In the world of technology, everything gets quickly updated and quickly obsolete. This is beyond devices and platforms and even technology is also no stranger to this.
Hence, all Tech companies face lots of challenges and do their best to overcome them. Following are the biggest challenges that are faced by all Tech companies
Tech Startups always face tough competition, irrespective of their status in the industry. And competitors always try to steal their clients, either by promising discount, or better services. A cut-throat competition always gives clients more options but can be detrimental to Tech companies.
2. Rapid growth
Company will need to grow and adapt to fill the needs of its growing client base. And rapid growth depends on surplus revenue which can come only by having more clients. Gaining more clients rapidly and catering to their demands within stipulated time is a challenge.
3. Adding talent
To keep a client hooked and satisfied, Tech Startup companies needs to hire more employees who would use their skills and cater to the growing necessities of clients.
4. Fast-paced market
As mentioned earlier, technology rapidly becomes updated and obsolete. So many Tech companies are in the market and Startups that are newly entering the market have to struggle in their quest to stand out so that people looking at established brands notice them and approach them.
These four challenges spell Product Development Challenges for Startups.
Product Development Challenges
The key aspects on product development that deserve prime focus include fast results, stable revenues, faster entry of product into market and lastly low “burn rate”.
To achieve the above objectives, the Startup businesses they need to ensure:
• Right Technical Talent and Skills for architecture, quality and performance.
• Proven Processes and development model
• Round the clock Customer and Technical Support
• Fast market and sales penetration
• Investment to scale
Startups and SME ISVs are moving their operational components outsource to remote locations. In many cases they are engaging to incubation centres due to following three reasons:
•Outsourcing enables businesses to save more costs compared to 3rd party vendor partnerships.
•Due to outsourcing, businesses have direct control on hiring and retention but high management overhead.
•Via outsourcing, businesses are able to retain Intellectual Property Rights with sales low.
Hence, there is a unique outsourcing model that can help Startups to overcome not just the challenges faced by Tech companies, but also the challenges of outsourcing.
This model is called BOMT (Build Operate Market Transform) which is a Technology Business Accelerator that aims to maximize the profits of user Startup and minimizing the risks of investment.
What is BOMT
BOMT model is an innovative hybrid partner product development model that offers a low-risk, hassle-free, cost-effective global sourcing strategy. Its Ultimate Selling Point (USP) lies in being an aid to Start-ups and ISVs by reducing time-to-market, create opportunities for increasing revenue and maximizing ROI.
BOMT model helps organizations tap into the global resource pool with minimum upfront investment using a low risk “Build only what you need” model. This Technology Business Accelerator has been built on the principle of reducing the unknowns and continuously providing the ROI from the very beginning of the engagement.
BOMT offers established Value-Added Reseller (VAR) network for early introduction of product to customers. The well backed Venture Capitalist (VC) network offered by BOMT prepares the Startups for the continuation of business by arranging the next round of funding.
Benefits of BOMT
Along with rapid Scaling of resources on demand, the benefits of BOMT include wider service offerings that quickly fill up the business model gaps. BOMT also brings lower infrastructure set-up costs. Operational costs get reduced by 40-45%.
BOMT(Build, Operate, Market, and Transform) model, It is an innovative hybrid partner product development that offers a low-risk, hassle-free, cost-effective global sourcing strategy. BOMT works exceptionally well with StartUps, Entrepreneurs and ISVs. It ensures incubation, development, Gestation and transformation support to increase revenue and maximize ROI in short span of time.