Startup & MVPBY RabIT software engineering · March 11, 2020

Thanks to increasing healthcare costs and the wide availability of devices like smartphones, smartwatches and different IoT sensors, demand for digital care is rapidly on the rise. Through healthcare mobile app development, innovators were able to greatly increase cost-efficiency of healthcare service delivery, and help answer this growing demand.

However, there is still much to be done, and plenty of room for new innovation. According to Grand View Research, the global home healthcare market size was valued at USD 281.8 billion in 2019, and is expected to have an average growth rate of 7.9% over the next decade.

 

healthcare mobile app development market size

Source: grandviewresearch.com

 

A rapidly growing population forces governments to constantly expand public health care systems. This means that healthcare expenses will also continuously increase throughout the foreseeable future.

In order to make health services more accessible to patients everywhere, innovators must find a way to make them more scalable and less fixed in time and space.

 

What Are the Factors Accelerating Healthcare Innovation?

 

According to a 2019 research conducted by Deloitte, the key factors driving innovation in healthcare are:

  • Cost pressures on traditional models
  • Shift to prevention and well-being
  • Consumers’ heightened demand for transparency, convenience, access and personalized products and services
  • Consumers’ increased access to and control over personal health care data

Thankfully, new technological advancements make it possible to answer the most pressing challenges in this sector. One of the most effective tools here is data management, which has evolved from just storage to drawing insights. This helps medical professionals make better-informed decisions and increase diagnostic precision.

However, newly emerged security challenges may prolong the innovation process. When it comes to digital health, privacy is one of the most discussed concerns among patients and healthcare professionals as well. Keeping personally identifiable health information safe must be a top priority during every healthcare mobile app development project.

Mobile health requires the use of strong encryption and authentication processes to ensure the security of these data.

 

Benefits of Mobile Health Apps

 

  • Increased speed and cost-efficiency of delivering healthcare services – With solutions such as video visits or AI-powered chatbots, smaller services like patient diagnostics and check-up visits can be delivered at a larger scale, using much less resources.
  • Physicians can access health data from anywhere – Completing health care services becomes much less fixed in time and space, increasing the availability of professionals, regardless of their location.
  • They enable predictive and preventive care – Healthcare mobile app development allows providers to gradually switch from reactive care to a more preventive approach. Providing consumers with their own personal health assistant can greatly raise their awareness about potential health risks, monitor their diet, body weight, heart rate, etc.
  • Increased precision – With the integration of AI, machine learning and advanced data analytics technologies into healthcare processes, professionals are able to make better-informed decisions and spot irregularities they would’ve likely missed otherwise.
  • Healthcare services become easier to scale – Healthcare mobile app development also enables providers to answer the rapidly growing demand from patients through increased service accessibility.
  • They can help solve staffing challenges – Staff shortages are a major issue in today’s healthcare systems. Adopting advanced technologies that accelerate decision-making and eliminate routine administrative tasks is another step toward solving this challenge.

 

Most Significant Areas of Innovation in Healthcare Mobile App Development

 

1. AI-POWERED CHATBOTS AND DIAGNOSTIC SYSTEMS

These types of applications help physicians determine which disease or condition explains patients’ symptoms and signs. Patients can use these apps themselves without having to set up a doctor’s appointment.

After asking a series of symptom-related questions, the diagnostic app uses great amounts of data from electronic health records (EHR) to compare the new information to other, similar cases and provide a diagnosis. Technologies like Natural Language Processing allow these questions to be read and answered more intuitively, making the whole process feel much more natural for patients.

Of course, using an app doesn’t substitute a full diagnosis provided by an experienced professional using specialized medical equipment. In more severe cases, diagnostic apps usually recommend patients to go see a doctor as soon as possible. Nevertheless, dealing with routine queries using AI-backed messaging and voice systems can help organizations decrease physicians’ workload and realize cost savings.

 

2. CLOUD COMPUTING SOLUTIONS

Cloud computing is an appealing choice for healthcare organizations trying to build out, run and maintain infrastructure for patient record-keeping needs. Public cloud systems are more suitable for providing generic health information. On the other hand, private cloud systems can be used for more security-sensitive cases, like pharmacy orders, patient bills and physician inquiries.

HIPAA compliance is one of the biggest issues in this environment. Organizations often don’t fully embrace cloud computing because of the strict health information security regulations.

 

3. BLOCKCHAIN SYSTEMS

Peer-to-peer systems with shared digital ledgers promise great possibilities for healthcare organizations. The increased security, portability and integrity of patient data will make creating, modifying and distributing healthcare information much more efficient. Blockchain technology also allows healthcare providers to always have access to patient health records, through a shared system that is used by everyone, while still complying with HIPAA and GDPR regulations.

