5 Survival Strategies for Tech-Based Startups
Technology seems to be the USP of majority of start-ups and they spend hefty amount of time and funds on developing the technology that is unmatched to their competitors. This is one of the way all the start-ups fascinate investors and venture capitalists.
However, technology implementation and management is not an easy service to do. In my own journey to start a venture CareerGuide.com, which is also one of the technology driven start-up, I realized that handling technology is one of the toughest jobs in the world. Once designed, you can’t just put it away for forever. You need to keep upgrading it with your changing preferences, customer requirements and advancements in technology else your USP can easily become obsolete.
There are certain survival strategies a technology based startup can employ:
1. Hire the right technologist
Knowledge base is always an asset to the start-up. Without knowledge, the value of start-up is almost zero and knowledge comes from the right people.
A start-up’s first big investment is in its people who form the asset base for the company. If you hire the right person, he will take the start-up technology to the right direction.
2. Security concerns
When there is an involvement of technology, there are security risks that are needed to be addressed. There have been various hacks and attacks on big technology based websites in the past that has made it necessary for all the technology based start-ups to put this concern at their priority list. There are increasing number of incidences for intellectual theft. Thus, safeguarding the idea and technology is an extra load all the start-ups need to take.
3. Continuous improvement
Technology is one of the things for start-ups that demand continuous improvements. The reason is simple, technology changes at a rapid rate and if a start-up gets stuck to one technology, then definitely competing startup is going to take the position with advantage of technology.
Technology keeps changing and with new advancements comes new opportunities. It is always better to stay ahead of time rather than regretting it later.
4. Awareness of surroundings
For technology oriented start-ups, it is highly important to remain aware of what is going on in the industry. At times, one technology has different applications and a start-up need to remain aware of that.
Starting with a superior technology does not guarantee success, it should be combined with awareness of what competitors are doing with that technology and whether you are performing better than them or not.
5. Being unique
There are increasing number of start-ups in the country and 80% of them are technology driven. But only those start-ups succeed which have technology unparalleled to their competitors.
More than 3000 tech companies registered in 2014 and the number is expected to increase every year. Considering the fact that a large number of start-ups are entering into the battle field, it is of high importance to remain unique to fascinate customers.
Eventually, technology is what makes foundation of a technology oriented start-up and there should not be any loose ends left with remaining balance with advances in technology and management of the company.
About the Author: Surabhi Dewra is the CEO of CareerGuide.com, a one-stop platform which answers your What, Where,Why & How’s of all your career related questions.