What Does It Cost To Build Next Hot Startup?
Is $10,000 enough to build a next hot startup idea? Or, is $50,000 enough to build a product like Twitter or Instagram or Facebook? With new technologies and great minds, there is no shortage of talent to think of a new technology idea. Can these ideas and products be build overnight and bring millions?
5 Things to do
You need four things to create a successful startup:
- to start with good people (IT Partners, Brainstormers & Visualizers)
- to make something customers actually want
- to spend as little money as possible in the start
- to build something simple before jumping on complex
- to adapt scalability, expandability & feedback iteration to evolve
Most startups that fails because they fail at one of these.
Complex Vs Simple
No startup idea can be a simple one which can turn into a billionare organization. It surely will be a complex one. To build something complex you first have to build something simple. If you want to build something complex right from day one, it will never work. Everything goes through a cycle of steps (you can’t build a house overnight).
These days, building a technology idea and showcasing to beta users is not enough. Its easy to build a technology logic box of your idea. The bigger thing is to create the experience layer on top of your technology which is the front runner of your product and provides interactivity to people. This interface and acceptance doesn’t happen in a day or weeks. It takes years of iterations to realize a level of acceptance and keeping users along.
Scalability & Expandability
A product’s first release is not enough. Every startup should be prepare to adapt the scalability & expandability requirements. Instagram released its initial version with 25,000 beta users on October 6, 2010; two years later, the app continues to see massive growth with recently reporting 150 million active users. Its good to see these no. growing but on the otherhand, you need to work on your technology providing capabilities like servers, networks, bandwidth etc. As per recent estimates, Facebook was spending $3,000 per month on storage hosting for the first year and about $10 million per month by 2006 as the network grew exponentially in that time period.
Building a simple MVP version of your technology idea and testing the water with early / beta users for the readiness to pay for product / service you are building with the bigger vision to scale-up, expand, evolve and feature roll-outs based on customer feedback and experimentation – will definitely help building the next hottest startup establishment.