 

 

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4. BIG DATA & PREDICTIVE ANALYTICS

Collecting and storing patient health data has been possible for a decades now. However, analyzing these massive pools of accumulated information and drawing actionable conclusions has proven to be a challenge. More recent advances in data science will allow experts to feed patient information (personal and family medical history, previous test results etc.) into AI-based systems to draw relevant conclusions for their effective treatment.

 

5. INTERNET OF MEDICAL THINGS (IoMT)

IoMT has emerged as the combination of IoT development and telehealth technologies. It mainly includes wearable devices such as smartwatches, ECG and EKG monitors, smart scales and others. By providing consumers with devices that communicate with each other, and are easy to use, they are able to accurately and consistently monitor their own heart rate, blood pressure, body weight, and other vital health information. The results can also be forwarded to their local physician for further analysis.

 

healthcare mobile app development

 

6. AUGMENTED REALITY AND VIRTUAL REALITY (AR/VR)

From educating new students to planning procedures, or foster post-surgery improvement for patients, Augmented and Virtual Reality applications show a lot of promise. With their help, professionals are able to place patients in more enhanced and simulated environments without having to use physical therapy. While monitoring these sessions, data can also be gathered to assist therapists in devising customized treatment for each patient.

 

Also, more focus is being placed on developing so-called Smart Health Communities – groups of public, nonprofit, and commercial organizations – who’s goal is to prevent disease and improve people’s well-being, while operating outside traditional healthcare systems.

To achieve this, they are making use of the previously mentioned innovations in data-fueled technologies like AI, NLP, Internet of Things, AR and VR.

 

Examples of Successful Healthcare Mobile App Development

 

AI-POWERED CHATBOTS & DIAGNOSTIC APPS

K Health develops a mobile app that uses AI to deliver personalized primary care for patients faster and cheaper. The company is comprised of doctors and developers who are passionate about using advanced machine learning techniques to turn clinical health data into knowledge that can help patients better manage their health.

  • Over $97M raised since 2016

 

 

Sensely’s avatar and chatbot-based platforms assist insurance plan members and patients with the insurance services and healthcare resources they need, whenever they need it. The company has developed separate chatbot applications specifically for insurers, employers and pharmacies as well.

  • Over $26M raised since 2013

 

 

MENTAL HEALTH PLATFORMS

The importance of caring for people’s mental health has gained a lot of attention over the past few decades. Advances in healthcare mobile app development also provided some great tools for online therapy and aiding mental stability. The main goal of innovators in this sector is to provide anonymous, easily accessible and affordable mental care for anyone, anywhere.

 

Talkspace is an online therapy startup that offers affordable and confidential therapy with a network of professional and licensed therapists. With online messaging therapy, users have access to a licensed, professional therapist, without having to schedule an appointment.

  • Over $106M raised since 2014
  • Over 1 million users.

 

Headspace is a digital health platform that provides guided meditation sessions and mindfulness training. The company’s content can be accessed online, or via the Headspace mobile app.

  • Over $168M raised since 2014
  • Used by more than 8 million people in over 200 countries.

 

 

INTERNET OF MEDICAL THINGS (IoMT) PRODUCTS

Fitbit is developing wireless wearable sensors that automatically track data about a person’s activities, such as calories burned, sleep quality, steps and distance.

Their trackers collect activity data automatically while it is worn by the user all day. The collected data is wirelessly uploaded to a website where the wearer can see their data and track their progress toward personal goals. Other than trackers, the company also produces smartwatches, smart scales and other accessories.

  • Over $66M raised since 2008
  • Reportedly almost 16M devices sold in 2019

 

CLOUD DATA MANAGEMENT SOLUTIONS

Flatiron Health is a healthcare technology and services company focused on accelerating cancer research and improving patient care. They connect community oncologists, academics, hospitals, life science researchers and regulators on a shared cloud-based platform.

Their platform enables cancer researchers and care providers to learn from the experience of a large number cancer patients.

  • Over $313M raised since 2013

 

AR/VR APPLICATIONS

Oxford VR’s highly immersive VR therapy, provides patients with treatments that are: faster and more effective than traditional therapy sessions, significantly lower cost to health providers and loved by users.

Their focus is on developing clinically validated, cost-effective, user-centered treatments with significant impact on patients, the health system and wider economy.

  • Over £13M raised since 2017

 

 

Summary

 

In order to be able to answer the growing demand for accessible and accurate healthcare services, organizations must continue to explore emerging, innovative tools and technologies.

The possibilities offered by the technological advances listed in this article are still only partially explored. Apart from achieving great financial results, innovators also have the opportunity to help improve people’s well-being and quality of life on a global scale.

Utilizing the potential of data science, AI, cloud computing and other emerging technologies is certainly a challenge. This is why we offer our help as development partners to healthcare organizations and HealthTech startups all around the world.

If you have a project in mind, feel free to reach out to us for a free consultation session.

