These days, technology is an extremely important part of having a business. In today’s increasingly connected world, not integrating the right tech can make the difference between success and failure. This is especially the case in the fast world of startups. Startups, of course, have the reputation of being more tech savvy than other businesses. It’s what investors expect and what your customers and clients need. With that in mind, below are five technology investments all startups should use.
If your business idea could work as a mobile app, it’s probably a good idea to put some work into developing one. According to statistics, 80 percent of people that use the internet own a smart phone. Digital startups may find the best success developing apps and supplemental apps can also be a great way to supplement your main business idea or drive people to it. Overall, aim for high user engagement over a long period with your apps to achieve the best results. There are a lot of apps on the marketplace already. You have to put forth a good end product to get noticed.
Another good investment choice is the cloud. The cloud isn’t just a buzzword. It’s a strategy of using shared internet resources to host data, files, and software for the end user. The cloud has certain benefits for startups. For one, it can allow you to supply software as a service as opposed a product. Traditionally, software is downloaded and installed by the user. With cloud powered software, however, the software is loaded through the internet directly from the vendor. This means the customer needs to supply a business with continual funds if he or she wants to maintain the service. This is certainly different from the one and done nature of regular software purchases.
Big data is another great choice. Big data refers to the process of a company recording and storing data regarding things like customers, products, sales, suppliers, vendors, production processes and equipment for the purpose of later analyzing the data to find useful trends and data points. The pressure on startups to succeed is of course very great. Not only is your business at risk, but so is the money of investors. You need to develop every advantage you can. Big data can allow you to leverage your data into an actual advantage. For example, data analysis may find that your product is underperforming with certain demographics. This information could then be used for marketing purposes to help you focus on the demographics you do perform well with or make efforts to reach out to the customers you’re missing.
Part of the process of launching a successful startup is building up hype online. There is no better way to do that than to go viral with your marketing on social media. Social media networks like Facebook and Twitter have millions of active users that can help get the word out about your company and product idea. Better yet, signing up for social media networks and using them to promote your business is completely free.
The Internet of Things
Lastly, another possibility you might want to consider for your investments goals is integrating the internet of things into your product or service idea. The internet of things refers to objects, buildings, machines, people or even animals that have been embedded with devices that can communicate with the internet. The internet of things is one way to make your product far more interactive, flexible, innovative, and fun than it would be otherwise. It allows products to learn and respond far better to user input than would be the case without that connectivity.
Overall, the industry of startups is one that is heavily centered on technology. Certainly, integrate cool and useful tech where you can into your startup. It can help better sell your business idea to investors and help give you a significant edge over your competition.