There is a lot of buzz around NFTs, which have exploded this year. First coming to light around 2012, they have since become extremely popular with online digital collectors and content creators looking to get in and make a quick and tidy profit. This year we’ve seen some NFTs being sold for millions, turning amateur designers into multi-millionaires overnight. Businesses are now starting to take note with NFT marketplaces becoming the place to become part of this new trend and pick up some digital collectibles.

A non-fungible asset is like a piece of art; for example, it is unique. You can’t trade one Mona Lisa for the same one.

What Is A Non-Fungible Token (NFT)?

In its simplest terms, a non-fungible token (NFT) is a digital asset (an asset is a store of value or something that will bring you value in the future, whereas a liability causes you to lose money). However, the real determining factor in NFTs is what makes them non-fungible. A fungible asset is something that can be replicated and easily interchangeable. Bitcoin is a fungible asset since it can transfer owners easily. If you trade one Bitcoin for another, you’ll have the same thing.

However, a non-fungible asset is like a piece of art; for example, it is unique. You can’t trade one Mona Lisa for the same one. The NFT market essentially provides NFT owners with a unique digital piece of artwork where ownership of the NFT is recorded on the ethereum (eth) blockchain. Ethereum is another type of Cryptocurrency, similar to Bitcoin & Ripple. However, the Ethereum blockchain allows the storage and transfer of most NFTs being traded today.

Think of a baseball trading card convention. Thousands of people attend and trade unique baseball cards. Some sell their cards for cash. The cards in this sense are NFTs; they are unique and being transferred either for other unique cards or for cash. However, every time there is a transaction, it is recorded on a ledger that states exactly what was transferred, how much, and who is now the new owner. This ledger is the blockchain.

Taking the trading card example online and turning it into the NFT marketplace, where instead of physical cards, we have digital ones, and instead of a ledger, we have the blockchain and instead of cash, we use ethereum.

Where Can You Find NFT Marketplaces?

So how can you get involved and jump on the hype wagon? Well, first, you’ve got to create a piece of art that you think someone might want to purchase. This could be anything from a music clip, dance video, tweet, or gif. You can get as creative as you wish with NFTs, so long as it’s unique.

Next, it’s time to add it to the blockchain-based unique digital NFT marketplace. The most popular platforms are;

• OpenSea
• Rarible
• Nifty Gateway
• Dapper labs
• Atomic Market

While OpenSea proudly announces itself as the largest marketplace since it offers a diverse range of non-fungible tokens, including art, trading cards, and collectibles, you can get similar experiences on other platforms. A considerable advantage of OpenSea is that it allows artists to add NFTs to the digital ecosystem without writing a single line of code. Ideal for artists who want to enter the game but don’t have the technical skillset to code.

Rarible, on the other hand, is a community-based platform that holds the ERC-20 Ethereum token. This is important since the ERC-20 is a significant Ethereum token that has emerged as the technical standard. Used for all smart contracts on the Ethereum blockchain, it provides a list of rules that all Ethereum-based tokens must follow. This provides a certain level of stability and uniqueness to the platform since users can be sure of specific standards & a smart contract being employed.

OpenSea and Rarible are by and large the two most popular NFT marketplace platforms. While the others still offer rare media, these two platforms provide a low entry barrier for anyone interested in getting started buying and selling digital items.

If Jack Dorsey, the CEO & founder of Twitter, can sell an auto-graphed tweet, then there is no limit to what NFTs can achieve

Why Use The Ethereum Blockchain?

Isn’t Etheruem a cryptocurrency? Yes, but Ethereum is more than just a transfer of value; the technology it is built on is where the real value of NFTs comes from. Blockchain technology. Etheruem’s decentralized blockchain allows for a smart contract to provide a standard protocol for exchanging digital assets, tokens, and crypto.

What We’ve Seen So Far With NFTs

In short, multi-million dollar deals all across the world. From digital art to cryptokitties, virtual land to digital collectibles. Big names, including the NBA, Post Malone & Logan Paul, have all jumped into the NFT land to release digital assets or artwork they’ve created. The NBA top shot, for example, is a collection of video clips released by the NBA of historical moments in the sport’s history. One particular Lebron James dunk recently sold for $208,000!

Christie’s, the famous auction house, has also started accepting and selling digital assets and currently holds the record for the most expensive piece of NFT artwork sold at $69,346,250.

Can’t you download the image on google images for free?

Technically you can, but the difference is, you don’t own it. It would be the same as printing a copy of the Mona Lisa from your computer and putting it on your wall. It may look the same and do the same job, but it’s not the original copy. This is where the Etheruem blockchain comes in.

