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Labs is where we make small bets. These are experimental products and services that we develop to very quickly validate or invalidate a hypothesis. Much like a good trader our focus is to cut our losses (fail fast) or ride our gains (incubate).
A typical labs project has the following characteristics:
Cost: $10K - $50K
Duration: 2 - 8 Weeks
Product Classification: MVP
Supported By: Fractional solution architect and Archimydes
Team Composition: 1 Product Manager, 1 UX/UI Designer, 1 Front-end Developer, 1 Back-end Developer