As the technology is barrelling ahead, hundreds of tech start-ups are copping up to accommodate a seemingly insatiable demand. However, if we see on a scale of 10, 9 Tech start-ups are destined to fail. It has especially not been easy to succeed in this market, and it is statically not possible in the current climate. If you ask how?? There are some mammoth like barriers that every tech start up has to go through.
- Tough Competition:
It can be an understatement to say that there are plenty of B2B Tech start-ups around us. There are number of companies who are trying to become next big company. Do these new tech start-ups have enough of space in the market? A consolidated research is needed upfront to measure the audience for the product or service, and to see who all are already offering it. Even after strenuous research it is not fullproof, though.
And how can you know the scope of the product that no audience know if they need it yet?
An entire new concept or idea can be a hard sell. The companies always have a holistic view, expecting innovative and intuitive options from tech services, the companies who cannot meet the needs to be in competition surely will take a fall.
- Challenges a Leader face:
The only great idea is not enough to barrel a start-up to success. Leadership style has
an immense impact on the financial success of a company than most people realise.
- Pace of Technology :
Of all the aspects, technology is the most difficult to keep up with, from provider standpoint. As soon as the client / customers are impressed by some product, immediately they look for the better version or iteration. Tech start-ups have to be prepared for the future, they always have to be ahead mentally and plan for the things before completing the first step. This is a sector where the competition is detrimental.
- Searching right People:
It is imperative to have some skill set to not only let your business survive but also to grow. The protagonist of the start up, must know which exact skill set is needed –how to acquire those essential people – may determine how well your start up will thrive. Hiring wrong people and their deficiencies may be more prominent as the start up grows, especially if they are put in to wrong roles.
“Everyone will say that you can do it, but nobody will tell you that it’s not going to be easy” despite of your product being the great. This marketplace is utterly crowded, and there are many competitors, who have altered their pitch and strategy and are able to think on your feet.
- Negligence in Marketing / Sales:
Many start ups face detrimental problems because they lack sponsorship or funds, due to which they are unable to invest in marketing and sales. Many a times marketing and sales is ignored and the faith is kept in the sacred word of mouth. They feel that the sale will grow automatically / organically and they don’t need marketing and sales. Unless you make strenuous efforts, to grow your start up with a synergy, to promote your start-up. It can be said as “Money well spent”.
Technology plays the most important role in a Product based company. To understand the actual technical problems and how to prevent it. I have interviewed the CTO of my company Miss. Smita Bomnale.
ME: As we start this small interview I would like to ask you the first question,
We start from your career, what fascinated you to pursue this line for career?
Smita: Back then there was nothing as such like IT or Computer Engineering. I was inspired by looking up to seniors in my house, neighbour, and my friend’s, people whom I admire. Yes I always had always had interest in implementing various methods and coding, so ya I felt that this is field for me where I can make a career and thrive in.
ME: You had worked previously in different companies, and like any other you might also had some dream to be a part of bigger brand, as you are working with Start up what would say about it?, was it difficult?
Smita: It’s been a decade in the field of Technology, if you compare MNC companies with Start ups, then yes it was immensely difficult to take the decision because you have advantage like there are many policies that these big companies offer their employees, the Vicinity is good, providing a clean, big infrastructure and other facilities. But if you see the actual knowledge is getting developed from a start up, all the experience I possess with is coming very handy in this company, and yes start up are the companies that are growing fast so I decided to join a start up.
ME: After joining this company, you came to know what the company is all about so before starting on to anything did you studied about any of our competitors, about their products or you had your own idea to start on.
Smita: So initially when we started and we had this idea to build tech platform & tech services for specific industries which will help them to optimise their day to day operations. And yes we do have competitors that work on a very large scale, who are well established. Seeing that there are many who are still out of the reach with these kinds of technology solutions. I will also tell you that there are products out in the market which are similar to us but, the difference we are trying to create is how we rightly fit the product, the level of agility we have in our delivery is all that matters & that’s the culture we have adopted. Clients are always greedy people they always want something more that they expect. And from technology point of view if you ask me, we always develop using all the latest tools and everything. And can be adopt according to the clients. So we can serve by adding tremendous value and have a smooth transaction. Also give them to customize the product according to their need.
ME: Coming to technology, how did you decide that what technology you should use to start with the product? Did you see any transition in it?
Smita: Being a start-up, we need to be ahead of time and technology adoption. For future products, it’s necessary to think differently while chasing technology stack. Also in parallel, I always think to build a technology team in house by utilising young minds. Technologies always play a role to put in ahead of competition and scale in future.
ME: As a Tech leader you are responsible for the technical team. So how you decided what people should you bring in, who will contribute to the company’s Vision?
Smita: As a matter of fact I would like to tell you that we always believe in young minds that are immensely talented & open minded. Bringing up an experienced person, has his own mindset and can do work efficiently but on a flip side, young and fresh candidate surely have no experience in fact has different mindset and have an upper hand if it comes to ideas, innovation, executing things in different ways. Yes! The experienced people will do the job in one day where as the fresher will do it in 2 or 3 days. There is no doubt speed can be increased according to his/hers learning’s. The factors they look before joining start-ups is that how many employees you have, how the infrastructure is, what all facilities they are provided with etc. But yes this all is for time being once we get the suitable candidate, who is clear enough about his role, ready to accept challenges and also capable to handle global clients, he/ she can helps organisation to build layer below.
ME: As you said you are also associated with Global clients, how was your journey until now?
Smita: The journey is going on very well, in the interim all the places we have communicated we have got very good feedback, even the current clients we are serving now has a very good feedback. Ya! Efforts are been taken, but if we put it in a good manner and at the right time yes I am sure we can make it up to the summit.
ME: What are the top 3 things you look into a tech team that they should possess?
Smita: Umm!! If you ask me, firstly they should have a good analytical skills. Even if they have less experience with Code its ok. Secondly they should understand the requirements properly. Thirdly is should execute task with timeline. If these things aren’t there it won’t cost any detrimental damage but will delay in completion of task which will slow down the growing process. So yes these things matters.
ME: As you believe in fresh talent and all, so what are the measures that company is taking to nurture this talent?
Smita: See start up and technology firm is not a training institute. We never recruited them with that thought that we will give them training for 2-3 months and then assigning them some live project and all. This is communicated well to them while before recruiting. I personally believe that rather having a classroom training or something, hands on experience is something more effective to learn. So whenever we recruit anyone we give them enough time to go through the existing technology platforms, understand it and get along with our culture our vision actually. And once that person is comfortable and confident enough then He/ She start value adding in organisation.
ME: Coming to the last question, what would you suggest for upcoming start ups?
Smita: According to my experience I would suggest that have patience, have faith and believe in your vision, if u believe in your vision yes you will succeed it’s very important to have your vision firm as its your vision and someone else is building up their career or your vision, not only you are growing but 10 to 15 people are also growing with you. Success It’s a slow and the progress is very meandering. But yes if you give 100% to work hard then you can.