Where Are NFTs Going?

A very open-ended question and the sky is the limit. If Jack Dorsey, the CEO & founder of Twitter, can sell an auto-graphed tweet, then there is no limit to what NFTs can achieve. The real value is in blockchain. As far as the history of blockchain, the technology is still very much in its infancy. Yet, during its short life span, we’ve witnessed the value of Bitcoin soar to over $60,000/coin with talk of it being a better store of value than gold to now watching NFTs tackle the art world. The full features & potential of blockchain are still being figured out. Still, the decentralized capability, value range, and ability to break into finance and data transfer provide users and businesses to look into the future with awe and opportunity.

While NFTs continue to defy the odds on what it means for artists and what it means to create and sell art, it is clear that digital collectibles must be providing a real cause for concern for traditional art collectors, worried that NFTS are encroaching on their space. The modern art world looks overvalued, with seemingly blank canvases selling for millions of dollars. Could NFTs and the ethereum blockchain invade such a marketplace and allow virtual assets, games, and land to create a new kind of valuable ecosystem?

With this, let’s consider 10 NFT projects worth following right now.

10 NFT Projects To Follow Right Now

Cryptokitties: Collect, Breed and Trade Virtual Cats

One of the original NFT projects and an excellent place to whet your appetite when it comes to NFTs. Created by Dapper Labs and existing on the Ethereum blockchain (where else), the company allows for users to collect, create, purchase and even breed virtual cats or Cryptokitties – don’t you love 2021!? Cryptokitties, along with Cryptopunks, has become one of the most well-known NFTs with some selling for multiple six figures.

Decentraland: A Virtual Reality Platform

Owned by users, Decentraland allows users to purchase parcels of land to develop their environments and application. While Decentraland is listed in the games category, don’t be surprised to learn that the range of abilities that users have inside the platform extends to selling land.

NIFTEX: This Startup Makes Fractional Ownership Of NFTs Possible

Niftex is a marketplace to buy/sell rare tokens, specifically ERC-20 fractions. This startup makes fractional ownership of NFTs possible. This is good for creators and buyers alike in the token world since it allows for the cost of rare NFTs to be shared. Fractions or “Shards” enable users to trade NFTs to lower costs with greater diversification, reducing their risk when investing.

Codex Protocol: Registry for Unique Assets

Codex Protocol is a verification website that allows owners & artists to verify and register their digital assets. The platform works by allowing its users to verify a collectible’s authenticity by viewing its provenance—its identity and ownership history. Features like this could provide more authenticity around the decentralized ecosystem by providing reliable data about the exchange of digital assets sold.

Ark Gallery: Additional Tools To Enhance Liquidity For The Original Non-fungible Token

While not only allowing collectors to enhance their liquidity, Ark Gallery focused heavily on Cryptopunks – a set of collectible characters at a limited bit rate. Cryptopunks are arguably the most recognizable set of NFTs available today, so it’s no surprise that one startup is piling its resources to concentrate on this area of media. Ark Gallery centers on Arks, Smart Contracts that purchase Cryptopunks. Like Niftex, the idea is to bring together multiple collectors to share the cost and risk of buying rare and expensive Cryptopunks.

Rare Bits: Buy, Sell and Discover Crypto Assets

Slightly different from our other startup projects since Rarebits is a peer-to-peer marketplace for crypto goods. User can find, purchase, and sell unique items which are all unique on the blockchain for zero fees! A small company, established in 2017, Rarebits has several investors’ backing, so there is potential in the project.

Mintbase: A Platform That Makes It Easy To Mint A Non-fungible Token.

Minting essential means creating NFTs. All this talk of an NFT and we’ve not shown how they’re made. Since it creates a lot of processing power to add anything to the blockchain, many marketplaces charge a “gas fee” to cover the electricity required to process complex mathematical problems. Once this is done and the asset is added to the blockchain, it has been minted. Since not everyone can do this, this is where Mintbase comes in. It allows anyone to create their digital assets & NFTs to be verified on multiple blockchains.

0xcert: Validate Ownership of Digital Assets

0xcert allows users to build decentralized apps using fungible and non-fungible tokens quickly in a cost-efficient and secure way. 0xcert is built to provide the best developer experience around. With clean code, simple docs, and easy implementation, it provides an intuitive dashboard and ensures a high standard ERC-721 token is present. 0xcert also provides a fully decentralized API so no one can interfere with your data or projects.

