The period of international lockdowns threw the wrench into all strategies and plans of a digital startup launch. Though, true passionate startup entrepreneurs do not give their ideas up and still searching for the possibilities to implement them to life.
With this article, we will show what is the current situation on the market of digital startups, and how to succeed in product development with fewer funds. Find in bonus – What is the major step on the way to the creation of the products the people would love.
What defines the current state of the digital startup ecosystem
The total number of startup conferences that are taken worldwide grows each year. This tendency shows – startups and investors seek places to benefit from each other. Especially when under the conditions of a global lockdown, old methods of finding investors are fading away. International meetings moved to remote online conferences that gave new opportunities as well as difficulties.
We have had the opportunity to meet various startup teams at TNW Startup Ecosystem Couch Conference 2020. They focus their activities on sustainability, digital health, and the new normal.
Basically, they all face two types of issues with the creation of startups: digital and financial.
The majority of them face digital challenges, and thus they do not thrive in creating successful products. It usually refers to an MVP creation and the lack of human resources (e.g. an iOS mobile developer or a UI/UX designer) to develop and launch it. The inability to plan and follow this plan, incorrect evaluation of the market, or application of wrong development techniques belong to digital challenges as well.
The great number of teams of developers moved to remote, in some cases that influenced their effectiveness. As a result, startup founders faced delays in reaching milestones and growing bills for services.
National economic problems and lack of funding may also influence the future development and expansion of startup teams. Minimum viable product (MVP) may not be finished or even not started due to financial issues.
In the case of bootstrapping, it is necessary to ensure the stability of the financial aspects of the plan. Special attention should be given to the period when the MVP is not developed yet. When acquired extra funding, it is needed to ensure that the investor is aware of all development plans and has approved them. Provide strict numbers for investors not to afraid to give funds even in times of economical instability.
How to start startup product development
While having a dedicated budget for a startup product, how to make it fast, cheap, and successfully launched so that people will love it? One of the points of success lies in the team of developers who would build the product. Nevertheless, the preliminary evaluation of the idea and after-lunch marketing activities should not be underestimated in the success pursue.
Some startup founders build their team including developers from the start. Though, such practice is not so widespread, as the development process will end someday. That means that the owner will have to pay wages even when there are no development activities or displace this full-time team.
Others prefer hiring freelancers or outsource teams to build their products. Such an option allows not to enlarge the in-house staff list to enormous size and save some funds for future activities. Nothing is totally perfect in this world, and hiring remote teams has several risks, along with its bonuses.
How to choose the team for a startup development
The first point to consider the remote team – the price for their services. Commonly the teams from Northern America and EU charge the bigger figures than the teams from Eastern Europe or the Asian region. And here rises the second point – the quality of the final code and standards applied in the course of development.
While choosing a team of developers, each startup entrepreneur should personally identify the points that are important for a product. No too cheap team can show the perfect quality and standards compliance.
The most effective option is to choose teams from Eastern Europe, who apply the worldwide top quality standards in their activities and cost relatively less than the teams from the EU and Northern America. They have relevant competence and experience for developing the projects of any difficulty.
No need to worry about the ways to control the progress of such remote teams. Zoom, Slack, Git Lab, Hubstaff, and the list can be endless, will make this task easy and controllable.
And as we promised, here is the bonus – the major step on the way to the creation of the products the people would love. The answer is easy – the planning and evaluation phase. A well-designed plan of what is needed to get in the end can define the success of the product. It must explain the project in detail, the planned launch period, budget plans, and all the necessary info to evaluate the market and audiences. Planning can become the basis on which the team of developers builds the product structure.
Though the startup ecosystem is being under difficult conditions now, there are many points to grow the successful product. The main points to consider – a selection of the team that will develop the product, financial stability insurance, and preliminary planning. With the engagement of the remote teams, it is possible to save funds for advertising activities. And while choosing the right teams, it is possible to save the quality of the final product. Performing the necessary steps on planning and evaluation from the very beginning, a startup owner can ensure the final product stability and success.
Ready to launch a new startup to prove that the growth is near? Contact us and our team will assist you with finding the proper solution for a product that can burst the audience.