2018 has just kicked off, and it is expected to be even more resonating in terms of innovations and technology development. While bringing about a wealth of opportunities for every business, it also poses new challenges. Here are 4 major challenges tech startups are bound to navigate in 2018.
1. Attracting, hiring and retaining tech talent
For a tech startup seeking to implement cutting-edge technologies, qualified motivated staff is the key to success. This year startups will face an acute need for employees with deep expertise in machine learning, computer vision, data science, data security and other strategic domains. Every business is now facing tough competition in recruiting the top tech talent and it will hardly get easier any time soon.
To be able to compete with long-established tech giants, each startup should leverage the benefits it can offer its potential employees as a small yet promising company. Among others, these include chances for accelerated career growth, greater freedom, working in more close-knit teams.
2. Keeping up with emerging innovations
Without exaggeration, 2017 was the year of innovation. The explosion of machine learning, AI, advancements in the IoT and VR, hype around blockchain - all these were hot topics in 2017, having set the top trends for 2018. In the high-speed competitive environment, startups need to stay agile, keep up with the emerging technologies and distinguish themselves by offering a unique, innovative solution to the customers’ problems.
While seeking to be a hotbed of innovation, every tech startup, however, should consider the inherent risks of innovating. Innovation is costly and requires ongoing investment, coming up with original ideas and the ability to adapt, both on the part of employees and customers.
3. Consistent planning and scaling a business
This point seems fairly obvious yet worth mentioning when navigating the topic. Taking a holistic approach to planning your business is the key to its growth. For a tech startup, long-term scalable growth is an absolute must if it wants to survive. However, every startup should be aware of the pitfalls that can derail its success, like premature scaling or lack of flexibility to adapt to ever-changing market conditions.
When crafting your business strategy for the next year think of how you can attain the desirable growth by reaping advantages from implementing and combining up-to-the-minute innovations. Act boldly by taking risks yet keep your goals and expectations realistic. Set and meet timelines for your projects, come up with a clear roadmap to yourself and your employees, make sure your product is viable and innovative, scrutinize the cases of success and failures of other startups to check if your startup is ready to grow in sync with each of its dimension.
3. Applying the right digital marketing strategy
As a startup, your goal should be to utilize right channels to help your prospects discover you across the web, as well as to educate customers on your products.
When promoting your business in 2018:
When thoroughly planned and properly implemented, your digital marketing strategy can add immensely to your success.
4. Ensuring the information security
Technology is now becoming a handy tool for cybercriminals aiming to undermine the information security, which poses new threats to each business. This year, the top security concerns will involve the increasing number of denial-of-service attacks, data leakage, evolving ransomware and malware.
Unlike major companies, startups generally have little experience and limited recourses to deal with cyber security threats, thus becoming a more plausible target for the attackers. As a startup, you should ensure daily protection of your systems. Use the right software to manage security, backup and encrypt your data and anticipate risks to prevent cybercriminals from derailing your business.
In 2018, get ready to embrace the challenges outlined and turn them into opportunities for your business. Yet to make it possible, it is crucial for any startup to enlist the support of a reliable technology partner. Reach out to know how our vast experience in working with startups and cutting-edge technologies can help you deal with the outlined challenges and outbeat your competitors in 2018.