NFTX: Enables Community-owned NFT Index Funds

Focusing on ERC20 tokens, NFTX allows for NFTs funds to be collected and traded. NFTX will enable users to create funds based on their favorite collectibles, including Cryptopunks & Cyberkitties. Designed for users looking to get into the NFT marketplace but unsure where to begin, NFTX allows consumers to start trading NFT funds without having to shell out too much in finance.

Nifty Gateway: Limited Edition, Highly Exclusive Nifties

Nifty Gateway is the Supreme of NFTs. The company works with top artists & brands to create limited edition, high quality “Nifties” dropping at a specific time and available for a limited amount of time. If it worked for Kanye in the merchandise space, why can’t it work for NFTs? The company aims to drop a new edition about every three weeks with a mission to get 1 billion people buying and selling nifties. Recently acquired by the Winklevoss twins of Facebook fame, the platform has some big backers who know how to successfully scale tech companies, especially those in the crypto industry. Watch this space!

Famous Transactions

Still not convinced about the longevity of the NFT marketplace? Why not check out some of the most expensive NFT transactions within its relatively short history here. When else in the course of human history could you find a new market that is less than a decade old with items that are selling for millions of dollars? It won’t be long until the first NFT is sold for $100 million; at that point, I’m sure most of us will be looking under our mattresses for the savings we stuffed under there years ago and investing in a digital floating head.

It’s not long until we will start seeing more and more companies jumping on the NFT trend. We’ve already seen the NBA, often a litmus test for popular movements, take advantage of this space; how long until we see Maradonna’s Hand of God or a Tom Brady Superbowl touchdown being sold as an NFT? We’re already seeing music artists being selling music clips and UFC stars create trading cards. The sky is the limit for NFTs and blockchain technology. It looks as those digital media collectibles are here to stay.

Where You Can Begin

Before we begin, it’s important to note that this article is not intended to give financial advice and should in no way be perceived as investment advice. So, apart from the possibility to finance your children’s college education with some savvy NFT trades, with the staying power of NFTs, it’s vital to understand the best ways to get started before it’s too late. Start by doing your research. Don’t just go out and buy a Cryptopunk because you liked the look of it. Diversify your risk and understand what you’re getting into. Start by learning about blockchain technology and its uses. As with any investment, knowledge is power.

Summary

In this article, we’ve covered what a Non-fungible token represents and where to find NFT markets. Not only that but by understanding precisely what the ethereum blockchain is and how it works, you can now use any ethereum you have to begin trading NFTs with the cryptocurrency. While buying an NFT is no doubt a unique way to invest your hard-earned cash, the market shows that it’s here to stay, with the price of some artist creations turning out to be extremely rewarding. The digital ownership game is afoot. Will you jump on the bandwagon or consider it just another fad that’s likely to fade out sooner rather than later, let us know in the comments.

The post 10 NFT Startup Projects To Watch In 2021 appeared first on Startup Oasis.

This blog aims to bridge that gap, taking would-be entrepreneurs from idea to creation, holding your hand along the way, and revealing secrets about entrepreneurship that you won’t find anywhere else. Starting a tech company can be incredibly rewarding, but the demands are great, and the anxieties are real. Get it wrong and try to do it all yourself can result in long-hours, burnout, and decisions you may ultimately regret.

However, in saying all of this, the most critical decision you can make when starting a tech company is to begin. Get started right away. If you’re waiting for the right time to launch, you’ll be waiting forever. Launching a tech startup is the best way to learn what you need to do. Build a product and continuously test it. Network with others to learn more about your industry and start sharing what you are doing. Creating a business and talking about it makes it real, giving yourself a fresh stream of daily motivation.

So let’s jump in. Let’s begin by answering some critical questions so you can start making that all-important jump into entrepreneurship sooner rather than later.

If your vision is to grow a multi-million dollar business, with employees, numerous clients, and projects, then a co-founder could prove a real asset.

Do you need a Co-founder?

Building a tech startup or any startup, for that matter, is no small feat. In that case, should you consider finding a co-founder? There is no one correct answer to this question. However, many people will have you believe that you cannot achieve anything on your own, and those people may be right. When you run a business with another person, you are essentially entering into a marriage. This person will be your confidente. Someone who is going along this crazy ride with you, so make sure it’s someone you trust and get along with. Someone with whom you can communicate easily.

Regarding whether you need a co-founder, let’s consider the pros & cons.

