The costs and time of developing an MVP depend on the type of product you want to deliver. On average, the MVP development process takes around 2 - 6 months. Indeed, you can extend this period depending on the number of features you want to cover in your product.

At TIGO, we recommend our clients start or test their business ideas with an MVP. 

The cost of getting complete product development would vary as per your software requirements, size, complexity, team required, and time to build. A simple MVP development that requires eight weeks to build with a team of five can cost around $60,000.

Cost savings on getting managed projects

With a managed product development project, you need to send your requirements, get the quote from the outsourcing agency, have a team set up for you, and get the project work done. They even assign a project manager, so you even save the cost of managing the product development. 

Cost Of Hiring Complete Teams

When you decide to build a product development team with an offshore company, there are different costs included in it. While the software outsourcing company would quote a price for the complete team, to calculate it, you can sum the per hour fees of all the developers together. So, if you need a team composed of a senior software developer, junior software developer, project manager, business analyst, QA engineer, and UI/UX designer, the charges would be a sum of their per hour fees. At TIGO, on average, this could come around $20 per hour or $3,500 per month. 

How much does it cost to build an MVP?

As we have discovered what are the steps of MVP development, let’s take a short review in the table below. It shows the time and money needed at each step of MVP app development.

The MVP cost for different types of solutions

The MVP pricing above is approximate. You can get the exact cost of MVP app development services from your software development partner.

It is essential that you include the features that will make your product attractive to early customers. The MVP that you build aims to win users’ trust and interest. So, it is advisable to reach the optimal price that correlates with your MVP’s core functionality.

Cost breakdown by components

MVP price is a relative thing, that is constructed of different components. Here is a list of such components: 

• Services (design, dev, Qa, etc);
• Platforms (mobile: Andr/iOS/ both, web);
• Product USV (unique sales value – in tech or service);
• Design complexity and number of iterations;
• Scope of product and number of user roles;
• Stakeholder maturity – how well does he know the market and domain?
• Third parties vs Custom development (Custom CMS or Admin panel will be higher in cost).

Factors influencing the MVP cost

Ad-Hoc Costs

While these are some of the direct costs in outsourcing, there could be a number of ad-hoc costs that might crop up during your outsourcing venture. Some of these out-of-pocket costs are listed down below:

• Cost of getting the SSL Certificate for your product's security 

• Cost of creating the SSL certificate, if you want one

• Cost of asking the developer to visit on-site or you visiting the company's office

• Cost of technical consultant or project architect as a technology partner that you might seek 

Frequently Asked Questions