RabIT software engineering

RabIT is an innovative software engineering company from Hungary. Our goal is to help startups and enterprises drive growth through technology innovation and make a real impact in their industries.

Code quality and transparency are our main priorities throughout each project.

Startup & MVPBY RabIT software engineering · June 24, 2019

Introduction

Many of us dream about becoming self-made successes, entrepreneurs to finally free ourselves from our 9-5 jobs and turn our dreams into a reality. Today, the internet is littered with success stories about people who have already made it big and became millionaires, hundred millionaires, billionaires even.

The path to achieving breakout success sounds simple when you hear the story of someone who already has it all figured out. However, finding the right way is much harder if you are starting from scratch. A startling amount of entrepreneurs never achieve their ultimate goals. According to statistics, only 30% of small businesses make it past their 10th anniversary.

To improve the odds of success, more and more entrepreneurial journeys start out with a simple Minimum Viable Product (MVP).

 

What Is a Minimum Viable Product?

The term was introduced as one of the core principles of the lean startup methodology.

An MVP is the initial version of your product that only has the core features that are essential to solving an existing problem for your prospective customers. Your minimum viable product helps you gather important feedback and estimate market interest from the earliest stages of your business. More complex features are only added in later iterations, based on the received user feedback and the development of market demand.

A minimum viable product can be a simple web or mobile application, website or a single landing page.

what is minimum viable product development

Illustration of minimum viable product development

 

MVP Benefits

A minimum viable product enables you to:

  • test a product hypothesis with minimal resources
  • accelerate learning in your organization
  • reduce necessary development hours
  • reach your actual market as soon as possible
  • decrease the risks of investment
  • establish your brand to users quickly

 

Researching and Verifying the MVP Idea

Verifying the business idea itself is a crucial step that absolutely must come before you rush into any kind of development project. You can significantly decrease the risk of investment by double checking if there is enough interest on the market for your solution.

Not even a company like Google could get away with selling a product that had no clear product-market fit (ehm… Google Glass).

Your new product or service has to offer a much needed solution for a need (or problem) that is being underserved by competitors or not served at all by anyone. You also have to make sure that the problem is pressing enough to justify the price of your solution in the eyes of potential customers.

 

Minimum viable product market fit

Source:   leanstartup.co

A good cautionary tale here could be Juicero, Silicon Valley’s smart juicer that squeezes disposable packets of liquified fruits, vegetables, and other ingredients into cups. Even with 4 funding rounds and close to $120 million of total funding, they couldn’t justify the $400 price tag for a web-connected device the basically empties a drink from a bag. The company went bottoms up less than 4 years after its founding.

Know what it costs to deliver your product (materials, rent, salaries, etc.) and to acquire customers who will pay to use that product (CAC – customer acquisition cost). All these costs have to be included in your pricing as well. While breaking even helps you consistently pay the bills, it won’t be enough to become a top player in your industry. Be sure that your costs are still reasonable to customers even after adding your profit margin.

According to smallbiztrends.com, only 40% of small businesses are profitable, 30% break even and 30% are continually losing money.

 

startup profitability - minimum viable product guide

 

The initial verification usually isn’t enough to prove that your business will be sustainable on the long run. That part will be up to your actual MVP.

You can get really creative with your idea verification methods. Use every tool at your disposal to measure the buzz around your idea. These examples are accessible to everyone for little or no expense:

  • Google search
  • Google Trends
  • Landing pages
  • Explainer videos
  • User testing

Start by identifying your key customer profile and creating buyer personas. This should help you visualize your ideal client base and customize your marketing messaging to better fit their specific needs. Do your best to reach out to as many people who fit this profile as you can.

What does the minimum viable product development process look like?

Minimum viable product development has to result in a product that delivers real value to its users is a complex process that may vary depending on your industry, product type, user base and so on. For the sake of clarity, we will break the MVP development process down to the following steps:

I. Setting a hypothesis

Hypothesis-based decision making helps you avoid basing your product idea on false assumptions and prejudices.

While it might seem like a billion-dollar idea to produce a smart salt shaker with Bluetooth technology, it can’t hurt to double check first. Just to be sure.

Using this method to come up with a business idea should guarantee that it will be based on real-life demand. A good hypothesis must be:
– easily testable,
– clear and measurable,
– either clearly true or false.

The most simplified template for such a hypothesis would look something like this:

 

If [cause], then [effect], because [reason].

 

Example: If we develop an app for broadcasting nostalgic content for people born before 1970, then we can get 50,000 people to sign up for a free trial by the end of 2020, because research data shows us that 80s and 90s nostalgia is very captivating to our target audience.

Once you have gathered sufficient evidence proving that your hypothesis is true, you can start planning product development with much greater certainty.

