In this phase, our team will be focused on building a minimum viable product (MVP) and other considerable costs which can be break down:
- The space provided from business incubator such as Future World to develop the application (free)
- Hosting service using cloud (around £300 /year)
- Support/maintenance (around £2.000 pounds/year)
- Application development (around £47.200 based on: http://howmuchtomakeanapp.com/estimates/results)
The calculation is based on various resources from the internet. For the support and maintenance, we decided to calculate with the minimum wage that offered by the university for students (£8.21/hour). These costs are not fixed for now but will give roughly estimation on the needed fund for building the platform. Based on this calculation, we could safely said that our team will need around £50.000-£60.000 to run for the first year.
The cost itself could be lower if we could secure a good partnership that help us secure some needed resources.