Pros

• Co-founders keep each other accountable
• They will motivate one another
• Each co-founder will bring something unique to the table
• Increases the number of connections in the business
• Co-founders share the risk and responsibilities
• A co-founder can broaden the wealth of knowledge in the business

Cons

• Bringing in a co-founder means you will have to give up equity in your business.
• They may not share the same vision for the business as you
• Tension and friction at the top of the business is terrible for the entire organization
• It will test your friendship/relationship (if your co-founder is a friend or partner)
• They could prove an expensive liability

Whether you need a co-founder is entirely dependent on how you intend to run your business and how big you want to scale. If you’re building a lifestyle business (a business that funds your lifestyle), then a co-founder may not be necessary as you won’t want to give up a % of the revenue that you live off. However, if your vision is to grow a multi-million dollar business with employees, numerous clients, and projects, a co-founder could prove a real asset.

What Is Your Value Proposition?

As Simen Sinek says, “start with why.” Your value proposition (VP) is the why of your business. Why are you building this product/service/organization? Who is it for, and what value can you provide them with? How does your product differentiate from the competition? For example, the VP of Slack is “Be More Productive at Work with Less Effort.” It shows its customers exactly what they will achieve by using its product showcasing the product’s value.

A VP is essential for several reasons;

1. It gives you clarity as a business owner as to why you are building this product or service.
2. It gives you direction and shows you what products and features to develop.
3. It tells you how you intend to be different from the competitors, something vitally important in an ever-increasingly saturated marketplace.
4. It speaks to your target audience, making them feel that your product or service has been created specifically for them.

When crafting a VP, ask yourself the following questions;

• What is your niche?
• How does your product provide value to the customer?
• What problems does it solve for your customer?
• What differentiates your product from your competitors?

How your product is different from the competition is a crucial question you must ask yourself as an entrepreneur. Do you intend to make something cheaper and therefore engage in a race to the bottom, or have you found a gap in the market you intend to exploit? Something we will be answering in the next section.

Whichever business model you choose, research into your market is key to finding out which will have the most significant impact.

What Is Your Business Model?

Choosing a business model is a bit like choosing what donut you want at Krispy Kreme. There are many different types of models to go with, but you should only choose one. Do you want to be a first-mover or be a disruptive innovator? Are you going to compete on price and volume, or do you want your product or service to differentiate significantly from the competition?

Choosing the suitable model will help guide you in the desired direction and force you to decide based on business strategy. Each of the above models has its advantages and disadvantages, so let’s explore them in more detail.

First Mover: As the saying goes, “the early bird catches the worm.” Regarding business, the cliche assumes that there will be certain benefits afforded to organizations that move first that will not be available to those that enter the market later. The advantage of a first-mover model is that it allows an organization to establish a dominant position that other firms then struggle to overcome. The disadvantage, however, is that it is a considerable risk since the demand for your product or service is not yet proven.

Disruptive Innovation: The business world definition of shaking up an industry. When pulled off, an innovative product or service that is disruptive can have devastating effects. Disruptive innovation refers to a product or service that threatens to replace the existing traditional offerings in a marketplace. The upside can be extraordinary, with disruptors setting the world alight and having free reign in an industry. The downside is that it’s heavy on research & development, which could increase your costs and provide a substantial risk. One of the most famous examples of a disruptive innovator is the iPad, which took on the behemoth laptop industry.

Cost Leadership: With cost-leadership, your focus is all on, you guessed it, cost. It’s a race to the bottom between you and your competitor to see who can offer the cheapest rates without coming across as too budget-conscious. Cost-leadership consumers are often more accepting of sacrificing product or service quality in return for something more affordable. Walmart is a prime example of a cost-leader. Cost-leadership can make companies extremely competitive. However, choosing this model will require a laser-like focus on making your company as efficient and streamlined as possible to protect those razor-thin margins.

Differentiation: Conversely, a differentiation model attempts to convince consumers to pay a premium for a product or service with unique features. Organizations following this model are keen to show their marketing and branding the unique features that make their product better than the rest. Apple is a market leader in this model, showcasing its products as the best in the marketplace. New annual features and materials that convince consumers their products are different from their competitors and therefore worth paying more.

Business models don’t stop there. However, you could also consider, Bricolage, Footholds, Blue Ocean Strategy, Fighting Brands, or even a Joint-Venture. Whichever model you choose, research into your market is key to finding out which will have the most significant impact.

Who Are Your Potential Customers?

Identifying your ideal customer base is necessary for startups. The reason being is that it provides focus on who you are building your product for, what pain points they are currently experiencing, and where your customers are located. Suppose you try and create a product or service for everyone. You will ultimately build something for no-one. To understand this quickly and in the early stages of your business will save you a lot of time and effort moving forward. Many startups fail to define their ideal users, which will create a big problem for them pre-launch.

