Frequently Asked Questions
Operations
FYELABS believes in transparent, no-frills pricing to ensure that you only pay for what you need. We offer fixed-fee pricing for projects, and our team is committed to delivering results within agreed timelines, helping you stay on budget and on schedule.
Ultra-Lean Development is a methodology designed to streamline the product development process. At FYELABS, we leverage open-source tools and avoid unnecessary overheads to deliver your product faster and more affordably. This approach ensures that resources are used efficiently without compromising on quality. With ultra-lean development, startups, founders, SMES, and SMBs can affordably take on the Goliaths of the world, and win!
Timing is crucial for any business, and FYELABS understands the need to bring your product to market quickly. Our process is designed to start within two weeks of approval, with an average project length of 6 weeks, ensuring that your product is ready to go-to market, before market demands shift.
FYELABS provides comprehensive product development services all under one roof. From software and hardware, to IoT solutions and industrial design, our interdisciplinary team manages the entire process. This eliminates the need for multiple contractors, allowing for smoother project execution all available in-house.
Our team is made up of experts across various fields—software development, electronics, algorithms, and hardware engineering. This diversity allows us to tackle complex projects from multiple angles, ensuring that no part of your project is left unaddressed.
We are committed to delivering your product on time and to the highest standards. Using our lean methodology and a clear project roadmap, we ensure that your product is completed and delivered according to your specifications.
Product Dev
FYELABS is a product development shop offering end-to-end, high-quality services to startups, founders, SMBs and SMEs. Whether you need to bring a new product to market, create a custom solution, or need an engineering team on tap, FYELABS provides fast, affordable, and comprehensive development across a wide range of industries.
FYELABS is a no-frills one-stop-shop solution that handles all aspects of product development, eliminating the need to manage multiple contractors or suppliers. Our multidisciplinary team specializes in software, hardware, AI, machine learning, industrial design, simulations and electronics, ensuring efficient and cost-effective solutions. Our team handles end-to-end results that help your products go-to market. There is no need to shop around, manage different contractors, freelancers, suppliers, etc. We handle everything you need in Hamilton, ON, Canada.
We operate under our unqie ‘Innovation-as-a-Service (IaaS) model’, designed to help companies bring products to market quickly. Our lean, no-frills approach ensures that you only pay for what you need, and we use the latest open-source technology to keep costs down.
We pride ourselves on our interdisciplinary team, capable of tackling a wide range of projects across various fields. Our expertise spans software (web, mobile, IoT), algorithms (AI, machine learning), electronics (PCB design, IoT systems), and hardware (mechanical, industrial design).
We have worked on a diverse range of innovative projects, including predictive maintenance systems, IoT solutions, image-based diagnostics, biometric authentication and automation platforms and much more. We take pride in tackling challenges across industries like health technology, industrial automation, and clean technology.
FYELABS works across multiple sectors, including healthcare, education, green technology, and industrial automation, among others.
Project timelines vary depending on the scope, but FYELABS generally completes projects within 2 to 6 months. We promise to start within two weeks of project approval.
You, the customer, own all intellectual property developed during the project, except for any open-source tools used during the development process.
Pricing
It depends on the task at hand. All of our projects are fixed fee in nature. We use an hourly rate to calculate the cost and present it to you upfront before you sign the deal. The only exception to this are our Retainer Services, where all efforts beyond the 10hrs/month included in the subscription are billed at the hourly rate. Costs for various projects have ranged anywhere between $2,500 and $500,000 CAD.
FYELABS operates with a no-frills business model, meaning we avoid unnecessary overheads and focus on delivering exactly what you need. By leveraging open-source technologies and streamlining processes, we’re able to provide cost-effective solutions without compromising on quality. This approach allows us to offer competitive fixed-fee pricing.
Our fixed-fee pricing model includes all the work necessary to complete your project from start to finish. We provide an upfront quote that covers everything, so you won’t face any hidden costs along the way. The only additional charges may come from out-of-pocket expenses, such as travel or materials.
While the cost depends on the complexity of the project, FYELABS’ projects generally range between $2,500 and $500,000 CAD. The average project cost is around $30,000 CAD, making our services accessible to both startups and SMEs.
Yes, we charge a project administration fee equivalent to 10% of labor costs. This ensures efficient management and execution of your project, allowing us to maintain high-quality standards throughout.
For projects under $100,000 CAD, we invoice 50% at the time of signing and 50% upon project completion. For larger projects, we establish milestone-based payments to match the progress of the project, making the process transparent and manageable.
Yes, for projects valued at less than $60,000 CAD, a startup fee of $2,270 CAD ($1,940 USD) is applicable. This fee ensures that all the necessary groundwork is covered to launch your project efficiently.
