As of 2020, the overall startup market keeps growing, creating $3 trillion in value, while the share of software and software-enables startups is traditionally high. 45% of fastest growing software startups being created globally now deal with deep tech, e.g., AI, blockchain, robotics, agtech, cleantech. However, traditional tech sectors, such as fintech, cybersecurity, edtech, gaming, adtech, and digital media are not far behind.
About 72% of startups saw their revenue drop since the beginning of the crisis, with the average startup experiencing a decline of 10 – 30%. Shockingly, about 12% of startups managed to see a significant revenue growth.
The good news is that governments understand the startup software company role in economy revival and propose support programs. Naturally, the greatest support will be given to startup specialties that can help during the crisis. Those include healthcare (aiding in the provision of testing, sanitation, and contact tracing), social services (providing non-health related care and food delivery for the immunocompromised and elderly), and e-education.
1. Market research to identify business opportunities and idea productization.
2. Defining value proposition and market-entry strategy development.
3. Minimum Viable Product (MVP) feature set outline, technology choice, architecture design; MVP project planning.
4. Creating Proof of concept (PoC) to check technical feasibility and pitching to investors (optional).
5. (if relevant) Getting a sustainable competitive advantage proved by a patent/patents.
6. MVP development and launch.
7. Testing MVP with customers, feedback assessment, measuring the product/market fit and finding a revenue model that works.
8. Fundraising (optional).
9. Iterating to improve product-market fit, active product and brand marketing.
Examples: eBay, Uber, Airbnb, Spotify, LinkedIn
Examples: Salesforce.com, Dropbox, Netflix
Examples: Instagram, TikTok, Snapchat
Examples: Google, PatientsLikeMe
Below we provide the common functionality of modern startup software products. The specific features will depend on the purpose of the product and its target users.
23% of startups attribute their failure to not having the right team in place. Hiring the right talents requires significant time, money and management resources. ScienceSoft’s professional business consultants and developers is one click away to assist you in:
Duration: 3 months
Duration: 6 months
Our team takes over:
A US-based IT consulting and software development company, ScienceSoft has been helping startups (e.g., 1 billion-user Viber) envision and build disruptive software products since 2016. Our competencies in quality and data security management are backed by ISO 9001 and ISO 27001 certifications. Don’t hesitate to contact us if you want to quickly deliver stable software with sleek, conversion-driven UX into the hands of users in 2-6 months and consistently upgrade it with new features.