Wait. What? Did I read that right? How can you launch tech company without technology?
As a founder of a start-up company, is it really possible to launch a tech business without building the technology first? A lot of companies have the tendency to get out there, launch their technology—it could be an app or a web experience, and then completely miss the mark as they launch. These are companies that launch their products on their own terms, and achieve success usually after a long spell of time and a great expense.
What does this have to do with starting a tech company without having the tech first?
‘Well, if you are able to create a user experience for your customers, before you create your entire product, you will save a lot of money and will very likely create a product that meets your market better’ says, Andrew Weinreich, from Forbes.
Let us understand this approach in two fold—
Tech First Approach—
Hypothetical situation: Your business idea is one of the most fascinating new concepts in the tech industry—new in the market, completely revolutionary and is packed to deliver to different section of the target market. Simply saying this, it also means there is a lot of sophisticated wireframes and numerous codes that must be documented to launch the product.
No doubts, you an incredible team to back you up and you start head-on to bring it out to the market.
Market First Approach—
Hypothetical situation: You have an incredibly fascinating idea, very similar situation to the previous situation, with a similar intensive tech interface requirement. Only difference being, you start to interact with your audience first. Use the most famous form of community interaction that suits your business need—could be Facebook, Twitter or Reddit and gather a vibrant and interactive community who are talking about the concerns, market gaps and opportunities that change the situation.
So, what exactly was the point of this two-fold approach of understanding technology before technology output in business?
If you have a product at hand, an idea per say, that requires to use of a particular community to be interactive, then you bring yourself to ask, What are the kind of experiences that my users are having? What are the network they use to meet the experiences they do? What do they use currently when there clearly is a market loophole that needs to be met?
Imagine the head start you will receive when you have understood what exactly it is that your market needs. If you can see what features people are using first, is there an opportunity to build around the usage that already exists?
Certainly. You are delivering exactly what your audience needs with your product.
According to Andrew, if you able to build you audience first, do it. More likely than not, you are saving both time and money. Moreover, in the start-up scene, this fuel drives the engine. When you roll out your technology first, the odds are likely going to be overwhelming and in a case where it might not work after the launch, you are going to put in each time, more time to weed out what works and more money to rectify the errors.
So, before I wrap up on this take on what is it exactly that one should do while they set out in the tech industry to build their product and set up their business. Consider the two hypothetical scenarios that I just laid out before you and you be the better judge for what suits your product requirement. For everything else, you have BizBrolly.