Posts Tagged Under: MVP

How Much Does It Cost to Build a Binance-Like Crypto Exchange?

Just as the name suggests, a cryptocurrency exchange is a business, online or otherwise, allowing its customers to trade digital as well as traditional fiat currencies. In recent months, starting up this type of company has increasingly become more enticing, as despite the market’s volatility, companies such as Binance have been making good profit, and prominent exchanges like the Tokyo-based Binance are publicly benefiting from extraordinary amounts of success.

Yet replicating such an achievement is not without its challenges, as important security issues must always be borne in mind.

Nevertheless, by understanding the right components and developing a thorough game plan, you can build a successful crypto exchange both iteratively and inexpensively.

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Prototypes, MVPs and POCs — Steps to Market Readiness

According to a recent study by CB Insights, the #1 reason why startups fail is a lack of market need. This was shown to be the case in approximately 42 percent of all surveyed businesses. The great lesson here, of course, is that as an aspiring entrepreneur, you must always be careful to not put out there something that consumers simply have no appetite for — but how can you be so sure?

Well, if you’re a regular blog reader, you probably know that an MVP, or minimum viable product, is an excellent way to gauge the market readiness of your product, but this is where things can get a little confusing. After all, how does this differ from a prototype, or even a proof of concept (POC)? These terms get thrown around by techy developers all the time, but deciphering what they mean can often be a challenge.

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Our Fail Fast Approach: Turning Failure Into Success

From an early age, we are taught that failure is a bad thing. You should never fail exams, you aim to pass them; you don’t become something in life through a series of floundering events, you work hard to succeed and keep winning.

So when the Agile concept of “failing fast” is met with wide eyes and a spattering of bad publicity, is that really such a surprise? After all, surely we should all be striving towards success, not failure.

To be fair, such an assumption is indeed perfectly logical, yet allow us to reframe the matter by focusing on a case in point: Thomas Edison. You see, before finally succeeding at perfecting his light bulb, it is said that the inventor was first destined to see it fail — not once, not twice, but approximately 1,000 times.

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InCamp 2017

Every year, Software Planet Group’s inCamp internships provide graduates with the chance to be taken under the wing of some of our very best mentors. We are constantly seeking to improve our internship experience and are pleased to report that this year’s programme has blown all previous inCamps out of the water.

And so, without further ado, here is an overview of everything our interns have got up to so far:

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Project KIOSK: An Intern’s Report

It all began last winter. We, a team of reckless youths, had somehow been chosen to take part in Software Planet Group’s inCamp internship. Well aware of our stroke of good luck, we set out to not only put our best foot forward, but also create something truly special :). And lo and behold, in the middle of our internship, along came KIOSK.

Now, we are all familiar with that pesky desire to nibble on something tasty throughout the day, but equally, we know how troublesome conventional refrigerators can be! For example, imagine that you’re feeling just peckish enough to grab a chocolate bar. You excitedly skip to the fridge and open the door of goodness only to have all your hopes and dreams dashed by whomever took the last Snickers!

KIOSK helps you avoid such unpleasant situations by mirroring the current availability of snacks in your fridge. The service notifies users when a product is no longer available and even tells employees how much money they have spent on snacks each month.

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Paving the Way for Startup Success: Our Two-Week Method

If you like to keep up with tech news, you will have undoubtedly heard of the freshly pressed Juicero debacle. In a viral video, Bloomberg reporters demonstrated how the company’s expensive juice packs could easily be squeezed by hand, dramatically exposing the $400 juicer as a ludicrous gimmick. Like wildfire, the internet was quickly set ablaze with comments from consumers who felt they had been swindled to internet trolls gleefully overcome with schadenfreude. Juicero, in turn, found itself in unfamiliar territory. Just a few years ago, the company had been living the Silicon Valley dream, to the point of securing nearly $120 million from major investors like Google and Kleiner Perkins. So where did it all go so horribly wrong?

At the height of the raw food diet craze, Juicero promised a revolutionary machine that would efficiently squeeze large chunks of organic fruits and vegetables. While this was all well and good, like so many others before them, the startup mistakenly believed that a good idea on its own can lead a product to success. In fact, the company’s fate was sealed from the very beginning; the moment they chose to present their product to investors with the help of a non-working prototype. Since then, Juicero continued to ignore the significance of a crucial step in development — the Minimum Viable Product (MVP).

In essence, an MVP represents the smallest possible product that is both usable and valuable to a target audience. When professionally developed, it is able to lower project risks, save money and win over investors. At Software Planet Group,

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