[unreal37]

I work in a digital agency, similar to the one who did this. 80% of the budget is spent in the requirements phase. More than a year doing designs, sending 20 people down to see the client every trip, business requirements gathering, market analysis, and such.

$18M over 24 months is only $750K per month burn rate. At the typical agency rate of $150/hr, this is 35 people working on this project. Only 2 of them are developers. :)