 

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II. Selecting technologies

Minimum viable product development can be done with any modern-day programming language. However, it is crucial that you decide from the start whether or not you are planning to develop an MVP, or a full-fledged software product. If you choose the MVP route, you should go with technologies that are highly flexible and scalable.

Due to the evolving nature of an early MVP, developers need to be able to easily make changes to the source code at all times. By choosing modern and frequently updated tech in the planning stage, you can make your team’s life much easier when it comes to implementing these changes.

You should always choose the technology your team is most comfortable with. If you are open for suggestions though, here are a few pointers:

Micro-service architectures carry great benefits for MVP development. These micro-services are comprised of small modules that communicate with each other, and sometimes with the user as well. By using modular builds we are able to decompose an application into different smaller services. This makes the application easier to understand, develop, test and become more resilient to changes in the architecture itself.

Thanks to the independently functioning modules, multiple autonomous teams can work on development at the same time. This alone can help speed up the project significantly.

 

monolithic vs microservice minimum viable product

Source:    bmc.com

 

However, if you are developing a really minimalistic MVP with a small team, and scalability is not a top priority yet, we would rather recommend using monolithic architecture. Its main benefits are faster development and lower hardware requirements.

Also, the developed application will be self-contained and independent from other computing applications. Later on, if scalability becomes important and more developers join the team, it should be separated into micro-services though.

A lot of developers would disagree with using monolithic architecture for MVP development today. It may be falling out of popularity, but we believe there are still cases where it’s the right call. Instead of selecting the most popular option, this decision should be made according to product strategy and technical requirements.

Language-wise we ourselves prefer to use Java, since that is what our team has the most experience with. We have also started using Go (or Golang) recently, thanks to its speed and ability to produce small, static binaries. These really come in handy if you are working with micro-services.

Regardless of the selected technologies, you can build a top-quality MVP if you invest the time and energy into planning your project properly. You can only make your development team’s life easier if you choose a modern and frequently updated language.

One of the most common pitfalls of this process is not having a clear vision of a specific end goal and focus on the most critical features.

 

 

III. Product feature development

Choosing these key features may sound easy enough, but is not always so straightforward. This is why you needed to do all that research first, and verify your concept before moving on to product development.

If you already have a good understanding about your market, the development process itself should look something like this:

  1. Define product requirements
  2. Plan and assign development tasks
  3. Feature development and testing
  4. Live release
  5. Product evolution (repeat 1-4)

 

Try to look at product development as a cycle instead of a linear process. In this example, the live release doesn’t happen when development is finished, it happens when the MVP functions on a satisfactory level. Your product still needs to evolve through future iterations. Current features will have to be tweaked or scrapped if necessary, new features might have to be added, etc. In some cases, development may continue throughout the entire product life cycle.

Have you heard about the location-based iPhone app called Burbn? It allowed its users to check in at particular locations, plan future check-ins, earn points for hanging out with friends, and post pictures of these meet-ups.

 

burbn minimum viable product

 

The app wasn’t doing too well after its initial release. After analyzing their users’ activity more closely, the creators found out that people were mostly using Burbn to share photos. They weren’t using the check-in features at all. The app was just too complicated, and came with a lot of features that users found unnecessary.

The team finally decided to act on their data, focus on the photo-sharing feature and throw out everything else. This app is called Instagram today.

This is a good example for why it is essential to involve real users in the development process from the early stages.

Our team places a great emphasis on product evolution as well. Here is what the development cycle usually looks like for us:

minimum viable product development cycle

 

IV. Testing

Continuous testing is one of the key principles of validated learning, which is used to mitigate the considerable risk of launching a new product. There are over 30,000 new consumer products released each year, and 95% fail, according to Harvard Business School professor Clayton Christensen.

We recommend that, apart from testing software functionality, you should also start usability testing as early as possible. This is important because even a perfectly functioning product can be misinterpreted by users due to confusing layouts, unclear documentation or faulty user interface design.

 

user vs usability testing

Source: medium.theuxblog.com

 

Normally, software doesn’t get released until it is complete and working just as intended. Although a minimum viable product is intentionally released in an incomplete state, it is still expected to work flawlessly in the hands of users. It basically has to be much lighter than a complete software, but still has to seem just as stable. This requires continuous feature testing in every development phase.

The development team must include testing during and between sprints (iteration periods in continuous Agile software development cycles). Sprint length and frequency usually varies depending on client needs. For some clients we test each development task individually, others only require testing at the end of a sprint. We always use the same platform for this purpose that we use for development as well.

Minimum viable products are beneficial long-term, in part because the high user expectations result in a high-quality product that is thoroughly tested down to the smallest detail.

 

V. Collecting data and analyzing a hypothesis

The point of minimum viable product development is to collect user feedback, analyze this data and finally act on it through future product iterations. As your prototype becomes stable enough to be put into the hands of real users, you must also have the necessary data collection channels and tools in place.

