By Angelo Z
FIRSTLY, WHAT IS A TECH-ENABLED COMPANY?
A tech-enabled company is a company, either a startup or scale-up that leverages technology as a core component of its business model (but not necessarily it's only focus). These companies more often than not, rely on their custom-developed web apps, platforms and software to be the driver of revenue within their business (think SAAS (Software as a Service) websites, subscriptions, online sales, booking platforms, etc). As the company grows so should the technology scale to meet the ever-growing demand of the user base. A few simple examples of tech-enabled companies include the likes of booking.com, Uber and Zoom.
THE RELENTLESS PACE OF INNOVATION
Imagine running on a treadmill at a steady pace. As long as you keep running, you're fine. But the moment you slow down or stop, you risk falling off. Similarly, in the tech world, the moment you stop innovating, you risk being overtaken by competitors. The market doesn’t wait. User expectations evolve rapidly, and new technologies emerge constantly. To stay relevant, startups and scaleups must keep pace with these changes, continuously refining their products and services.
One of the best ways to know which parts of your tech platform to enhance is by getting user feedback. This highly valuable information will give you insights as to what users crave and what they are frustrated with when using your digital product. This data gives you hard evidence as to what to focus on and you can further refine the exact requirements by engaging your users.
THE PERILS OF STOPPING
Stopping on a treadmill can result in an abrupt fall, and for tech companies, halting innovation can be just as catastrophic. Consider some of the biggest names in tech history that once dominated their markets but fell from grace because they failed to innovate. Companies like Blockbuster and Kodak serve as cautionary tales. They stopped moving forward, and as a result, they were swiftly overtaken by more agile, innovative competitors.
RESTARTING DEVELOPMENT AND CREATING VELOCITY
Although stopping is not very desirable it is possible to make up for lost time through increasing development velocity. Think of this not as a casual job but almost as a fast sprint to make up for lost time. A great way to increase the speed at which you develop and shift features and functionality is by increasing your development velocity.
CONSTANT IMPROVEMENT AND ITERATION
Just as a runner adjusts their speed and technique to improve performance, tech-enabled companies must continually iterate on their products. This iterative process is at the heart of agile development methodologies, where regular updates and feedback loops ensure that products evolve to meet user needs. Each sprint is like another mile on the treadmill, pushing the boundaries of what your product can do.
Through the use of agile methodologies when building custom web apps and platforms, development teams can be highly flexible with the ability to shift priorities and change course based on customer’s needs and deliver highly impactful features.
EMBRACING CHALLENGES
Running on a treadmill can be challenging, requiring stamina and mental fortitude. Similarly, tech startups and scaleups face numerous challenges, from funding and resource constraints to market competition and technological hurdles. Embracing these challenges is part of the journey. Each obstacle overcome is a step forward, building resilience and driving innovation.
When it comes to the development and release of new high-impact features that are going to move the needle forward for the business, it’s crucial that there is a solid, reliable and proven development team that can deliver consistently at a high level of quality.
This goes a long way to ensure that the entire development process from conceptualisation to final delivery is handled in a streamlined and hassle-free way.
STAYING MOTIVATED
One of the biggest challenges of running on a treadmill is maintaining motivation. The same applies to tech startups. It's easy to become complacent once initial success is achieved, but sustained success requires a long-term vision and a commitment to continual improvement. Leaders in the tech space must ensure that their development teams are inspired to keep innovation while celebrating milestones along the way and always looking ahead to the next goal.
Getting confirmation from users that what you’ve recently developed and shipped is working and adding value to their lives, goes a long way to increase motivation to keep building more value-adding features, which put your digital product on the front foot.
THE ROLE OF A STRONG TEAM
Just as a runner benefits from a coach or support team, tech startups thrive with the right team in place - a dedicated, skilled team to drive innovation. From developers and designers to product managers and testers, every team member plays a crucial role in keeping the startup moving forward. A team that knows how to design, develop and deliver custom and complex features, quickly and consistently that make the digital product more formidable and competitive in comparison to its competitors.
THE FINISH LINE IS ALWAYS MOVING
Unlike a traditional race, the finish line in the tech world is always moving. There’s no point at which a startup and scale-up can declare victory and stop running. The goalposts continually shift as new technologies emerge and user expectations evolve. Success in the tech industry is about embracing this dynamic environment and continuously striving for excellence.
There will always be a need to add more features such as interactive data dashboards, customer portals, 3rd party API integrations, gamification and automated reporting systems.
Conclusion
Running a tech startup or scale-up is a lot like running on a treadmill. The moment you stop, you risk falling behind. But with continuous innovation, a highly competent web development team, customer feedback loops and the resilience to overcome challenges, tech startups can stay ahead of the curve.
Remember: in the world of tech, staying still is not an option.
Work with Angelo Z
Read more articles by Angelo Z
“Solving niche challenges founders face”.
Illustrator: Lisa Williams (Instagram: @artist_llw)