Frequently Asked Questions
What is a fractional CTO (Chief Technology Officer)?
A fractional CTO is the technical advisor for part time executive duties. He manages technical strategy, budget, engineering talent and feature roadmap.
What is an MVP (Minimum Viable Product)?
A Minimum Viable Product is the first prototype you build to get traction with users or investors. It is essentialist and unique, and focused to your value proposition. Not much effort is spent on UX, testing, personalization, since all budget is spent on core features.
How much does a fractional CTO cost?
Rates range depending on experience and stage of startup. Most advisors make between $150 and $600 per hour. It is cost effective since they are part time. Compare their opportunity cost to making $800k at Google.
Why might some companies need to hire a fractional CTO for their company despite not being in the tech sector?
Software is effective in solving problems for almost any business. A fractional CTO helps budget and prioritize as well as triage initiatives for their impact on the bottom line.
Why hire a fractional CTO?
Companies can get access to needed expert advice on technical direction. Since the commitment is part time and flexible, it is cost effective and adapted to current needs.
What is the main goal of an MVP?
Finding product market fit is the goal of an MVP. This may be done by testing with users, searching for paying customers, or raising funds from a VC who validated the market.
What is an MVP used for?
A minimum viable product is used to find product market fit. To engage with early adopters and initial customers to refine the feature set and the core value proposition.
Is no-code better than coding?
No code platforms can get a business up and running quickly, as well as allow an entrepreneur to build himself. No code platforms have little flexibility and defensibility. They often must be thrown out before a beta version.
How much does MVP app development cost?
Generally an MVP can range between $1000 and $20,000. It is key to build only the essential components, the unique features new to the market. In this way, an entrepreneur can keep their budget reasonable.