Over the past couple years, I’ve been serving as CTO for several startups that are now seeking funding. This overview of cost to build an MVP is about right. It might be shooting low for more complex projects if the team can’t agree what’s truly minimal. Also, I’ve only ever heard bad stories about hiring offshore teams to build prototypes.
An MVP (minimum viable product) is defined as the smallest possible thing you can do to prove a set of hypotheses about a business idea, according to Lean Startup theory. There are different kinds of MVPs, depending on the business idea that you have.