So how do you identify your customer base? When starting a tech company, founders and investors of startups should begin by answering these questions;

• Name?
• Gender?
• Age?
• Location?
• Customer Desire?
• Pain Point #1?
• Pain Point #2?
• What magazines do they read?
• What subscriptions do they have?
• What has their experience been in this industry up until this point?
• What is their background?
• What are their current skills, and why do they need your product/service?
• What part of the customer lifecycle are they in?
• What kind of product/service are they looking for?
• What do they want to achieve with your product or service?

When doing this exercise, start by visualizing the kind of person you want to attract and use your product or service. Giving them a name and even finding a picture on Google Images of what they could look like is a compelling way to provide you with clarity about who you are building your startup for. Even though you are not likely to get someone who perfectly matches your dream customer’s description, the exercise above will create a strong enough persona to attract the right kind of people to your brand while also showing you where they are located.

What About Project Execution?

Thinking about your idea is one thing, but to start a tech company is another. While your strengths may lie in leadership, management, and marketing, do you have the skills to code your product or service, something that is necessary when you start a tech startup? Building a tech startup is the sum of its parts, where you need a variety of tech skills in your team to build your product successfully.

Where do you find such a team? Do you need Project Managers? How can you be sure that your developers’ team understands the difference between coding an app or new tech software? Let’s go through each of these questions below, starting first with Project Management.

Do You Need A Project Management Lead?

An integral part of any business, project management is the link between the dreamers and the developers. Project managers have the tools and experience necessary to take your idea from notes on a page to a fully-fledged product within a set deadline. A good project manager can inspire, motivate and plan weeks ahead while maintaining budgets, managing communication and deliverables so you can be sure your product will be ready to ship on time.

However, in the startup world, many founders become project managers, taking it upon themselves to manage the development and timeline of their minimum viable product. If this is you, there are several excellent free software available to help you succeed in the early development stages. Such software includes; Asana, Trello, ClickUp, Monday.com, Backlog & Jira.

How Will You Build Your Products?

As we spoke about this here. When considering building your tech product, first, you need to decide how you will build it. Will you use a Minimum viable product development company or a team of freelance developers? Will you build it using the Agile/SCRUM methodology or ad-hoc? How about a Minimum Viable Product or a fully-featured product? Every tech startup has to answer these questions, and if you’re not sure how to answer them, then I suggest finding a co-founder and building a team to help you out.

Do You Need A Minimum Viable Product (MVP)?

A minimum viable product is a product that only has the primary or most essential features. It is the basic version of an app or software and includes the features the target users need. Companies, especially tech startups, prefer to release their MVP before the full-scale version. This allows them to determine the product’s viability and helps make the development process quicker and more efficient.

The MVP development process follows the “build-measure-learn” methodology, which means a tech startup can create an app or product and improve it as they test the market with their dream customers’ help. A tech company will build a product, release it to the market, and gather essential, invaluable feedback, which they’ll use to change and iterate the product to growth hack their way to success.

Whether or not you need an MVP is barely even worth asking. Trying to build a fully-featured product without testing your app or software product first could prove a very costly error. Trust us on this one when we say you need an MVP, and by starting here first, you’ll save yourself, your investors, and your customers a whole lot of headaches later on down the line.

Should You Build A Team For Your Product Development?

Every tech startup needs a team of talented tech passionate developers to start building an MVP. By bringing in a team of developers to help create your MVP first, even though your costs may increase, the hurdles, bugs, and issues you may encounter will decrease. You can be confident about the quality of your product or service because you’re bringing in experts.

When building a team, there several things to think hard about;

1. Be sure about the kind of people you want to bring in. Not only must they be talented and have the right skills, but they must also fit the company culture and be easy to work with. You don’t want to build a team of egocentric developers who are tough to work with and often don’t understand your product or what you are trying to build. Successful companies can balance this step and always find the talent they can be around and have the technical skills necessary.
2. Look to hire a range of talents and skills. Developers come in all shapes and sizes. Some have specialties in different coding languages, whereas others are experts in UI/UX. A successful tech startup will diversify its talent pool enough to reduce the number of technical problems it could encounter
3. Hire people who are smarter than yourself. This age-old adage is a tricky concept to grasp for insecure entrepreneurs, but hiring smarter than yourself, will save you the time having to learn concepts necessary for your tech startup to be successful. Filling your startup team with competent developers, marketers, and experts is a sure-fire way to not only challenge you but improve your business immeasurably.