To identify your key audience and focus on their needs as accurately as possible, you will need to measure their demographic (age, gender, location, etc.) and behavioral data (device usage, interests, preferences and such).

Remember that all data collection practices on your website and applications must be done with consent from the user.

The most widely-used data collection methods are:

1. Third party data collection services already available on the market

There are a number of ready-to-use tools out there such as Google Analytics, Crazy Egg, Hotjar, Optimizely and others, which can help you collect useful behavioral data about your website and apps.

Unfortunately, these tools may have some drawbacks for clients in EU countries. GDPR regulation now limits what types of data can be collected and under what circumstances. This means that you probably won’t be able to use them to their full potential.

You can also gather useful data from the App Store or Play Store if you are planning to release a mobile app.

2. Built-in custom data collection features

With integrated monitoring features you can measure and analyze almost any element of your product at this stage. You can keep track of which software features people are using, where and when they are using them.

We usually recommend to our clients to build a reporting page where they can organize all relevant data and visualize it so it can be presented to the whole team.

Again, it is crucial to remember to disclose all information about your data collection and management practices in your privacy policy.

Also make sure that your methodologies are in line with GDPR regulation for EU countries.

3. Surveys that ask users for in-depth feedback directly

E-mail and pop-up surveys are still one of the most useful ways to collect information about user satisfaction and recommendations. You can use them to get answers you can’t find by just monitoring behavior.

Be careful not to annoy your users with too many such requests and ruin their user experience though.

 

VI. Launch

Your minimum viable product is ready for launch when all the minimum requirements are fully developed. The product must be of satisfactory quality and without any critical usability errors by this point. You should know whether or not this is true from the results of previous testing.

Product testing and evolution doesn’t stop after the minimum viable product phase either. It is up to your product team now to listen to your customers, find ways to deliver even more value to them and integrate the necessary changes through future development iterations.

 

build measure learn cycle mvp

 

Remember, if you get your finger off the pulse of the market, you can quickly lose touch with your customers’ needs and allow competitors to swoop in.

Keep in mind, that developing a flawlessly working app with beautiful design does not automatically make it successful. You also need a strategy to acquire and continuously grow your initial user base. This topic deserves a whole article of its own.

Be sure to remember that a half-completed app with a steadily growing user base is always more valuable than a 100% finished application that nobody uses.

 

Summary

Successful minimum viable product development requires careful planning from the early stages, and close monitoring throughout the development process.

While there can be a lot of money involved later on, getting rich fast must not be the only motivation for minimum viable product development. If your new product truly helps people improve their lives, or the way they work, your chances at success are already much higher.

Be careful not to rush into development with only an idea. Do your best to back it up first through market research and concept testing.

Once you’ve decided that you want to develop an MVP version, stick to this decision throughout the development phases. Pay close attention to how your customers use the product or service, and plan each following evolution stage accordingly.

RabIT software engineering

RabIT is an innovative software engineering company from Hungary. Our goal is to help startups and enterprises drive growth through technology innovation and make a real impact in their industries.

Code quality and transparency are our main priorities throughout each project.

WebBY RabIT software engineering · September 11, 2018

Minimum Viable Products (MVPs) help you gather important feedback and estimate market interest. The MVP is the initial version of your product that only has the core features that are essential to solving an existing problem for your prospective customers. Methods like the Wizard of Oz MVP, Concierge MVP or the Piecemeal MVP and others have are proven successful in measuring early interest.

This first version needs very little investment of resources into product development. MVPs can be immensely useful if you want to validate your product on the market as early as possible.

A few weeks ago, we talked about ways to validate your business idea, and why it is important to do so.

This model has contributed to the development of various tools and methods that can function as MVPs. Examining the pros and cons of each solution for your business will help you select the right type of MVP.

 

1. Landing Page

A landing page can help you acquire early followers, tell people about your product idea and even collect revenue for future product development. You can tell about your project in detail, present its advantages and ask people to support your project. If they like your product idea, they might become your first subscribers.

You can also get users’ feedback with the help of a landing page. This will help you to know your target audience and their opinion. You may also get suggestions that will help you make your product better.

 

landing page mvp

 

Pros

  • Can be set up cheaply and quickly
  • Can easily be matched with online ads
  • Can be tested and optimized easily

Cons

  • The conversion rate is low (about 1-3% of people sign up)
  • Hard to fit all vital information into one page
  • Cheap looking landing pages can hurt your brand

 

 

2. Explainer Video

Explainer videos explain what your product does, and why people should purchase it. It is a good option for making a presentation about your service or product to users without even creating it. The Dropbox MVP was famously presented in this format.

