Opportunities arise for businesses in some of the strangest economic environments. Could it be that what may seem like an economic crisis, may be ripe for entrepreneur-type engagements? It is true that now may be the perfect time to invest and begin a tech startup. All the ingredients exist for rapid growth thanks in large part to consumer confidence in technology, the availability of capital, as well as the amount of amazing talent to pluck from.
The World is Going Digital
Online and digital services have seen a rapid increase in adoption over the past few months. The amazing adoption has led to endless spending in areas such as remote work, digital entertainment, and e-commerce in general. Think about all the services that allow grocery to deliver and what it has done for their business since the March timeframe.
The world is now going digital and the more that can be done in a touch-less environment, the better. Remote work is the biggest driver of all this in that more companies than ever before are allowing their workforce to be remote at least a percentage of the time. Many companies are now allowing employees to be fully remote.
What all this means is that there need to be tools that allow the world to be as digital as it wants to be. This is where the tech start-up play comes into focus. Tech start-ups need to seize this opportunity to craft tools that allow us to do everything we want to do in a new, digital way.
Talent is Available for the Picking
One of the biggest things you need when getting a tech start-up going is talent. If you do not have the right talent to pick from at a price you can afford, it will be difficult to get folks in that can bring your vision to reality in a newly built app or some other form.
The great thing about the current state of the job market is that there are many folks with a lot of talent that are looking for work, creative ways to put their skills to use.
Tech start-ups have the availability to choose from some of the most amazing talents on the planet at the moment. Imagine being able to put together a dream team without having to fight big corporations for their services? Having the ability to offer something new, innovative to build, is a great way to attract the smartest and brightest the world has seen.
Capital is Available
There is capital available when the investment makes sense in this current market. With that being said, there is little appetite to invest in brick and mortar retail, or other businesses that rely heavily on physical contact. Where investment dollars are available is in the digital space.
Investors want to be able to input their resources into something that the future can latch onto. They want to find the next Amazon, the next Apple, the next big corporation that will spawn from an amazing idea and a market ripe for the taking. That is exactly what is there in the digital space and when you have the idea, you can work with their capital to bring it to life.
When pitching investors it's crucial to know the cost of building your app and bringing it to market. Whether you have a "proof of concept" built or just a great idea, having a clear scope of work will help crystalize the cost associated with building a finished product. Things like server costs, developer staff, design, testing, office space and timelines all go into the total cost that needs to be explained in detail to investors.
The market is ready for tech start-ups to take over. The need for everything to go digital is upon us and the world is ready to embrace it with open arms. Gone are the hesitations around things such as digital payments, virtual communication, remote work, etc. It is now about how we can best enable those opportunities for individuals. If you are thinking about a tech start-up, what you may find is that you are in the ideal market to get it off of the ground, take it far. Think through your idea, and rely on the market, the available capital, and the talent pool to help you bring it to the whole world.