Think about your product or service as a forever evolving product. If you ever get to a point where you believe your software cannot improve, you’ve run into a severe problem

What’s The Best Way To Get Feedback?

When bringing a product to market, collecting feedback is essential for startups. Starting a tech business is a hard enough challenge, but doing so without your initial users’ feedback is a shortcut to failure. This is one of the most significant advantages of an MVP. A good MVP is always going to provide your business with solid feedback consistently to improve your product to your users’ benefit.

Once you have developed your MVP, launch it to a subset of ideal users so they can identify the bugs, what features they do and don’t like, and ensure the technical specs of your software are ready. When doing this, one problem to think about is your ego. Are you going to let your ego get in the way when you release your product? Creating a product makes entrepreneurs incredibly biased. It’s hard to think that your product or service may not know precisely what clients want. Yet, when it comes to building a tech business, there is only one opinion that matters, and that’s the customer. Keep your ego in check.

When it comes to testing your product, do it often. There is never an end goal. User requirements and demands will forever be shifting; your job is to keep up with them and create and develop your software according to user wants. Think about your product or service as a forever evolving product. If you ever get to a point where you believe your software cannot improve, you’ve run into a severe problem, and you’ll find that your business will begin to decline quickly. ABT – Always Be Testing.

Should You Start A Tech Startup In Stages?

Launching a product does not happen overnight. It is a long, drawn-out process, taking advantage of different sub-sets of customers ready to buy and try your product in various stages. The problem is, trying to locate these users to understand exactly what each type of customer wants.

This is why it’s necessary to roll out the product in stages, something an MVP can assist with. An MVP will always help make sure that your product is ready for the next set of users, all of which have varying degrees of acceptability regarding product quality. When developing an MVP, always consider the different stages your ideal clients are in. Doing so will allow your software to become better tuned to the user’s demands and benefit your tech business overall.

What Is An Early Stage with Early Adopters?

For a better understanding of the different customer segments, check out our blog post here. In the early phases for startups, Innovators and early adopters are vital clients in providing critical marketing and technical feedback. Early adopters and innovators are often young clients with disposable income, willing to take risks on new products, services, or software. The feedback startups gather from these early adopters can be the launchpad needed to help market their tech business to the more extensive customer segments that are less risk-averse.

How Will You Work On Your Marketing Strategy?

By answering all the questions above, you’ll now be in a much better position to start marketing your tech business. When looking to create a go-to-market strategy, it’s essential to think about the following areas of the business which will become the base layers of your branding:

• Color scheme
• Logo
• Voice
• Copywriting
• Personality
• Branding

All of these will quickly provide an image for your brand which a potential user can relate to. Entrepreneurs must think about how to position their brand’s personality, often defining exactly what value consumers will achieve from their product and how it differentiates from the competition. By recognising who your ideal customers are, what value your product can have on them, where they are located, and using feedback from your MVP, your go-to-market strategy is much more likely to attract the more significant customer segments.

Do You Need Investors?

Finding investors to help fund your project can be extremely daunting. Not only do you have to open up your business to intense scrutiny, showing your forecasts, current financials, and operations, but the physical act of pitching and being grilled can quickly get scary. You also have to face the possibility of giving away a slice of your business in exchange for investment. While this can be a frightening prospect at first, when you find investors, it’s necessary to remember that with that money comes a wealth of knowledge and experience. Some investors give you their money, but they also bring with them their network and business intelligence which can be the difference between a tech startup that grows and one that does not.

The first step when finding investment is to create your pitch deck. You’re going to have to face the fact that you’ll need to put on a brave face and present your business and idea to a room full of influential people. Your pitch will need to sparkle and can sometimes be the difference between success and failure.

Next, research Venture Capitalists (VCs) that you’d like to work with. Go online and find the ones that match what industry you are in, those that have experience working in a similar market. Remember, a good VC will be able to connect you with people in the industry that can help your business grow, so you’ll want one that has an interest in your market. You can also start by reading blogs written by VCs, which set out to assist startups in navigating the VC world. Blogs such as Both Sides of The Table by Mark Suster & Vator News are great places to start.

Bringing people into your business to sit on your board is not a decision that should be taken lightly. There are other ways to fund your business, either by bootstrapping or getting a business loan from a bank. Both methods have their pros and cons. However, the wealth of knowledge, expertise, and connections that investors can bring to the table should not be understated. There is a reason why most highly successful companies today are all backed by an array of investors. It’s a great way to launch & scale your business quickly.