 

Pros

  • Explains your product in a simple and easy way
  • People are more interested in watching a short video than reading
  • You can share the video on social media
  • Good for branding

Cons

  • You may have to spend a lot of money to make an explainer video
  • You need to devote a significant amount of time to get the message right
  • You may find difficulty in explaining a complex product or service in a few minutes

 

 

3. Concierge MVP

With a concierge MVP, you will have to perform each and every function of your service or product manually. To resolve the problems of each customer, you will have to work with them directly. By completing each step of customer orders yourself and collecting direct feedback, you can determine how your end product should look like.

A famous example for this type of MVP is Food on the Table (later acquired by Scripps Networks Int.).

 

concierge mvp example RabIT

 

Pros

  • You do not have to spend time and money on developing a concierge MVP
  • You can communicate face-to-face with real customers
  • You can collect information with the help of a few subscribers

Cons

  • You have to spend a lot of time and effort to manually finish the service
  • Good salesmanship is required to persuade people to try your new solution
  • This only helps optimize the core service, UI/UX optimization comes later

 

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4. Wizard of Oz MVP

The Wizard of Oz MVP creates an illusion of a fully functional product, but secretly depends on manpower to deliver the solution. On the front end, you deliver the impression of a completely functional product; however, on the back end of the product, you have to execute all orders manually.

With this approach, you can quickly create effective prototypes. You can also test the market response to your service or product without really creating anything.

A great example here is the first site of Zappos, a specialized footwear eCommerce startup.

 

wizard of oz mvp

 

Pros

  • You can set up a Wizard of Oz MVP cheaply and quickly
  • You can use online advertising and social media to generate interest

Cons

  • You have to spend a lot of time and effort to manually finish the service
  • People can feel cheated if they come to know that there is no real product

 

 

5. Piecemeal MVP

With a piecemeal MVP, you can deliver the new service or product by using already existing solutions. The utility of existing products is combined to deliver additional value to the initial customers.

 

Pros

  • You don’t have to invest much money
  • You need not spend time on MVP development

Cons

  • You may find difficulty in coordinating many products
  • You may have to spend money on subscription fees

 

 

6. Single-Feature MVP

To create this type of product, you need to determine what should be the core functionality. Understand that while you are creating a single-feature product, that one feature has to work extremely well.

 

Pros

  • Focused on solving one specific problem for a specific audience
  • You can get your product to market fast with relatively low costs
  • You can expand it later without much difficulty

Cons

  • You have to invest some money into development
  • You may struggle to determine which feature you should focus on

 

Choose the solution that best fits your available resources (personnel, money, time). Take into account the requirements and characteristics of delivering your solution, and select the type of MVP that suits them the most.

The minimalist nature of your initial offering should not bother you. Don’t rush into launching a polished product that nobody wants.

 

If you need help planning and launching your MVP, feel free to tell us something about your project during a free consultation. We can help you test your concept and turn it into a profitable software product fast. In a few weeks, you can already launch the initial product version on the market and start collecting valuable customer feedback.

RabIT software engineering

RabIT is an innovative software engineering company from Hungary. Our goal is to help startups and enterprises drive growth through technology innovation and make a real impact in their industries.

Code quality and transparency are our main priorities throughout each project.

Startup & MVPBY RabIT software engineering · August 07, 2018

Entrepreneurs, very often in their excitement, start developing a business idea into a tangible product without determining whether there is a market for it. When you do that, you are likely wasting your time and money on a product that no one wants. That is why it is essential that you know how to validate a business idea first.

Validating a business idea enables you to find out if there is a need for it in the market, can it solve crucial pain points, the number of potential consumers, and how much money they would pay for it. Here are a few ways to validate your idea before developing the product prototype.

Already have a validated business idea? Here is something to help you choose the best software development company for your business.

 

How to Validate a Business Idea?

 

1. Do an Online Search:

It is possible that your idea is not unique at all. Through a simple online search, you can discover products that might have germinated from a similar idea-seed. It is better to think of a new idea if your concept does not offer something extra special or improves the way of doing things.

 

2. Set Up a Landing Page

Setting up a standalone web page, the landing page, helps determine if there is a market for your business idea or not. Your landing page should have a value proposition, concise content, images, and clear call-to-action, and you can promote it on start-up platforms, social media platforms, through SEO and targeted ads. If there is a need for the product, the target audience would flock to your landing page; and if not, you will know from the results.

 

Create an Explainer Video

Visual content does a better job of explaining than text. You can properly demonstrate your product, its features, and benefits through explainer videos. The live and animated videos can tell the target audience about the value proposition. Moreover, you can accelerate engagement with them. This helps to identify the merits and demerits of your business idea.

Here is the very first DropBox demo video voiced by founder, Drew Houston back in 2008. This simple video about an MVP helped grow their beta subscriber list from 5,000 to 75,000 people overnight.

