How To Rescue Your Digital Venture

When building a digital venture, there are many ways that things can go awry. Developers can leave the project, funding can run dry or timelines can be mismanaged. All of these risk factors can lead to a failed app or startup, something that very few founders can recover from.

That’s why the venture studio model makes so much sense. One failed project doesn’t sink a team - in fact, their experience becomes a valuable asset to the next project they join. This is what makes the studio model more risk-averse than your average startup.

But what if you don’t have your own venture studio and things are heading south? What do you turn to?

In this article, we’ll break down some scenarios that may take place in the course of an app development project and what you can do to rescue your digital venture before it’s too late.

The Problem: Staff Turnover In App Development 

It’s been a difficult time when it comes to hiring lately. Not only are some of the giants of the industry going through major layoffs, but hanging on to good talent has also become more challenging. App developers are in high demand, and although there are many developers out there finding quality people that will stick around for the long term can be a headache.

So you’ve finally waded through the waters of finding the best developers you can for your app development project, and then they just…leave. Maybe they’re headhunted by another company, maybe they decide they’re sailing around the world or they feel the need to move on because there is a culture issue in your startup.

That leaves you with an incomplete project, and that might mean rewriting the code in the future, having to look for someone that can pick up where they left off, and more. In other words, a massive problem on your hands - all while your competitors are racing their way to the market or already launching improved features.

The Solution: Hiring A New Developer Or Using An Outsourced One

Your solution here is easier said than done, but let’s break it down. How you approach this problem will depend on:

1. The size of your team
2. The stage of your project
3. The budget you have

If you’re building as a smaller team, having a developer leave can have a big impact on your timeline. The first thing you need to do is zero in on what has been done, what is left to do, and what the capabilities of your remaining team are.

If you need to bring in new talent, consider the merits of working with a new hire versus outsourcing to an existing agency.

A new hire may mean you need to take the time to find someone suitable, train them on the correct protocols, and integrate them into your project.

An outsourced developer from an agency however would be able to jump into your project with their existing expertise because they work on new projects regularly. You can work with the agency to get the developer for the amount of time you need them, and even get assistance and mentorship for your project.

The Problem: Mismanaged Timelines

So you had a deadline for your project and you missed it. If you are funded through venture capital, this could put you in some hot water with your shareholders. If you’re bootstrapped, it’s going to be money out of your pocket for every day that you are overdue. 

Sometimes app development timelines can come with some unforeseen circumstances - such as a developer leaving the project early, not having an effective project management plan in place or poor development planning such as adding too many features. All of these factors can slow down the delivery of your project and cause an influx of costs as you try to catch up.

It might be time for crisis mode, but it’s important not to panic - here is how you can save the situation:

The Solution: Manage Expectations Effectively

Your first job here is to go to all the important stakeholders and ensure they are aware of the delay, why it happened and how you are planning on fixing it.

And how you plan on fixing it matters a lot - this is where an experienced project manager can be the make-or-break of a project. If you don’t have one of these, here is what you need to do:

1. Understand what it could mean for your project. Was this a critical deadline, and does it put the whole project in jeopardy? 
2. Identify what your options are for the project. Now it’s time to mitigate the impact of the above - you need to compress the schedule and fast track what you are doing to ensure you can deliver. Can you reduce the scope of the project, or add more people to the team to help you finish the project?
3. Determine which solution will get you on track. Which of the above options makes the most sense for the project to move forward, and can help soften the risk of additional costs? Once you have a plan in place, figure out whether there will be a lasting impact even if you finish the deliverable.
4. Communicate, communicate, communicate. Your clients or stakeholders deserve to know if there is going to be a delay in the project. What matters most is that you inform them early, tell them your resolution plan and stick to it while giving them regular updates on how things are going.

Building An App Project With A Risk Managing Venture Studio

Building a digital venture is no easy feat, and getting it to market is even more challenging. If you’re building your own app project, then you may have already run into some of the issues mentioned in this article, and wondered how they could have been avoided.

One way is by working with a qualified venture studio like NineTwoThree Venture Studio. With more than fifty digital ventures and fourteen startups behind our name, we specialize in bringing projects all the way from ideation to market and beyond. 

Partnering with industry leaders and visionary entrepreneurs we focus on profit producing applications that are a delight to use. We leverage this transformation through the power of agile methodology, design thinking and impeccable engineering to help our clients rapidly identify and validate new products.

And that’s not all we do.

We validate ideas and solve big challenges with you through prototyping and testing. Instead of waiting to launch a minimal product to understand if an idea is any good, you’ll get clear data from a realistic prototype. The sprint gives you a superpower: You can fast-forward into the future to see your finished product and customer reactions, before making any expensive commitments.

We map out your entire project, deliverable by deliverable and tell you exactly when your product will launch. When we propose a budget, we are confident in our team performance and will ensure your project is delivered on time.

So if you need help with your next or current digital venture, don’t hesitate to reach out to us. We’re one of the leading mobile app development companies in Boston and we want to work with you!