Product Limbo: How to get back on track and launch your product 🚀

Scenario

As a startup founder, you’ve probably encountered numerous hurdles on your path to success. One of the most disheartening setbacks can be investing substantial amounts in product development only to find yourself without a tangible product to show for it.

Consider this: You hired a team of skilled developers, pitched them your vision and left them to work their magic. However, six months down the line, your minimum viable product (MVP) remains unfinished. You’ve poured significant resources into the project, and your investors are growing impatient. The developers promise another month, which morphs into three. This leaves you questioning: “I’ve already invested so much, where do I go from here?”

While it may feel like a massive setback, it’s important to remember that many successful entrepreneurs have faced similar challenges. Here are some steps you can take to get back on track!

Evaluate your current position

Take a step back and objectively consider your remaining budget and how realistic it is that you can launch a product on time. Be mindful of the sunk cost fallacy – the belief that you are too invested to turn back or pivot. Oftentimes, pivoting or starting fresh is the best move.

Rethink your MVP and business model

What is the most basic product you can take to market that will generate revenue? Tip: This should be achievable in 12 weeks of development. If you don’t already have this MVP, are you confident you can make it 3 months with your existing team and budget?

Review your tech stack

Thirdly, if you have an existing development team, but your tech stack isn’t quite right, consider out of the box options. Baseline is a framework for app development that gives you 6 months development out of the box. This allows you to retain your existing team and start with a future-proofed tech stack, but not lose additional critical months before launch.

Engage technical expertise

In cases where both technology and the team are not working, it’s wise to engage an experienced technology partner with both engineering and business advisory capabilities. Devika specializes in building MVPs in just 12 weeks, ensuring startups can launch quickly, generate revenue, and adapt as needed without the burden of maintaining a full-time team.

In summary, it’s vital not to succumb to the sunk cost fallacy. Instead, pivot, streamline, or seek expert help to get your startup back on track. Consider trusted partners like Devika, who have a proven track record of launching successful products. Your dream can still become a reality.