You don’t need a lot of startup capital to build a product

“Now that I have clarity on the product requirements, we have put together a development plan. I am working on the budgets, looks like we are going to need a lot of money.” Yash started as we found a corner table in the coffee shop.

“Yes, you need a lot of capital to build a product, particularly when you have ambitious plans. And it’s not easy to get it.” I could see a valid concern in his mind.

“But you don’t need all of that from day one, right? Let us focus on the budget required for building a minimum viable product. A minimum viable product is the smallest set of features required before the users can start using the product. It must have something that the users would be ready to pay for.”

Many times, the funds required to build a well-running organization can be way above your expectations. What you need to start is a great vision and a small personal contribution that can get you going. There are many avenues available to raise funds, however, not many people would like to invest just based on your dreams. Particularly, for first-time investors it is hard. The first step is to build something that demonstrates the viability of your vision before you can go to anyone else.

Did you have all the dollars in hand, before starting?