There are two questions I am asked by new startup founders far more frequently than anything else. The first is ‘How can I raise funds to finance my product build?’ and the second, ‘Where can I find a CTO to help build my product?’
The importance of having a Technology Strategy for your startup cannot be underestimated. To choose wrongly could prove to be an enormously costly mistake that only becomes apparent many months later. Before a line of code is written, having the right Technology Strategy in place will save you time and money.
A familiar problem that I frequently encounter when engaging with very early stage startups is the lack of a product, and a lack of a technical co-founder who can also build that product.
If you’ve ever had a smart tech idea and the only thing holding you back was a failure to find someone who shared your vision and build the product, then you are not alone.
On my travels I talk with many startups and occasionally come across a few that are so protective of what they are doing, they are unwilling to even tell you about it – other than how great it will be and how it will change the world! This is often touted as ‘stealth mode’, keep the product under wraps until you are good to go and launch with a bang. Unfortunately this approach is often damaging, to the point where it could be fatal.
As an early stage startup founder, whether you are looking to raise investment, do some bootstrapping, or a bit of both, there are three questions you need to evaluate before you go any further. Failure to do so could cost you a lot of unnecessary time, money and effort.
It seems everywhere I turn lately I meet enthusiastic individuals who are looking for a Technical Co-Founder to turn their idea into a reality, and experience implies they are in very short supply. If you find yourself in this position, I’ve set out some of the facts and myths, alongside some top tips which should help you achieve your goal.