A quality mobile app built in Australia will cost between $50,000-$250,000+. A startup looking to develop an app with a basic feature set for an MVP is likely to cost between $50,000-$100,000. Businesses wanting to digitise internal processes or integrate with other systems should expect to pay $100,000-$250,000 for an app.

There are six factors that will influence the cost of building an app. These are:

1. the number of platforms
2. the number of screens
3. the app design
4. security requirements
5. backend development requirements
6. complexity of the features

You can find more information on our blog post – “How much does it cost to build an app.”

A technical proof-of-concept (POC) is a group of activities that our app developers undertake to assess the technical feasibility of a particular aspect of your app. One example where we might recommend a POC is a bespoke integration. Another example is where we would be using technologies or devices in unique or novel ways. A POC allows us to understand opportunities and constraints, and identify options, before progressing too far with app design and/or app development activities. Example folios where Wave Digital has completed technical proof-of-concepts are Newtracs and the Medical Director integration for the GoShare Healthcare platform.

A minimum viable product (MVP) is a tool for testing assumptions – about your app customers, product and market – as quickly and inexpensively as possible. It’s designed to validate key assumptions, test market appetite, and gather early feedback with the least effort and investment required. An MVP is a vehicle for learning, not simply a product release with fewer features. Rather than building out a full-featured solution based on assumptions, the MVP is focused on learning from real users and improving the product iteratively.

A prototype in our industry refers to a design activity. The goal of an app prototype is to bring your product to life so that you can show it to potential customers, investors or other interested stakeholders. It may also form part of a business case. There is no coding involved in producing a prototype. Instead, our designers would use one of a range of prototyping tools to transform the app interfaces into a clickable prototype. An app animation, which is essentially a video of the app, is an alternate approach.

Creating an app prototype can take anywhere between 3 weeks to a few months. The length of the process is generally influenced by two things. The first is the client’s availability to collaborate during the design process. Our app designers rely on feedback to ensure concepts are in line with the client’s vision. At Wave, we understand that most startup founders are juggling multiple commitments and adjust the timing of our processes to fit in with their availability. The other factor is the number of design iterations that have been included in the project.

With users abandoning most new apps after the first or second use*, we wrote this article to help those with brilliant app ideas understand what needs to be done to lay the foundations for a successful app.

It’s also critical that you take the time needed to fully validate your app idea, rather than take the ‘build it and they will come’ approach. You can learn more in detail about this in our latest blog article.

* Statistics found within the linked article

Wave Digital’s Managing Director, Guy Cooper, has extensive experience in capital raising. He can guide you on the options available and steps involved and suggest organisations or individuals you could approach.