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MVP or EVP: What is the Right Option for Your Startup?

Startups and the zeal to solve problems with technology

The Indian start-up ecosystem is one of the most talked about phenomena in the tech business industry for the past half a decade. The likes of Flipkart and Dunzo have motivated millions of entrepreneurs to explore new possibilities of business by solving real-world problems that enhance the quality of life for a common man. While there are numerous ways to solve any problem, technology helps you solve them with utmost efficiency and sustainable long-term approach. It is one of the dominant forces which lead to the onset of app development companies rising to fame and essentiality. On average, an incredible 30,000 new mobile apps are submitted for review and hosting at the Apple App Store every month. It is a considerable number, and it says a lot about the importance of technology, the industry focuses on mobile applications and broadly convinces us for believing that mobile app development companies are vigorously active and they mean nothing but business.

What is the standard approach?

Irrespective of how well a start-up scales itself or tries to limit the focus of resource allocation, the ultimate objective of every start-up is to be as profitable as possible. The general approach which they take for being more profitable is to solve real-world problems with sustainable technology solutions via mobile apps within an optimum budget. So, the monetary aspect or the budget of any start-up leads us to a critical choice which every product-based start-up has to make. Whether a startup should go with MVP or EVP?

Quick Knowledge

MVP or Minimum Viable Product is a strategy of building products where the start-up launches a product just with all original features and functionalities that can help them stabilize and show up early in the market. It requires minimal resources and development of core services before a product enters into the market.

EVP or an Exceptional Viable Product is a finished product out of the finest and most advanced prototype which a product could witness. It requires a comparatively more massive amount of resources and also delays the launch or increase time-to-market for any product. The final product is fully cooked with all possible functionalities which are required to implement the whole elaborated idea.

What is the most important thing to note?

Startup incubated products in the form of mobile apps are subjected to the choice of strategy between MVP and EVP. It is essential not just to think but think it through; right till the end, launch and further evolution of the product.

When you look at it with a farsighted approach, it is easy to understand that both of these approaches of product development will require a similar amount of money when counted lump sum. It is just two different strategies of product development that make the start-ups shell out their budgeted resources with different approaches and at different points of time during the product development life-cycle.

Every start-up is advised to ensure that they have foolproof management of monetary resources before they pursue either of them. However, it is true that MVP will require lesser money in the initial phase, but the overall expenses until the project gets completely incubated will be more or less similar.

Here are the most critical points which every start-up consider before opting for MVP or EVP

Brand Visibility & Reputations

Business and politics are all about perception and reputation. Every business generally has a long-term approach to building a loyal base of customers who are willing to try and upgrade everything that their favorite brand offers. That is the kind of cult every company wishes to possess in this competitive scenario. To maintain the same, all the companies have customers who have a set impression of their favorite brand and also expects a certain level of quality and consistent innovation. For instance, Apple lost a considerable number of very loyal customers as they mellowed down on change since iPhone X and further. You might think that Apple is too big a company to be compared with startups, but the analogy remains valid.If you think your start-up already has such a base of loyal customers and huge followership, you should typically go for a proper Exceptional Viable Product. It will help you manage everything and roll out a product which matches or exceed the expectations of your loyal customers.

There are startups which are yet to get into the competition of building a base of such loyal customers, and the objective is to impress and convince the most probable customers merely. For them, Minimum Viable Product is also a good option as it will help you showcase the most robust functionalities and features in a quality driven mobile app. Fortunately, it happens in the early stages of a start-up product.

Contemporary competition and competitor profiling

All the start-ups are advised to use their market and domain research while choosing between a minimum viable product and an exceptional viable product. If your respective business domain has firmly stable dominant business leaders, MVP might put you under a dark spot of an unattended corner. Whereas, the famous ones steal all the limelight and your product might fail to reach the customers effectively.In such a scenario, it is always advisable to go all out and put all your eggs in one basket. You should go for an impressive, comprehensive exceptional viable product that leaves no stone unturned to impress your loyal customers and also build an excellent reputation for the startup.

