How to navigate a changed tech market
There’s a lot of talk about how the tech industry is saturated. App stores are full, newly developed startup companies are closing down. But what do the facts say?
We found that the mobile market is alive and well, but different than before. Instead of being open to any idea or mobile app, the market is more competitive because there are so many businesses capitalizing on software. And, as we already know, firmware and software coupled with hardware are required to power almost everything out there. So, how are companies navigating this required but competitive world? How are they investing in software solutions? We look at a few options.
Firmware and software coupled with hardware are required to power almost everything out there.
Venture firms continue to raise and close new rounds of funding and most of those funds must deploy their capital within four years. That means there’s a lot of money that needs a home. Also, seed funds are investing at a normal rate and those deals are closing.
This leads us to believe that this is the ideal time to build products, software solutions and mobile apps. But the challenge comes when trying to figure out exactly what that solution is and if it could work for your company, because now more than ever, your organization will have to compete with an astounding amount of technology noise.
I think I can…
So, in preparation, ask yourself and your organization these questions before diving into the software development process.
- Do you have the resources to build and maintain it?
- Would people actually use it?
- Does it increase the bottom line? Is it a value add?
We encourage you to continue thinking up ideas, solutions and products while keeping in mind the competitive market you’ll have to play into. Complete extensive competitor research to help ensure your success. Understand the specific spaces your solution will serve. And lastly, find a solutions partner to run your ideas by. They’ll have a grasp on the different technology spaces and the ability to help you visualize your idea.
TLDR: Seek funding. Complete extensive competitor research to help ensure your success. Understand the specific spaces your solution will serve. And lastly, find a solutions partner.
Want more? Watch as Ryan discusses the tech industry.
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Authored by Sarah Rockholt.