 

Hypothesis Testing

You can assess your value proposition via hypothesis testing methodology, without developing a product prototype. You can use either a Wizard of Oz MVP or a Concierge MVP to validate your business idea.

  • Concierge MVP: You provide the value proposition manually to a small group of test customers, without involving any technology. You perform the service following the same steps as the final product.
  • Wizard of Oz MVP: In this method, you make the test customers believe that the process is automated, and no humans are involved. They see the working front of your product (often a simple landing page), while you complete the service manually in the background.

 

Crowdfunding Sites

With crowdfunding sites such as Kickstarter and IndieGoGo, you can gauge the level of interest in your business idea, as well as determine whether the product can solve specific pain points. Moreover, you also find out if the product is exciting enough to get funded.

 

Single-Feature MVP

Single-feature minimal viable product (MVP) enables you to test one core aspect of your idea. You give your end-users this one-core-feature product to use, to get early feedback. It is one of the easiest methods by which you can validate or invalidate your business idea, and you can do so on a shoestring budget.

Now that you have a basic idea about how to validate a business idea, you can get creative and start reaching out to your customers to find out first hand if your idea really has merit or not.

 

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Here are some useful tools that can help you on your idea validation journey:

Toolkit for concept testing – QuickMVP, SurveyMonkey

Create modern landing pages – Instapage, Leadpages, ClickFunnels

Drive traffic to your online pages – Google Ads, Bing Ads, Facebook Ads, Twitter Ads

 

If you need more advice on how to validate a business idea, or plan your first MVP, feel free to ask your questions via e-mail at info@rabit.hu, or by signing up for a free consultation here. We will do our best to answer all your questions, no strings attached. Thanks for reading!

RabIT software engineering

RabIT is an innovative software engineering company from Hungary. Our goal is to help startups and enterprises drive growth through technology innovation and make a real impact in their industries.

Code quality and transparency are our main priorities throughout each project.

Startup & MVPBY RabIT software engineering · June 26, 2018

Product Hunt has developed an innovative platform that took the tech industry by storm back in 2013. By today, the website has more than 7 million monthly users according to SimilarWeb. If you want to find early adopters for your MVP, there is no platform better than Product Hunt.

Let’s say your startup has developed a cutting edge new mobile application, that offers tons of real benefits and value for your customers, and that is without competition. The glitch, nobody knows about it. It seems doomed to obscurity because the product manager has failed to find early adopters – the key to determining the success of a new minimum viable product.

 

Influential early adopters hang out on Product Hunt regularly, to discover and discuss new products. When you showcase your minimum viable product on the platform, you also get to engage with users actively. Once you win them over, they will help propel the product across the chasm.

On Product Hunt, early adopters also help shape your creation into a great product by providing constructive feedback. They list the pros and cons of your product, enabling you to improve existing features and add new ones. As a result, you enhance the product and offer consumers what they really want.

You can also find investors who are willing to back your product on Product Hunt. They are often part of the early adopter community and are always on the lookout for exciting new products. By leveraging the platform, you can convince them of your product’s profit potential and the demand for it in the market.

Moreover, the buzz generated by early adopters for your product draws the attention of the journalists. You get positive media coverage for your product without hiring a PR agency.

 

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How to post a new MVP on Product Hunt

  1. Create a personal account
  2. Login and click on the “+” icon in the upper-right hand corner
  3. Gain Access to Post: Complete the three-step contributor program to gain access to post
  4. Submit the product’s URL, name, and tagline

Each post should include:

  • Category – Pick an appropriate category: Tech, Games, or Books
  • Name –Product’s name
  • URL – Provide primary link: the product page link; followed by App store links
  • Tagline – Describe what your product does in less than 60 characters
  • Description – Describe the product, its features, and functionalities succinctly
  • Thumbnail –Upload an image to describe the product visually; use square dimensions
  • Gallery- Show off your product by uploading more than two images
  • Makers – Add everyone who has worked on the product by their Product Hunt usernames

 

Getting your minimum viable product in front of early users is essential to building a final product that your target market audience will adore. If you have any other questions about the software MVP development and launch process, feel free to ask them at info@rabit.hu , or sign up for a free consultation.

RabIT software engineering

RabIT is an innovative software engineering company from Hungary. Our goal is to help startups and enterprises drive growth through technology innovation and make a real impact in their industries.

Code quality and transparency are our main priorities throughout each project.

Startup & MVPBY RabIT software engineering · May 24, 2018

If you haven’t been living under a rock with no WiFi for the past few years, you probably noticed that blockchain startups are all the rage nowadays.

By today, the term blockchain has become synonymous with cryptocurrencies, thanks to the media hype surrounding these topics. To be fair, virtual tokens like Bitcoin and Ethereum were really the driving forces that popularized blockchain technology.

However, it is important to understand that there is much more to blockchain than moving and keeping track of cryptocurrencies.