Insight based approach

Your choice between the MVP and an EVP might also be governed by insights about your competitors and their expected time-to-market. It is essential to be the trendsetter and an early riser in every industry to capture the market more efficiently. If you think that it is critical to strike the hot iron with a hammer early on, despite having numerous persuasive reasons to go for an EVP, you may take the fast track route with an MVP and create a buzz in the market. It will also help you take the lead and handle the budget, timeline issues on a short-term basis.

Nature of Business Idea

Start-ups should also consider analyzing the nature of their business idea while making a particular choice. A mobile product idea may be only short-lived or is simply induced because of a temporary upcoming event/opportunity. You may rush with an MVP and not wait for somebody else to capitalize on the occasion by launching a similar product before you do.For instance, you may be looking to create election-dedicated news and content delivery mobile app product. Now, it becomes imperative for you to launch the product well before the 2019 Lok Sabha elections in May. You should directly go for an MVP ruling out the possible choice of an EVP. This will be a great publicity incentive for your start-up.

On the other hand, if you look to build an application with a long-term approach and try to put out an EVP, it might be very late and the elections might either be gone, or they might be around the corner. There would be no time for you to market the app in an optimum budget.

Why are the choice between NDP EVP is critical for every start-up?

A wrong choice between an MVP and EVP can lead to a diminished impact of your product in the market.You might require a longer route to publicize the product. There are potential risks of complete failure as well.
If the wrong choice is made for an exceptionally large-scale project, this may lead you in a situation where you might not be able to reap optimum benefits of launching and fulfilling the business objectives behind the idea. Probably, you may not even be able to complete the project.
There can be chances of newcomers who might take an imitator’s approach to build a product very similar to yours and much better then what you might end up rolling out. The world is full of resources, and business ideas are capitalized just like that. It will also make you bear a loss of market research and technology innovation as somebody else might impress the market before you.

Conclusion

Making the right choice between the two primary product development strategies is a critical part, but ultimately the technology and value creation should win. Although the possibility is very less if you out rightly focus on building a potential product, it is bound to succeed with either of the strategies. It might take longer to reap the benefits, but if you are hitting where it matters, the market will surely acknowledge the innovation and efforts.

The dilemma in choosing between these shouldn’t drag down your enthusiasm and commitment towards building the right product; instead, it is important to see such critical decisions as an opportunity to take the lead if your competitors lack. Moreover, the trend of SaaS products is growing at a rapid rate, making the right choice of product development strategy will become even more crucial. There is a considerable data-driven business research and management approaches hitting the arena. It might lead to the inception of efficient tools which can gather information about the present scenario of your start-up and efficiently suggest you which is the right approach.

Industry 4.0: The Greatest Phenomenon of the Millennial Generation and what it could mean to them?

Posted by: Arul karuppannan Posted on: January 25, 2019 Industry 4.0 , Industry 4.0 Applications , What is Industry 4.0

What induces the most significant transformation?

Every technology surfacing in the Indian IT industry is like a story unfurling with every chapter having the prerequisites, performance and then the consequences. The mature minds and lively enthusiasts are the contributors and sometimes drivers of such a conglomerate of technologies. Retrospection lanes through which the story of technological developments has passed makes one mature and also helps understand the need tour of the topsy-turvy tech industry. Also, how it grows eventually into substring of successes and a lot more.

The seed of this ultimate transformation spinning about its head started way back in the 80s with the contemplation of computers. There was a sense that productivity could even reach an all-time high as the world could witness. It is an ultimate story with so many sequels passing through the computation world. The world had seen something as unusual as the mobile technology. Once the mobile technology was up for grabs and the world could understand how amazing it is, it was the time for integration of computers with the mobile technology which led to the rise of something as impactful as what we call Mobility, today.

Continues…

The rise of potent technology is best complemented with the ever-expanding horizons of computing performance. Moreover, the procession and some in-depth applications which the world had not even dreamt of. The rise of this technology compliments the ever-expanding horizons of computing performance. Precision and some detailed applications surfaced, which the world had not even dreamt. With a sense of mobility setting in among the industry leaders and the formal players, this sort of boom in the computing performance helped the world understand how big data could surface.

Did you know?

