Choosing the right cross-platform app development partner can be a daunting task, but it’s essential to find the right fit for your business. By following the steps outlined in this guide, you’ll be well on your way to selecting a partner who will bring your vision to life.

Remember, conducting market research, shortlisting potential partners, evaluating them through interviews and proposal reviews, and making the final selection based on project requirements, budget, and expertise are all important steps to consider. Don’t forget to ask the right questions and consider factors such as communication skills and project management abilities. With the right partner, you can take your business to new heights and provide your customers with the mobile app they need. 

At Veltris, we seamlessly integrate your apps across multiple platforms. Our team is skilled in creating robust and user-friendly apps that can work on any device, from iPhones to desktop computers. We use the latest technology and tools to ensure that your app is secure, scalable, and optimized for peak performance. With Veltris end-to-end development solutions, your app will go from a mere idea to a fully functioning masterpiece. And with our cross-app development services, your app will effortlessly reach a broader audience, increasing your business’s overall efficiency and profitability.

9 Factors Influencing Mobile App Development Cost 9 Factors Influencing Mobile App Development Cost

When it comes to the cost of mobile app development, there are several factors that are significant and need to be considered. The expenses can vary depending on building strategy, development platform, device compatibility, app functionalities, security measures, testing processes, hosting options and maintenance requirements. However, the significant factor that influences the cost is the business model adopted by the enterprise. 

Factors That Influencing Mobile App Development Cost

1. Type of Business Model

Globally, consumers spent around $22.6 billion on apps. Additionally, there are, over 178 billion app downloads each year. This number is expected to grow to 258 billion by 2022. These statistics highlight the investment involved in developing business apps. The type of business model plays a role in determining the budget for app development. Factors such as the nature of the business, target users and services offered all contribute to shaping the cost estimation for developing an app. As complexity increases in terms of required functionality and features in a business app model, so does the time required for development. Consequently, as time extends during development associated costs also increase accordingly. 

For example, if it is a customer service oriented model that requires integration, with APIs (Application Programming Interfaces) it can significantly add to costs. On the other hand, an internal operational mobile app may require functionalities and user experience elements compared to an eCommerce focused app. 

The functionalities of software, in apps like Uber are different from those in media platforms such as Instagram and Facebook.

2. App Development Team

The significance of apps varies depending on their purpose and how they add value to the core business function. As a result, enterprises can choose to establish an in-house team comprising of app developers if the apps complexity and adequacy demand it. Alternatively, enterprises can rely on app development agencies and avail the services of freelance app developers. While all three options offer services, there are differences in terms of efficiency. Moreover, the cost and turnaround time associated with each option vary significantly. 

Forming an in-house app development team may exceed the allocated budget and require domain expertise and other creative resources. On the other hand, outsourcing the project to an external app development company can benefit enterprises in many ways. A reputable app development company possesses expertise across domains and provide skilled resources to deliver exceptional service. However, their hourly rate may strain budget limits. Freelance app developers are often considered partners for mobile app development. Although they provide cost solutions there is uncertainty regarding the quality level they offer. 

Finding the developer from a pool of candidates can be quite daunting and it often leads to project delays. As a result, enterprises have options when it comes to choosing their enterprise app development partner that include factors such as their requirements and budget allocation.  

3. Mobile App Building Platform

One crucial aspect is selecting the app building platform is based on the business model. If the service requires an app on platforms like Android and iOS, it must be made available accordingly. Moreover, there are two options for app development – native and hybrid. 

To stay ahead in terms of business opportunities many companies opt to build both hybrid and native apps for Android and iOS platforms. Web apps also fall into this category – they are essentially versions of websites with all their functionalities intact. 

It’s worth noting that hybrid apps tend to cost less than the ones while still offering the benefits of both an app and a web app. By using a web codebase, these apps can function across devices with cross platform capabilities. However, if prioritizing user experience (UX) and optimal performance is crucial then native apps are undoubtedly the choice  

The budget allocation is higher for Android apps due to the additional time required for coding, layout and dealing with fragmentation. On the other hand, iOS offers an advantage with variations and a limited number of screen sizes enabling app development companies to work on it with faster turnaround times. 

