how to build a proof of concept

How to Build a Proof of ConceptAvoid Startup Failure and Money Loss by Building a Proof of Concept First

First of all what is a Proof of Concept or POC?

In basic terms, will the market hate or like your idea. Hence, giving you the critical feedback

on whether to pursue, modify or scrap your concept altogether.

From my personal experience not enough startups apply this critical step in the initial phase

of starting a business. A phase which can potentially save you a lot of time, money and invested heartache.

When developing a proof of concept, what does one need to consider?

First of all, what is your idea and what do you want to develop?

What is your budget? Can you even afford a proof of concept?

Keep it simple. You are not building your entire core idea.

The duration of the proof of concept should last no longer than 1-4 weeks.

You need a software development team that understands the proof of concept approach

Don’t try and address all market devices (You can look at that if you move beyond the POC phase)

What software do you want to develop?

eCommerce shopping application

Golf swing video analysis application

Online radio application

Stock trading application for short-term investors

For the purposes of this article, let’s use the example of building a POC for a “Stock trading application for short-term investors”. This could be a debatable or an unethical idea due to the short-term market approach. However, the application could provide specific high return tips on the stock market with a special algorithm.

What type of functionality does this POC need to cover?

Login screen

Search stock price function

Portfolio balance and transaction history

The application has the ability to provide profitable portfolio recommendations to buy and sell

tips

Placing a trade

Logging out

You will need a team to execute the proof of concept

Project Manager (You could play this role to lower costs)

Front-end or UX Designer

Business Analyst

Software Developer

Software Tester

The online freelance platforms offer a variety of affordable costing options from all around the world. Many of the skill sets of workers found on these platforms specialise in prototyping and proof of concept projects. Make sure you do your homework before hiring.

Software Development Approach

The point of a proof of concept is to keep everything as simple as possible. In this case you are building a stock trading platform.

The special algorithm I mentioned earlier only needs to be simulated also, not physically developed.

The user interface doesn’t have to be perfect, it can be in a prototype format. It all depends on what type of specific feedback you require from the user during testing.

I do advise an interactive approach where the software is developed in a series of “sprints”.

On the first sprint could just focus on look and feel if you require. Here you have the option of performing usability testing at the end of each sprint or upon completion of the proof of concept development phase

Plan and organize

Download templete here: bit.ly/1mRZ6EM

Usability Testing

This is where real users can assess and provide direct feedback to your proof of concept team.Let’s say you perform a usability or beta test of the POC with 10 people for half a day as an example. The outcome of the POC might produce the following outcomes or results by which you need to make a decision on:

10/10 respondents love the idea. Continue to the next stage.

7 people love the idea, but 3 people feel the product requires improvement. Continue to the next stage,

but plan to address the improvement in the next build stage.

5/5 respondents like the idea. Address the improvements immediately and have another round of usability

tests.

7/10 respondents didn’t like the idea. Assess whether any improvements would change their opinion of the

software. They might like the idea, but find the idea too risky.

0/10 respondents hated the idea. Scrap the idea.

Thank youWeb: www.mikehamilton.com.au

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