Artificial neural networks first came into commercial and industrial existence in the 40s and 50s. However, the concept was demanding peaking computing performance with minimized trade-offs of time material cost. Now, as the world would suffice with high-end computing, artificial neural networks have regained attention and on possible applications, directly concerning the lives of commons.

What sets up the stage for Industry 4.0?

You might be amazed to know that the journey which we have travelled through, has milestones named the industrial revolution one, two and finally the rise of computers with industry 3.0, generally regarded as the third industrial revolution. This surely changed the face of manufacturing industry like never before.

Did you ever think what made the internet so successful? It was the maturing use and in-depth applications of computer devices.

What according to you helped smartphones be one of the most impactful inventions of the 20th century? It was the predominance of the Internet which helped the world realize the need for seamless connectivity and its importance in mobile data.

The major give-a-way out of the small analysis is that nothing great happened just because it had the potential and the world could believe in it. Every life-changing transformation which has affected the industries was cohesively be supported and powerfully backed by a foundational reason in the form of a technology or a burning need.

What’s next?

Studying the nature of transformations in the technology industry has helped the most mature minds predict what could be next. With the computers reaching an un-perceived level of productivity, Internet widening the wingspan and mobility being used up to the potential, data is abundant. It might seem unbelievable, but according to the scientists, the world has produced more data in the past decade than the whole 20th century.

With something available in such abundance, the industry does an all-around check of the potential it has, and led to the rise of data science and what we call today the backbone of artificial intelligence. Artificial intelligence, machine learning and the rising trend of data science in almost all fields like health care, automotive, education, next is the turn of data being hauled over the connected bunch of devices. It is already settled under the name of IOT or Internet of things.

What is Industry 4.0?

In the simplest of words, Industry 4.0 is the name given to the fourth industrial revolution, by the information technology fraternity. Described by the route, industry 4.0 primarily labels the trend of optimization and automation accompanied by data being exchanged. This involves the setup of manufacturing machines and several IOT devices. So basically, it is nothing but an interconnected, completely and highly potent industry trend seen presently in the age of data science, automation and the so-called artificial intelligence.

How impactful is Industry 4.0?

According to Forbes, use of computing devices, sensors and deploying artificial intelligence on the past existing data has helped and African goldmine to increase their overall output by approximately 3.7%.

3.7% directly mean an annual saving of US$20 million.

Welcome to the world of industry 4.0

Industry 4.0 is carving a world of difference to all major sectors

What is the game all about?

The manufacturing industry has seen a change like the daylight and darkness among all spheres of IT-based manufacturing units. It is a visible impact that the onset of the transformation led by the primary technology leads to a magnetic pole of techniques and related phenomena. Industry 4.0 is best complemented by the opportunity which is driven by the abundance of data, big data, and analytics — terabytes of data flowing across devices and being stored for making some foundational artificial intelligence logic and logical agents. Manufacturing has an end-goal of creating and delivering sheer value to the consumers. Thus, contributing to maximum customer management systems and different enterprise networks with accurate and real-time decision-making.

Please Note: Manufacturing bots and several reports are an example of automation and they have nothing to do with artificial intelligence. It is a common notion which requiring rectification at the users’ end.

How automation is improved by AI?

Imagine a robot, which works day in and day out, it produces the desired articles and is an integral part of the manufacturing line. It does its work, never gets tired and is always on the toes for further production. Moreover, it can start interacting with you like humans, gauge its performance and also make the necessary changes in the style of working to increase productivity. That is precisely how automation is posted to its maximum potential with artificial intelligence in full support of analytics based on big data.

Ideation is not a cakewalk. It takes a lot of brainstorming, contemplation and several other techniques of product development. Then, the product hits the existence as a prototype and then finally turn into a finished product. Moreover, the spine which connects all these dots is the technique of stimulation. People are extensively using simulations to gauge the requirements and detailing their plans of operations to hit the existence as a prototype. Then, finally turn into a for nest products. It also results in a perfect harmony among products and within the process.

That has some act on any large-scale manufacturing business as automation increases productivity and optimization shoots up the overall profitability supporting the increased cash flow.

