Indian startup scenario
Indian startup ecosystem is constantly evolving and is the third largest startup ecosystem in the world, behind the United States of America and UK. The reason for this startup boom is a young and educated population, strong government support, a large consumer base which is Internet-connected and also availability of funds from venture capital investors. This has led to the creation of a vibrant and growing startup ecosystem in the country.
“In 2016, there were 579 startups that got funding about half a million dollars, versus only 211 in 2015” – Economic Times
If the growth continues in the same pace then it is expected that Indian tech startups will generate almost 2.5 lakh jobs in the next five years. Furthermore, another important aspect is the technological enhancement they bring to the country. Startups involve dealing with new technology which generally lies at the highest end of value addition chain.
Winning over Challenges
However, the challenges faced by a dawning startup company is huge. Right from building a MVP (Minimum Viable Product) to finding investors and raising funds, running a startup company is not a simple task by any means. Be it financial management or decision making between partners or staying upto date with the latest technologies and business practices, a startup founder has to be a jack of all trades. Hiring good candidates is another common challenge faced by most startups.
Technology is commonly being leveraged to solve complex business problems related to management, customer support, advertising and decision-making. As small businesses become more complex and robust, so do their technical needs. In the digital world where everything is connected to the Internet, there are numerous problems which startups face.
“Statistics reveal there is a 50% chance an organization will cease operations immediately when critical data is lost”
Be it Integration issues, or backup of important data in a periodic time interval and disaster recovery in case of any data loss. Worse, an organization’s odds of failure rocket to 90% within two years when critical data is lost. Maintenance is also a vital factor for the implemented system and companies should be proactive in this regard – ”An ounce of prevention is worth a pound of cure”. Devices nowadays are connected to the Cloud and you need secure partners to monitor the activities and fix any issues arising instantly.
Huge volume of data termed as Big data must be called as Smart data henceforth, since it gives us value only as how we approach it and retrieve the required information from the available data. Managing the workforce also is a great challenge to companies nowadays, be it tracking location of sales team or monitoring the tasks of internal teams. Startups must be early adopters of web technologies, and maximum utilise the software products to resolve their hurdles.
Technology support for startups
No matter what field you’re in, it’s imperative that you stay informed about new business technologies. You’ll need to know when to upgrade your IT equipment, how to cut costs with new technology, and what companies are offering the most up-to-date products and service. The technology market has been rapidly changing due to futurist ideas. The business should focus on their primary objective and should aim at promoting their core products. They need to seek the assistance of the external sources to take care of their technical needs, since it saves time in managing the team and saves cost, besides allowing to concentrate on the primary business.
Using tailor made software packages you can keep track of collaboration on various projects. Customizable tech support services are a great option as these help you in finding a plan which is perfect for your organizations while ensuring that you don’t have to pay for the services you don’t really require.
“Since IT companies can do more work remotely, they spend less time traveling and more time fixing problems”
For the purpose of maintaining the internal activities of the business we need an ERP, CRM and Analytics. Employing the right technology in the proper places at the right time will bring success towards your business rather than you chasing it. Technology is an essential element when it comes to ascertaining the future of a startup. If done right, it can take a venture to unimaginable heights and vice-versa. Therefore, an entrepreneur should never let their focus stay away from the state of affairs of technology in their company.
If you are a budding entrepreneur or in the growing phase looking for expert advice to figure out the right technology stack for your venture you can include software solutions or mobile applications by hiring professional software developers and take your business ahead of challenges.