High security, decentralization, immutability, transparency and trust are only a few reasons why industries like finance & banking like blockchain technology.

However, the system also has some pretty significant disadvantages that people rarely talk about. Slow and expensive data encryption / decryption, high costs of maintaining a large computer network, opposing regulation all pose significant barriers to fully adopting blockchain technology.

Despite these obstacles, there already are a lot of blockchain startups out there that are trying to utilize these benefits in new and innovative ways.

 

HERE ARE 10 OF THESE BLOCKCHAIN STARTUPS:

 

OpenBazaar

OpenBazaar is a permissionless online marketplace. It utilizes Blockchain technology to create a decentralized network, that allows everyone to connect directly to other users and trade with them. Unlike other eCommerce sites such as eBay or Amazon, this network isn’t controlled by a company. This means that there are no mandatory fees to pay, and that trade is censorship-resistant.

 

FarmaTrust

FarmaTrust is a tracking system which was created to make sure that counterfeit drugs do not enter the global supply chain. This blockchain startup exists to provide security to pharmaceutical companies, governments, regulators and the public. Their system also utilizes Artificial Intelligence and advanced data analytics to help everyone in the pharmaceutical supply chain identify counterfeit drugs before they reach the market.

 

Ripe.io

Ripe.io is building an unprecedented food quality network that maps out the food journey to answer what’s in our food, where it comes from and what has happened to it. “Building the blockchain of food”, their main goal is to change and improve the food supply chain through blockchain and the Internet of Things.

 

CPROP

CPROP is a blockchain real estate transaction management platform. It was created to solve the main problems and relieve the stress associated with buying and selling property. The platform uses blockchain technology to make the entire transaction process viewable for all permissioned parties to see, building much needed trust and transparency.

 

 

ShoCard

ShoCard is a mobile digital identity card that provides verification of your identity via the blockchain. Enterprise identity authentication, faster and always accurate customer authentication for banking and retail, passenger verifications for airlines, driver license always on your phone. These are only a handful of possibilities of ShoCard.

 

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Props

Props created a decentralized ecosystem of video applications to solve what they call the biggest problem in “social”: a few platforms dominate and control the digital media distribution. Their strength depend on the millions that contribute, yet those only gain a fraction of the value they provide. Props helps users earn for their contributions to a network and have a stake in the community they are growing.

 

Voatz

Voatz wants to make voting easier, tamper proof and verifiable. They want to make voting possible with the simple push of a button from home instead of going to a voting office. Voatz could eliminate all of the flaws in our current voting system, thanks to the implementation of blockchain technology.

 

 

Tealet

Tealet is an online farmers market for tea. Independent tea growers are connected directly to their retail and wholesale buyers. Tealet serves as a transparent supply chain platform that provides optimized online marketing, international logistics, and low-cost payments via cryptocurrency. Furthermore they teach local farmers to produce their own quality tea instead of just producing in batches.

 

DentaCoin

Dentacoin is the first blockchain concept designed for the Global Dental Industry. They created a platform with their own ERC20 token, configured to be used globally in an attempt to improve dental care worldwide, while making it more affordable thanks to the power of the crowd.

 

 

Arcade City

Arcade City created an application which aims to beat Uber at their own game by moving ride sharing and car hiring to the blockchain. Their platform combines the idea of sharing economy with collaboration to help top drivers earn more than ever before, fully secure.

 

Remember, the technology is still in baby shoes. These blockchain startups are among the early adapters. Nobody really knows how efficiently blockchain can be implemented in these industries on the long term.

Although there are already a lot of ideas for implementation, most of these would be possible to execute without blockchain as well. A lot of blockchain startups are simply using the insane media hype around the technology to raise capital faster.

While most of these ideas sound really attractive in theory, we would advise everyone to look at them with a healthy dose of scepticism for now.

The system still requires a lot of invested time and money, and more support from regulatory authorities. It is not just a disrupting technology, but a base for transformation with the potential to change the world.

 

The fact is that interest for Blockchain is still growing every day. Some statistics from a Deloitte survey:

  • Nearly 75 percent of executives see a business case for it
  • Only 22 percent surveyed don’t see a compelling application
  • 43 percent of the respondents said blockchain is one of their top-five strategic priorities.
  • 25 percent of respondents expect to invest more than $5 million in blockchain technology during the next calendar year.

SOURCE: Deloitte

 

In the near future, this new technology could help you offer your services from a completely new angle, potentially even transforming your entire value chain. On the other hand, investors could also end up losing interest in blockchain systems in a few years, causing it to fall out of favor.

Only time will tell.

RabIT software engineering

RabIT is an innovative software engineering company from Hungary. Our goal is to help startups and enterprises drive growth through technology innovation and make a real impact in their industries.

Code quality and transparency are our main priorities throughout each project.