IoT comes in…

Primary industry for the modern IOT version is the perception of industry 4.0. The interaction and ensured communication of a large pool of unfinished products which communicate and stand in sync with the present status of product development and production. It takes a great deal to decentralize decision making within the manufacturing line. However, it takes a shorter route with industrial IOT, as it decentralize analytics and enables real-time responsive technologies for sustainable business growth.

How secured is the ‘connected’?

Industry 4.0 is leveraging cybersecurity in an altogether different perspective. Grand phenomena and is putting an all-time high stake in cybersecurity with seamless connectivity across devices and the incorporation of IOT. Security is exploring its older avenues of application with the driving force of industrial IOT and before the industrial revolution.

Conventional cloud computing technology is also playing its substantial part in making the industrial revolution hit in the real sense. Network generated clouds are having high capability of hosting and managing real-time operations across devices and hubs all across the industrial IOT setup. For instance, any data being transmitted across all the IOT enabled devices in the industry, needs to be managed appropriately and stored through reliable infrastructure which is readily capable with the cloud technology.

Industrial IOT led fourth industrial pollution is also nurturing some new techniques for sampling and prototyping through the means of 3-D printing. It not only cuts cost, but also has a lighter manufacturing overhead, enablement of complex manufacturing designs with lightweight construction.

Hurdles on the road for Industry 4.0

Privacy, Isolation, Overall Security

Industrial IOT has redefined the meaning of seamless connectivity and it has attained an all-time high degree of super cohesive, effective in sync communication. It is meticulously including all devices and indirectly, humans. The process of procuring and communicating large chunks of data is exposing our personal and sensitive information to potential threats which might be undercover with any privacy protocol or an overall security layer deployed in the cloud.

This matter requires conscious attention because approximately 76% of businesses have reported being a victim of some security slack and have landed themselves in a highly compromised situation.

The idea of industry 4.0 might look fancy from the outside, but it can have a huge overhead which might seem unreasonable to many. Stabilized and scaled businesses reason their growth in terms of futuristic investments they have done in the past. This can lead a business to critical fracture point which may seem like a cliff to jump off or a runway to the flight of success. In simple words, it is just about a much-needed calculated risk thoroughly verified by the need of the hour and the direction in which the business is supposed to grow.

It has already been discussed a lot that virgin technologies and phenomena like industry 4.0 will change the face of workforce. There will be a dire need to reskill and up skill ourselves in this dynamic era driven by technology, for the rest of the 21st century. Humans are having an edge over all other creatures on this planet in terms of their cognitive abilities. The ability to read and understand should be a foundation for every job which is taken up in this era driven by data and supported by technology. For an instance, the machines can only eat up jobs which can be easily automated and have a confined ecosystem of dynamicity and requirements. But humans can excel in their analytical, creative and innovative skills for making this planet a better place.

Industry 4.0 wrapped up

Approach in manufacturing techniques is a commendable leap to reach a new level of conceptualization, automation and further optimization of manufacturing industries. This might seem to be under a critical spot of bother due to economic burden but it is most likely to report in terms of increased growth and profitability. Another great aspect catalysed by industry 4.0 is a sharper focus of many government organizations and corporate’s research and experiments. Ability to easily 3-D print and simulate their ideas is a great motivation to the whole scenario for a more mature and profitable manufacturing business.

Two sided coin, industry 4.0 is also having its own speculation, the rest of employment and overall security in a highly connected network between devices and humans.

How can I issue GST invoices manually?

Posted by: Maran kavin Posted on: December 22, 2017 GST invoices , GST Invoicing Software , How to issue GST Invoice

Easy-to-use, Simple, yet Efficient GST Billing Software Exclusively Designed for the Indian Market!

It is a uniform platform across the globe now, with several of the world’s nations having adopted the GST model of taxation. Although several nations have been following this tax structure since long, there are a few that are making the transition from their earlier system to the Goods and Services Tax regime. This necessitates entrepreneurs and businesses to have an efficient and appropriate invoicing system that gels with the new tax regime.