Success

Who doesn’t want long and sustained success in their business? While there are several other factors to consider for the long-term, you can make sure that your startup and your team are on the right track to achieve success by answering all the questions above. Of all the points mentioned, using an MVP to test your startup product in a step-by-step process is not only going to benefit your users most but keep your developers happy also. For entrepreneurs, it can be hard to understand exactly what a user always wants. Still, you can be confident that your startup is on the right track through continuous testing and iteration.

In this article, we’ve discussed at length how to choose the suitable model and strategy for your startup, how to define your dream customer, whether or not you should consider taking on investment funding, and how to gather feedback. This is only the tip of the iceberg. A startup is a long process that requires extreme dedication and a determination to look failure in the face and work around it. Having the right talent, managing your cash flow, and considering the business’s long-term future are all key areas necessary for success.

A tech startup is an evolving project; it will keep you awake at night, provide extreme highs and lows and challenge you more than you can hope to imagine. But it’s also your baby, and like all parents, we want to see that baby grow into something we’re proud of. We’re willing to invest the time and effort necessary to keep our business surviving and by answering the questions in this article, you’re starting off with one foot forward already.

The post 14 Questions To Answer Before You Start A Tech Startup appeared first on Startup Oasis.

An MVP is the most basic form of your product. Its job is to get your product into the hands of early adopters. You can then test user behaviour and understand better how your product performs. 

There is only one problem. As an entrepreneur, you have many other problems to take care of. You may even still have a full-time job. So building an MVP while trying to market your product and balance your work, family and social life is a puzzle. d

Enter outsourcing. 

What is Outsourcing?

Outsourcing is the practice of bringing in third parties to perform services or develop products. Outsourcing is a common practice. Many companies bring in experts to do certain jobs better or to control business practices which allows the company to focus on other tasks.

Businesses use outsourcing for a wide variety of tasks such as customer service, HR, accounting and software development. In fact, as of 2020, more than 60% of tech companies outsourced at least some part of their application development. Doing so allows companies to focus on core competencies of their business such as growth and devising a Go To Market strategy. 

Outsourcing is not limited to the mundane or rudimentary areas of business development. It’s also possible to outsource your MVP to minimum viable product development services.

Why Outsource to Minimum Viable Product Development Services?

1. Turnaround Time

Minimum viable product development services can deliver your MVP quicker than you would be able to do yourself. “Time is Money”. Why spend countless hours trying to develop an MVP yourself when you can have an expert do it for you? 

A Go To Market Strategy is vital for the success of any product or service. By outsourcing your MVP development, you can focus your efforts on how you’re going to sell your product.

In the gig economy, Freelancers can also provide an option to develop your MVP for you. However, these freelancers often have many projects and outsource work to other freelancers. You may hire one freelancer but actually have no idea who is developing your MVP. 

When you hire an MVP development service you know that:

• They are dedicated to developing your MVP 
• Have a successful history of MVP development 
• Don’t outsource their work to other freelancers 
• They are experts in MVP development 

Bringing in minimum viable product development services will allow your startup to go to market much quicker.

2. Ability to Apply Your Focus Elsewhere

Bringing in an MVP development service gives you more time to focus on other aspects of your business. One essential component of a new product or service is your Go To Market strategy. This strategic planning process is a tactical action plan that analyses how your new product will succeed in the market place. 

It can cover 

• Competitive analysis 
• Entry barriers 
• Marketing 
• Legal 
• Your value proposition 
• Branding 
• Your Ideal customer 

In fact, pretty much anything that requires your product to go to market is included in this action plan. A Go To Market Strategy is vital for the success of any product or service. By outsourcing your MVP development, you can focus your efforts on how you’re going to sell your product. Not only that but you can analyse your business’s Strengths, Weaknesses, Opportunities & Threats. A SWOT analysis can give you the necessary tools to discover what advantages you have over the competition.

3. Technical Diversity 

If you need a haircut, do you try and cut your hair yourself or go to a hairdresser? Do airlines let passengers fly the planes or leave it to the highly trained experts? 

The same can be said for your Minimum Viable Product. An MVP development service comprises of experts in the field of software development with diversity across a range of programming languages. Such services can programme an MVP with ease while working out bugs and assisting in User Experience (UX). 

You wouldn’t cut your own hair, so why try and develop your own product? Leave it to the experts 

4. Cost 

Hiring an MVP development service will require an investment. Yet, the time saved by outsourcing or re-doing poor work from a freelancer will improve your return on investment (ROI) in the long-run. 

Alternatively, you can also outsource your MVP development to services in developing countries. The Philippines for example has a rich outsourcing history and is full of competent and skilled programmers. These programmers can provide quality work for a fraction of the cost of MVP development services in developed nations.