4. App Design and Functionality

The cost of developing an app can vary based on its design and functionalities. Service providers often need to incorporate features for task performance and an improved user experience. It is crucial to prioritize a user interface and high-quality design. 

Different cost factors come into play during the app development process depending on the type of functionality required. A basic list-based application that doesn’t rely on server-based services is considered affordable. However dynamic applications that involve operations can be more expensive, in terms of effort and cost. 

As the complexity increases it becomes more important to have a user design that ensures an exceptional app experience. For instance, apps that handle content flow management, payment gateways, user data backup, etc. require network operations. 

Furthermore, when it comes to applications that rely on integrated third party services it becomes crucial to simplify the tasks for the users. However, integrating these services without any errors takes time and resources ultimately leading to increased expenses. 

For instance, applications that have social media integration or cloud-based service systems tend to complicate the process. To provide a hassle-free app experience, developers need to incorporate the APIs and gateways for seamless data exchange. Similarly gaming apps require graphic support services. As a result, each additional functionality adds up to the expenses involved in the development process. 

5. App Features and Testing

The primary objective of developing an app is to deliver services on users devices. Therefore, ensuring service delivery through structured features is crucial for the success of any mobile application. Additionally, users should be able to navigate through the app without any confusion or complications. This necessitates careful structuring of features. 

Moreover, testing these features thoroughly to ensure a hassle-free user experience poses another challenge for every application. As the number and complexity of features increase so does the time required for debugging and testing activities along with associated costs. 

To demonstrate, a payment app consists of security features combined with a navigable interface. A food delivery app essentially guides users through the process by integrating various services, like location tracking, communication, payment options and real time order updates. As these features advance the cost of developing applications also increases. 

6. Mobile App Hosting and Security 

Mobile applications handle a large amount of data that is exchanged in time. This data could include transactions, user search history, employee information and more. Any vulnerability in this data could spell disaster for the business. Therefore, it is crucial to choose an app hosting provider that offers cutting edge security measures. 

Depending on the size of the business and its traffic volume, appropriate servers need to be rented. Ideally dedicated servers with layer security measures are recommended to ensure smooth and uninterrupted service. However, they are more expensive compared to shared hosting services. 

Nevertheless, investing in robust app security is never futile. As customer trust evolves from assurance, in security measures taken by businesses implementing layer authentication systems and stringent layers of app protection becomes an essential investment. 

7. App Updates and Maintenance 

Mobile apps require maintenance, commonly referred to as application updates. In addition, app developers need to provide support to ensure the smooth functioning of these applications. As the app platform evolves with technologies enterprises must enhance app integrations and functionalities resulting in expenses even after the application is launched. 

To consistently refine apps and enhance user experience, enterprise level applications should regularly maintain their APIs and address hidden bugs. This ensures security against eavesdroppers pose challenges for app maintenance administrators. Therefore, periodic monitoring and maintenance are essential throughout the lifespan of an application. 

8. App UI/UX

The success of your application greatly relies on creating a user experience (UX) and an appealing user interface (UI). Developing a yet UI/UX design can be challenging and may involve additional costs. Incorporating UI/UX components such as push notifications, icons, graphic images and customization is crucial if you want to captivate your users. A designed interface will encourage users to utilize your application frequently without losing interest over time.  

Conclusion

Despite the importance of app security, many companies underestimate its significance. It is crucial for your application to safeguard the data collected from users as any data loss can negatively impact your reputation, with both existing and potential customers. It is advisable to prioritize data security during the development process as a major security breach can have effects on your business. 

In addition to the cost factors mentioned here there are other components that contribute to the expenses associated with mobile app development. As you incorporate features and functionalities, both time and cost tend to increase. Furthermore, integrating technologies such as AI, Blockchain and Cloud based services further adds complexity. Thus, the factors influencing mobile app development costs can vary significantly depending on the range of features and services utilized.

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