Helping Small Businesses with Invoicing, Reporting, and much More

Importance of Effective Invoicing Under the GST Regime

With unprecedented changes having occurred on the business scenario in the global markets – caused by the paradigm shift toward the new GST system, it has become essential to assure a smooth and seamless billing process. Aimed at enabling businesses to be able to issue invoices efficiently with less efforts, and clients as well as officials to effortlessly view and understand the billing elements, the modern GST invoicing system offers transparency and clarity- thanks to the modern online billing software.

Innovative Online Invoice Software for the Modern Day Business and Entrepreneurs

Unique Features of the Online Billing Software

Aligning with the requirements of the new GST format and its guidelines, the online invoicing system provides all necessary uniform features expected by various nations.

All GST taxpayers can design their invoice format according to their own style and requirements
Only a few fields have been made mandatory in the invoice
Attractive and impressive invoices can be quickly and easily created
Inventory tracking feature is provided
Financial analysis and reporting are possible
Multiple companies can be managed
Integrated with several payment gateways, the state-of-the-art billing system enables receiving payments online
Customized invoicing software offers multi currency support

Designed to Suit Indian Business Environment – Enables Getting Paid Faster

The Significant Role Played by Digital Invoicing Systems in Modern Business Era

Invoices are seen to be extensions of brands in the contemporary business setting. Being capable of customizing your invoices to include your business logo and stay in your own language are vital in keeping abreast with competitors and achieving business success. The modern invoicing software allows you to control the appearance and feel of your invoices, rendering them attractive and memorable to your customers as well.

Offering various beautiful color themes out of which you may choose yours, the digital invoicing system lets you have your invoice to adopt your logo’s color, or other secondary colors which complement it. It takes just a few seconds to create unique theme for your estimates and invoices. You may even customize your payment receipts. Custom fields suiting to your specific business and easy communication of important details are the highlights here.

Advantages of the Invoicing Software

Teams & businesses can be managed
Detailed reports
Easily prepare elegant invoices
Quotations and estimates
Tracking time and expenses made possible

Tips to overcome financial problems and difficulties for business

Posted by: Maran kavin Posted on: September 8, 2017 financial difficulties , financial problems , how to overcome financial problems , how to solve financial problems , solutions for financial problems

Regardless of whether you run a small business, aspire to own a startup, or operate as a freelancer, getting started with a free online invoice generator is one of the powerful ways of building your business successfully online.

Significance of Online Invoice Management Tool

Online invoice lets businesses to make invoices quickly with attractive invoice templates. These invoices can be prepared, sent and paid online. The online invoice tool may be downloaded without the need for any additional software. Freely available, the online invoice management tool enables businesses to make beautiful and customized invoices according to specific needs.

By switching to electronic invoices, you can save time for processing as well as payments, bring down costs, increase productivity, and avoid disputes. By making the process easy and accurate —that otherwise may prove difficult— the online invoice management tool gets invoicing done efficiently and quickly.

Crucial Role Played by Online Invoice Generation App in Business

Proving to be advantageous to customers as well as businesses, the online invoicing app enables enhancing productivity of the invoicing process. It helps reduce considerable man hours and unnecessary processes.

The major challenge of invoice disputes and customized billing that is facilitated by online invoice management app can significantly reduce invoice exceptions. The overall efficiency of the system is improved too. The billing challenges that reduce efficiency and add unwanted costs may be eliminated by using this.

Challenges in Invoicing

The following common challenges can be tackled effectively by prudently using an online invoice generator:

Long time taken for approvals and payments
Traditional ERP systems may prove time – consuming and have only limited functionality
Spreadsheets may be inadequate; they may prevent one from clearly understanding things in detail
Presenting financial reports may sometimes become complicated
Inaccurate billing may lead to customer wrath
Lack of visibility into payment and invoice data

A Stepping Stone for Every Business –Online Invoice Generator App!

What Makes the Online Invoice Generator Software Special?

The online invoice generator software helps businesses to overcome problems and issues by offering the following key factors:

It is possible to build simple invoices: Involving nothing flashy, this software is not at all complex. Invoices are expected to be thorough but simple – which is achieved by using this software.
Perfect layout for the invoice: providing the specific structure that users need, this software strikes a balance between completeness and simplicity.
Online invoicing is possible: Sending your invoice in PDF format to clients directly is possible. After completing your invoice, all you need to do is email it to clients.
You can have your hard copy as well: You can save the invoice to your computer and print it.