For more information click here: Development services in the Philippines.

Countries like the Philippines have taken full advantage of the outsourcing boom. In fact, you could outsource your entire business development process.

5. Access To a Range of Professionals

Outsourcing doesn’t have to stop at your MVP process. Startups need a range of services to assist in their initial growth. Countries like the Philippines also have experts in the fields of:

• Social Media Management 
• SEO
• Call Centre Operators 
• PPC Marketing
• Graphic Design 
• Copywriting 
• Email Marketing 
• And more 

Worried about language barriers? No need! English is widely spoken in the Philippines with many professionals speaking it fluently. As a former American colony, the Philippines is full of professionals in the outsourcing industry who’s English is exemplary.

Digital and online businesses are growing exponentially in the 21st century. Countries like the Philippines have taken full advantage of the outsourcing boom. In fact, you could outsource your entire business development process. This will allow you to focus on spending time on other important aspects of the business.

Final Thought

The reality is, that the bigger your business grows, the more that outsourcing will become an attractive option for your business. 

We get it, letting things go and delegating is often one of the hardest parts of creating a business. As entrepreneurs, it’s tempting to want to do everything ourselves. Yet, as most successful entrepreneurs will say, the secret to success is building a quality team. 

The more you outsource parts of your business, the more comfortable it will be and the more cost-effective the process will get. Start by selecting companies that meet your development need. Intellectual capital should not be taken lightly. What may take you 12 months to learn to develop, could take a development service 3 months.

Take into account the fact that development services also have a bank of employees that can take over in emergencies. This means qualified developers can stand in should a team member charged with your account become unavailable due to sickness or other circumstances. 

What happens if you develop your MVP yourself and you get sick or need to go on a business trip for 2 weeks? The development will come to a halt and delay your product further!

Free your time, save yourself the effort and generate peace of mind. MVP development services are experts in the field of product development. Take advantage of this and hire qualified developers dedicated to building your product. 

Allocate your time on the other necessary parts of your business that matter. Don’t get bogged down by the technical aspects, outsource it!

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If you are planning to build a mobile, software, or web application, one of the first things you need to do is find an experienced, reliable, trustworthy, and results-oriented developer. You need a team that knows the value of your ideas; that’s confident they can turn your plans to success.

Building an app – regardless of type and platform – requires intensive work, not to mention expertise and experience. All these and more are what you’ll get if you work with us at StartupOasis.

We are a mobile, software, and development company dedicated in helping startups, SMEs, and large enterprises. StartupOasis has several dedicated teams that are trained to work side-by-side with clients in ensuring that the development process goes according to plan.

Creating an app is a long process.

1. First, you have to have a clear plan in mind; not just an idea, but a specific plan that details important aspects such as unique app features and functionalities. If you do not know how to do this right, working with an experienced development team will significantly help. StartupOasis definitely knows how to turn your vision to feasible detailed plans.

2. Next, you’ll have to identify and understand your target market, as well as your competition. You’ll have to know what consumers are looking for, what they need. Also, knowing what clicks in the market and what does not is vital. Remember, your goal is to create an app that everybody will want to have; that anyone will desire.

The technical aspects of creating an app is a major requirement for successfully completing a project. You may have the knowledge and skills, but it’s still important to work with a team – a diverse group of developers and designers who can help make tasks easier for you. Two heads (or more) are better than one, they say. So, working with StartupOasis should be a priority for you.

Regardless of what app or software you are creating, UI and UX aspects are vital for achieving your goal of reaching out to and satisfying the right audience. This is the part where you’ll turn your visual plans to real ones. They’re not just on your mind or on paper anymore. What the app looks like, the theme, fonts, colors, function, screen, and the flow – these are all part and parcel of the almost-final picture of your app.

The next step is the actual development of the application. First off, though, you’ll have to decide how long you want the process to take. Do you have a schedule to follow? What about budget? Are you familiar with quality control?

StartupOasis can help you with all these.

With StartupOasis, you don’t have to worry about project management and deadlines – we’ll take care of that for you. Our team of highly-skilled developers and designers can even help you test your app before launching and putting it out in the market. From day one, all the way to launch, and even long after that, StartupOasis will work with you.

StartupOasis is the ideal partner. We find time to connect with you, and learn more about your plans before we start working on them. Our goal is to understand your needs, wants, and goals. It’s also our purpose to love your projects the way you treasure them. This is why we are hands-on in everything we do.

At StartupOasis, we know how to set your ideas in motion. Contact us anytime using this link.

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