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There is no way around it – tech startups need to make several crucial investments early on in order to secure financial stability, ensure scalability and pave the road to long-term success. Regardless of the niche your startup occupies, you as a business leader need to consider the various tech solutions out there for each of your departments, and start implementing the right tech to support your company from inception to the moment it reaches its break-even point.
This will be a long and winding road regardless of the technologies you choose to invest in, but choosing the right tech will help you along the way. In fact, if you want to be among the 40% of startups that actually make a profit, you need the right technologies at your side.
With that in mind, here are some important technologies you should invest in early to grow and scale your tech startup.
As artificial intelligence becomes more prevalent across the tech sector and more startups continue to implement it at every level of their operation, knowledge mining will become an essential process. Knowledge mining is the process of using AI-driven tools and services to empower machines to acquire knowledge rapidly by examining and analyzing vast amounts of information.
This is not about big data analysis, we’ll get to that in a moment. This is about empowering internal systems to become smarter in order to facilitate automation, better workflow, and data-driven decision-making. It’s also about leveraging smart machines to make better use of your SaaS capital and allocate financial resources to those processes that require human attention.
The AI-driven technologies that will help in achieving better knowledge mining include natural language processing (NLP), text analytics and image recognition.
Big data analysis has been one of the primary driving forces behind startup success in recent years, but that should come as no surprise. With so much consumer, market, socio-economic, competitor, and behavioral data flowing around the web, startups are struggling to fund manual data analysis on such a grand scale.
But with the help of artificial intelligence and machine learning systems, big data analysis becomes a more cost-effective reality. As a tech startup, one of the essential investments you need to make is to empower your teams with AI-driven data analytics tools.
The AI can filter through vast amounts of data to generate meaningful reports and insights, but it will be the machine learning subsystem that will make the AI smarter over time. In turn, this will ensure that the AI tool generates more relevant results and even better insights that are truly relevant to your company, industry, and niche.
With that information, you can make smarter strategic decisions and minimize your financial investments for every department.
When trying to build a successful and ultimately profitable startup, you need to justify all your actions, processes and investments to your investors, and that includes justifying every piece of tech you use. Without a doubt, automating as many processes as possible to minimize startup financing waste is important for startups who need to maintain or prolong their financial runway.
To run an efficient operation internally, you need to use tech that allows you to automate menial tasks and facilitates easy collaboration between teams and departments. Ultimately, internal automation will have a direct impact on your bottom line and will allow you to develop better technologies for your end users.
Workflow automation encompasses any technology, preferably AI-driven, that allows individuals and teams to focus on your core offering instead of redundant and repetitive tasks. Think manual data entry, onboarding, creating invoices, customer support ticketing, and the like.
Experienced tech leaders and investors understand the importance of branding, marketing, and other crucial processes that many novice entrepreneurs tend to overlook. While you might want to focus solely on developing your technology and solutions, the reality is that your tech startup cannot succeed without proper branding and marketing.
In other words, you need to invest in these as well, but you don’t want to waste finances. Consider automating as many marketing processes as possible. On social media, use LinkedIn training to help your staff refine their B2B and B2C strategies and then complement their work by using a scheduling and automation tool.
Consider doing the same for all relevant marketing channels, and find ways to automate posting, content creation, review management, and communication with customers. You can use an AI-driven chatbot to automate direct communication with customers and leads, and reinforce your sales and marketing efforts.
It’s safe to say that blockchain technology is transforming the world and many tech sectors and niches. Regardless of the niche you’re in, you should consider investing in blockchain-based technologies to minimize your financial waste and achieve numerous other goals when it comes to operational efficiency, security and more.
The blockchain is the most secure platform tech startups can work on, and you can use it to store and protect mission-critical files and documentation, but also to keep your employees and customers anonymous. All transactions on the blockchain are anonymous as well, and transaction speed is higher with no fees.
There are many reasons to invest in blockchain-based solutions, including expanding into cryptocurrencies to diversify your revenue streams. If nothing else, the blockchain environment can serve as a secure, reliable platform for product development and for ideating new technologies that will take your startup forward.
Tech startups need to leverage existing and emerging technologies to retain their competitive edge, minimize financial loss, and help support steady growth from inception to profit. That said, tech investments can be extremely expensive, which is why you need to choose your technologies wisely and justify their implementation to your investors.
With these technologies in mind, go ahead and make the essential investments that will take your tech startup forward in 2022 and beyond.