Offering robust invoicing management solutions to businesses, the online invoice generator is an affordable and great tool suitable for small businesses.

Offering to prepare a complete invoice on the spot with need for easy information filling, online invoice generator makes the lives of entrepreneurs and businesses easier.

Best practices for an effective Dashboard for business / MIS (Management Info System)

Posted by: Madhu Kesavan Posted on: April 6, 2017 Dashboard for business , Develop dashboard for business , importance of management information system , Management Information Systems , What is management information system , What is MIS

Most organizations today are seeking new technologies to enhance operational capacity and reduce costs of operations. One of the main challenges facing any type of organization in the modern setup is enhancing efficiency in an environment of increasing operational costs. One way of enhancing productivity in any organizational setup is by leveraging the data generated and using it in decision making.

The Role of a Dashboard/MIS

A dashboard for business or an MIS (Management Info System) plays a similar role to that of a heart in the body. This system ensures data collated from different parts of your organization are processed and then presented in a manner that will help make the right decisions.

By integrating a dashboard in your organization, you will ensure all teams have the necessary information when they need it. For instance, a supply manager knows the inventory in the warehouse through the warehouse management system (WMS). At the same time, the market department has information from the system showing which products are flying off the shelves and which ones require a new marketing strategy.

Whether you are in the healthcare or automotive industry, you have to set in place systems that will help you optimize the information you have in the organization. An effective Management Info System helps in strategic planning, operational and management control, scheduling control, goal setting, organization communication, decision making and risk management among other areas. Today, dashboards are the de facto face of business management applications and they are integral in business intelligence (BI).

Dashboard/MIS Implementation Challenges

While dashboards and information management systems have become ubiquitous in modern business, there are still challenges which most companies face in the implementation of the systems. In some cases, dashboards are created on-the-fly and with time they become loaded with meaningless information.

For every dashboard that is an integral tool in a business, there are thousands which are just pretty interfaces full of graphics which will not help business teams. The early days of dashboard integration into business involved fusing pretty graphics with the right information displays. While this might sound like an ideal solution, there is still more that needs to be done.

Modern web MIS and dashboard design now blends usability, utility and aesthetics to provide a system that adds value to an organization. In order to achieve this, it is important to observe the best practices for an effective dashboard. Below are some of the guidelines that will help you achieve this:

Design A Purpose-Filled Dashboard

If you don’t know the application, business case behind the app, there is no way you are going to build a helpful dashboard or MIS platform. Your design must start with these questions;

who is your audience?
What is the value of the dashboard to the target audience?
What type of dashboard is best suited for this audience?

In essence, you have to know the role of the users in the organization, their workflow, skill range, business data expertise, and customization needs.

Involve the Users

Truth be told, most people are resistant to change and one way of encouraging your staff to embrace a new dashboard or MIS is by involving them in the design. In fact, it is recommended that every stakeholder in your business, from the supplier, vendor and driver, to the inventory manager and accountant, should have a say in the design of your dashboard. This creates a sense of ownership and they will not revert to their beloved spreadsheets after you have launched the system.

Use Iterative Design

If you want a dashboard that will be acceptable to the users, make sure it is developed using an interactive design. One of the main concerns faced by dashboard designers is the fact that clients always return after the project is complete claiming the dashboard doesn’t fit their specifications.

It is important to request the designer to follow iterative design where a cyclic process of prototyping, testing, analyzing, refining, feedback and finally the end product is used. The idea is to ensure users love the dashboard you provide.

Focus on Form and Content

What you are going to include in a dashboard should be a key factor which even surpasses the look. The format is important but the content matters even more. In terms of form, consider the structure, design principles, and functionality. Factors that may influence the dashboard form and content include timelines, aesthetic value, mobility, collaboration, data details and density.

As a rule of thumb, when designing a dashboard, make sure you add performance indicators, use basic designing principles, keep data fresh, include actionable information and don’t overload.

