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Success Requirement of Small Startups
The small startup needs to gain experience to optimize and manage technology to ensure its services reliability, scalability, agility, and elasticity. Such experience comes with time and by participating in various online training, consultancy, e-learning, webinars, and conferences.
The team must be trained to respond promptly to any hosting requirement. Furthermore, the small startup should accommodate future technology, improvement, applications, and databases, to make them easily available on demand. The system offered to a client must have a simple user interface and increased application responsiveness.
It's a challenge for startups to get funds from proper sources apart from targeting the potential market and build trust. Most startups look towards crowdfunding platforms, which helps projects funded by the general public. The new entrepreneurs showcase ideas and ask for funding from the audience.
If people find the idea useful, they fund it, and once it reaches the funding goal, the idea creator gets paid to the product. If the funding goal is not hit, the money goes back to the original backers. The blockchain technology has automated the crowdfunding process, which includes fundraising, calculating, funding, or returning the money and has created immutable small contracts. The technology has boosted new startup ideas, where the creator doesn't pay any fees for the service.
A new idea has emerged where startup founders offer ICO (Initial Coin Offering) as a type of public investment vehicle. Everybody can invest in an idea to become a stakeholder in the company's growth.
The views get feedback even during the development period and thus helps to improve or refine the product.
Above all, the small startup must have a service-oriented approach and cost-effective.