Start-ups want to provide stakeholders with “the next big thing.” Successful start-ups do—from applications that predict market trends to softwares that manage even event space Singapore options. However, at the rate start-ups are going, it’s easy to feel discouraged in creating your own.
How can you grow a digital solution idea into a strong foundation for a start-up? It’s not easy, but it’s not impossible. Here is our quick guide on how.
1. Do your research well (and set up goals)!
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You might feel like you are going into this blindly—and maybe you are—but hopefully you won’t. How? By doing your research and setting up goals.
AI and Machine Learning are highly saturated markets in the present. It’s important to do your research about digital solutions needed by industries today. You can’t transform the digital landscape overnight—sometimes people don’t need new solutions, but improved ones. Sometimes people want more customers, while others want to start from scratch.
Where do you fall under this spectrum? Once you answer that, you can set your goals and start doing your research. Remember: investors want to have faith in the people they are investing in. Doing your research gives you the knowledge and background to carry yourself well when the time comes to pitch (or network!).
2. Create a Quality IT department
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Start-up life is not easy—particularly because of budget restraints. Because of this, each expense must be justified month after month, making sure that no resource is wasted.
Now, you may already have a good idea on how to allot your company budget. However, we are here to remind you that there are some things you should not be too frugal on—and if you’re providing digital solutions—an IT department is one of them.
Stay committed to your goals and provide the best possible IT team to make your digital solutions come to life. While it may feel like you’re burning money in the beginning, the return on investment in a good quality product is unmatched.
Forge an IT department that values their work and has something to show for. Create a team that knows they are stronger through collaboration, by making solutions together, than by making solutions against each other.
On top of all of this, it is important to be open to their expert opinions. You may be stirring the ship, but these people know the waters. Treat their opinions and solutions with respect, and know that your quality IT department is worth listening to. Quality doesn’t just pertain to skill, right?
3. Remember the importance of Machine Learning
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Throughout your whole process of creating digital solutions, you will be met with a lot of new ideas and jargon, but it all boils down to Machine Learning.
All of the latest technologies and trends are affected by machine learning one way or another. Thus, it will be easy to find experts that know how to program and explain the process to you as it goes through the waves of change.
However, it is still very helpful to know the ins, outs, and changes of the machine learning industry as well. It will be hard to lead a team that knows your business landscape more than you do!
There are many ways machine learning is utilized in digital solutions around the world. Some examples you may know are:
- Movie Ticketing Systems
- Any Prediction Applications (Stocks, Loans, Market Prices)
- Emotion Recognition Projects
- Sign Language Recognition
- Email Autofills
- Market Segmentation Applications
Data science has changed the way businesses work and the way people live their lives. Make sure that your understanding and development of machine learning is scalable—because once you strike gold, there’s no going back!
4. Contact Investors
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Don’t be ashamed to hit a wall funds-wise when trying to get your start-up off the ground. Again, digital solutions are slowly becoming a saturated market, with many wanting to become IT experts ahead of the curve.
If you strongly believe in your business (all good start-ups should), then get some backers and angel investors on your team. Whether your product has gone fully live or not, your company has assets worth investing in.
There are many ways angel investors can help you. The most popular way is through a (limited but useful) cashflow. However, some investors provide material resources, networks, and expertise along with buying a stake in your business.
Remember to have your elevator pitches ready as you will have to convince investors of your digital solution!
5. Be open to changes and feedback
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Early on, you will realize that developing digital solutions takes a lot of developing and redeveloping. There are times when your software might seem ready for launch, but second expert opinions advise against launching so soon.
It will be stressful—and you will feel pressured to release your product as soon as possible (for revenue, of course)—but always remember to be open to change. Again, the digital solution industry is built on ever-changing technology. An ever-changing model.
Thus, your strategy in making a name for your start-up should be just as flexible and just as idealistic. If you’re scared to veer too far off your budget, you can set key performance indicators (KPIs) for each of your team. This can strike a good balance between realism and idealism.
Get inspired in these industries!
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Communications
Stories make the internet go ‘round. There are so many digital solutions in the world of communications today—from machine-written emails and scripts to on-call note-taking applications (and more!).
If you’re brave enough, why not try to reinvent social media as well? This digital age has made social media ubiquitous, but—in recent years—less than perfect. Do you have a digital solution for such problems? Test the waters, if BeReal can do it, why can’t you?
Events Planning
Now that events are back in full swing, events planning is more popular than ever. However, the way events are run have changed since the global pandemic. Thus, why not try your luck at creating digital solutions for the events industry?
Venuerific—the largest events market place in Southeast Asia—has become a one-stop shop for anyone looking to stage an event. The company has venues, vendors, and venue management solutions that maintain such a loyal and quality customer base.
Software Development
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Some start-ups exist for the sake of software development, which is smart, because why wouldn’t they? There is always a demand for it, so they will never run out of job orders.
For stakeholders, the next question would be—who is the best and most efficient at their job?
Help companies grow their own customer base, target markets, and create better products by running a software development agency. Your digital solution is to provide other hopefuls of digital solutions—with the resources, the team, and the talent to carry them through.
Financial Management
Last but certainly not the least, look into possible digital solutions for the Financial sector. With the advent of cryptocurrency, stocks are no longer seen as the most volatile aspect of finance. Thus, many want to predict how they can get, spend, and grow their money.
As mentioned above, stock predictors are very useful digital solutions in this day and age. If you’re a former finance officer, surely you know what can help your industry best! You’re all set! Always remember to do your research, set goals, and collaborate with as quality a team as possible. Digital solutions are not just the future—they are the now—and they will keep evolving along with us. Thus, be open to change and keep looking forward.