A dashboard presents crucial information for better management decisions. At W2S Solutions, we build complex web and mobile applications and build Dashboard that helps SME’s and Entrepreneurs to promote their business. To make the dashboard really useful, application has to be filled with quality datas and It’s high priority to finish the whole system before getting into managing the datas.

How to hire a Chief Technology Officer for your business?

Posted by: Madhu Kesavan Posted on: December 19, 2016 cto for startup , how to find a cto for a startup , How to hire a Chief Technology Officer , how to hire a cto for a startup , startup cto job description

How to hire a Chief Technology Officer for your business?

I was recently asked to provide a Job Description to hire a CTO. It can’t be given over the phone and I thought its good to write more.

Not every great idea is actually successful when it makes to the market. This is where a CTO comes in. A Chief Technology Officer can help make the difference between an Innovation app or just an app sits in the shelf.

What a CTO does?

It is challenging to find a technology entrepreneur who understands the world of business. Many entrepreneurs will believe their product or idea will be the best gift to humanity, but fail to develop a successful IT strategy for the long term success of their company. A CTO’s primary task is to ensure that the IT strategy for your idea will serve your company’s business strategy.

They help with technical design and platform selection

Do you have the tools and resources to bring your idea to life? Your CTO will guide you on the best path to take in order to provide the best design that your customers will be able to appreciate and afford. They’ll help ensure that team remains in check to ensure that your plans remain viable.

They see the bigger picture

You may think your idea is the greatest thing that everyone’s been looking for and market is investing Millions surrounding your Industry. It really helps to have someone who keeps things in perspective and look at the bigger picture.

The CTO keeps the capabilities of your technology and what it lacks in the forefront of their mind. They know what it can and cannot deliver. They understand your idea from what is written to what isn’t. They know its architecture and what it will take to bring it to life.

They’ll help you see options

CTOs are able to see the potential in an idea and help steer its development. When everyone else is tempted to say no or ‘we can’t, CTOs will see the possibilities and help everyone see them too. They’ll determine what needs to be done to achieve these new possibilities and how much it would cost. They’ll help you determine which option is dangerous and which would be worth considering.

Budget

They will help to manage IT spending by choosing wise options. Once you are famous and your Idea is wisely implemented, Cyber attack is an area to focus more. Providing a cyber security to your app is similar as securing your country’s border. You would not know the pressure, heat till you were in CTO’s shoes.

How to Hire a CTO for your Startup?

Some startups need a CTO early in the development process. Others can go without a CTO for some time. Whatever stage you are in development, Learning how to find a good CTO will come in handy whether you want to hire one now or later on.

The following are some essential tips for finding a great CTO.

Define the requirements and job description for your CTO

You need to determine what type of person would be best suited for the role. Some characteristics that make a good CTO include:

Experience

You’ll want to work with someone who has been down this path before and been successful. They must have built SaaS based Enterprise applications and successfully launched it.

Openness to new approaches

You’ll want to have a CTO that seeks to understand different approaches. You won’t want a person who thinks they know all and won’t want to even consider a new approach to a subject.

Looking to advance their career

The candidate should see the CTO position as a stepping-stone in building up their career. They should be hungry. They should really want to take on the role of CTO.

Familiar with variety of technologies

Avoid anyone who says they can only code in one language. The technology landscape is changing fast and you’ll need someone who can handle different technologies such as Web and Mobile applications development in order to ensure that your product remains relevant.

Willing to wear multiple hats

Your CTO won’t be coding all the time. They’ll have to be able to carry out various tasks. It is therefore important to hire an individual who understands this. Nowadays they will have to know about cloud computing, server administration, cyber security, and do competitor analysis. Having hybrid skillset including business and IT is a great asset.

Your CTO should have the right technical skills. They should also have the right soft skills. Decide what soft skills are important to your company e.g. motivation, mentoring, integrity or patience to stay with you. They should fit in with your company’s culture. Though everyone works to make money, but you cant enforce a CTO to just work for cash / equity unless if there is no real bond and love your idea.

CTOs come in all types. Some are technical wizards while others are visionaries. You’ll need to identify what you need in order to find the one that suits your company’s needs. Whatever it is, Trust will be the main factor moving further to have a successful relationship.

Let us know if you are looking for a CTO and best of luck!