Launching a tech startup is a thrilling exercise for all of those involved. A stressful exercise, but one that’s full of promise and anticipation as ideas begin to form into apps or platforms. Building a tech startup in 2020 is impacted by COVID-19, so you’ll need to assess the current situation and market and do your best to adjust accordingly. However, innovation must continue forward, so here are some steps for setting your tech startup on the right path for 2020 and beyond.
Align with the Right People
While the primary idea for the startup might be yours alone, you’ll need a team in place to make it happen. The development crew and co-founder must align with your vision, but of course they bring their own talents to the table. You might be tempted to “go it alone”, but this is a dauting proposition if you’re trying to make a real splash in the market. Launching a startup takes a considerable amount of concerted effort. The right team means a group of multiple moving parts working together, from the founder to the developers and the marketing team. Everyone is on the same page and understands the clear deadlines and milestones for the launch.
Working with a team also requires structure. Your company needs a formal business plan, project management tools, and deliverables. You’re not looking for rigidity, but efficient structure that keeps everyone moving forward.
Take Your Time (Boldly)
You should start small and allow your idea to evolve and improve over time. This doesn’t mean you and the team should not think boldly and be willing to make aggressive moves. It means you should have a willingness to adapt to changing marketing conditions, demands, or technology innovation. Start with technology that addresses a specific problem, don’t try to capture all issues or customers at once. And take the time to consider the UX before writing any code, not after your team is a month into the process. The UX will largely make or break your app.
Some key parts of your business will only fall into place over time. For example, HoookedUp started back in 2018 as an idea for an online project, and eventually evolved into an app. HoookedUp transformed into a social networking app throughout the process of design. It’s important to have an open mind and expect your original idea to morph into something different. HoookedUp, which started out as an idea for an online community, is now available on the App Store for users around the world to support each other socially and economically in order to improve their daily lives, in addition to sharing thoughts, photos, videos and more with their HoookedUP network.
You’ll find the right developers that can put your vision into practice. A meeting with the right VC group will give you the capital infusion that was holding back your ambitious plans. Think aggressively, but act with patience because you can’t build a successful company in a day.
Garner Financial Support
Launching a successful app in 2020 takes financial backing. You need to pay high-quality and well-paid coders and developers and designers who can produce a streamlined app with a smooth UI. Getting your idea/app out to the public takes investment and going the bootstrapping route can be a challenging or impossible path. Thankfully there are multiple pathways for raising capital, such as using an equity crowdfunding platform, angel investors, SBA loans, and the friends and family route. Remember you’ll be raising money to get you to the next stage of the company, and then will likely need more funds to move forward.
Technology change happens fast, with new tools and application platforms coming to the market every day. The pace and amount of this change adds to a tech startup’s bottom line. Why? Because there’s always a need to catch up with the latest technology to determine if it needs to be a part of your app or platform. Doing this process properly means spending time and money on research and development. Finding the right balance is essential. Ideally, the team tracks the most important tech advancements but stays laser-focused on the tasks at hand to complete and launch apps on time.
Despite the challenges arising in 2020, the tips for success remain the same. Stay aggressive, find the right people, be open to change, and keep track of (and leverage) the latest tech advancements that can give you and edge.
Matutu Nyabange migrated to the United States from Tanzania in 2006, where he began working in the service and restaurant industries. In 2007, he moved from Las Vegas to Washington D.C. and was able to finally purchase his first laptop, which allowed him fuel his passion and curiosity for technology and startups. Over the next several years, Nyabange created a successful healthcare company from the ground up, while working with offshore IT companies to develop different social networking concepts during his free time. Finally, in 2018, Nyabange began exploring a startup which came to be known as HoookedUp. Starting as an online project, HoookedUp transformed into a social networking app throughout the process of design. Today, HoookedUp is available on the App Store for users around the world to support each other socially and economically in order to improve their daily lives, in addition to sharing thoughts, photos, videos and more with their HoookedUP network.