Every year, almost 600,000 business ventures fail, while the successful ones total about merely 32,000. This proves that entrepreneurs fail about 95% of the time, and taking the leap is not easy. There is a wide spectrum of challenges that stand in the way of new businesses, and not everyone is skilled or equipped to handle them.
Whether you make it past these challenges or join the 95% depends on how you handle the challenges before you. The largest challenge that startups face today is technology-based. Technology challenges have shut down many startups before they even began. Let’s take a look at some of the largest tech challenges today and how a technology partner for startups can help you overcome them.
Challenge 1: Keep Up With Evolving Technology
Among the greatest challenges that startup founders face is the rapid evolution of technology across domains. The internet is getting more advanced every day, a new technology comes up consistently, or existing technology gets upgraded. At this pace, entrepreneurs can’t keep up with the advancing industry, especially non-technical entrepreneurs.
Instead of putting your business on hold to try and cope with technological evolution, you can partner with a web development and technology partner to outsource and meet your technology requirements.
Challenge 2: Falling Short On Your Tech Goals
Every business venture starts with a plan in place. As technology evolves every day, there is a high chance that you won’t be able to reach your first few goals without tech support.
A few initial setbacks should not stop you from carrying on with your business. Accept the failures and take a step in the right direction with an IT partner for your business.
Challenge 3: Risks To Cybersecurity
Most startups run in the digital world. Working on a virtual platform comes with several cybersecurity risks and threats to data and sensitive information. Your startup will always face security threats, whether you use online tools or partner with an offshore IT development company for your business technology needs. Cybercriminals will try to exploit any vulnerabilities in your system to steal your data, and any ambiguity in clauses can make this worse.
Partner with an IT company to outsource your tech needs and ensure you have an NDA signed to give you entire ownership of your product and the source code. A reputed company will also have an IP protection clause signed with you along with multiple agreements that the outsourcing contract carries. Keep yourself safe by reading these agreements and adding anything you might think is necessary.
Challenge 4: Increasing Costs Of Technology
Funding is a huge challenge for every startup. Whether you are running a crowdfunded startup, bootstrapped business, or already have investors, there is a money crunch every startup needs to overcome. Additionally, technology costs are also increasing, which adds to the overall costs of doing business. Whether it’s hardware or software, getting new technology is more costly at an individual level than ever before.
If you try to focus on technology costs alone, you will drain your funds without covering your other expenses. Your business needs a tech partner to help you understand your business needs. With this, they will make the right choice of which technology will work best for you. Many technology partners for startups will let you use their existing technology infrastructure, reducing your technology costs significantly.
Finding the right technology partner for your business is important. Today your startup can survive and thrive with an experienced innovation company to guide you at every step.