An entrepreneur goes through many thoughts when starting a business as there are many factors that you need to focus which will keep business successful like market conditions, choosing the right business model, or availability of funds. Therefore, it’s important to find a technical co founder.
These days every business requires establishing their brand online and for this purpose, websites and mobile applications are essential, especially when you are an entrepreneur with a great startup idea but are in need of technical expertise to make your dream reality. Every startup wants a software developer to support them.
As for the software development services, you need someone to create custom software solutions that satisfy the demands of target customers to help you to achieve your business goals. You need a trusted software development partner who can help you to succeed in your business.
However, the cost of software development is a huge investment itself and such questions can arise; what are the benefits? What can be the possible risks? Or how to choose the right company for the business?
In this article, you will find answers to the questions listed above related to software development companies acting as a cofounder for your startup.
How a Software Development Company Can Be Your Startup’s Best Friend
- How can it operate?
- The Benefits of Co-founding with Software Development Company
- Use their Technical Expertise
- Your Finances Stays
- Better Quality
- Ownership of the Project
- Risk Shared
- Sharing Long Term Objectives
- Where can you find a Co-founder
- Inside your network
- Attend Events
- Outsource Companies
- Norgic Offers
How it can operate
When it comes to startup funding, investors keep a close look at your expenditure as every penny counts. Instead of paying an enormous amount of cash on the software, you replace it with equity and bring a software development company as your co-founder. You can also blend cash with equity.
You wouldn’t have to pay the entire cash amount right away, but you offer equity investing in MVP along with the key milestones. In that way, you can invest the amount on marketing and other business development.
The Benefits of Co-founding with Software Development Company
Let’s discuss some benefits of having a software development company as a cofounder for custom software development.
Use their Technical Expertise:
You must’ve thought of a dozen ideas for custom app development and they might have that potential to ignite the market, but there is a possibility that those ideas already exist in the market.
A trusted software development company with experience helps you figure out technical difficulties for better execution of an application and lets you succeed in the market. After all, the execution matters the most in the market.
Having a software development company as a cofounder contributes to your desired vision and you can also share your strategies and avail their knowledge to have an impact on your business.
Your Finances Stays:
In the early stages of a startup, you have to be very careful when spending your expenses or equity. Most of the co-founders collectively agree on the equity structure. You should negotiate their stake in the company. The conditions would naturally rely on you along with the circumstances and the market potential.
With the help of a technical co-founder or CTO, you will have the team with the right expertise and software ready to use while your finances stay with you.
Better Software Quality:
Having Software development services from the technical co-founder will help you reach the market faster because they are stakeholders in the company and their investment depends as well on it. Ultimately, the quality is better delivered. Therefore, it is an ideal way to assure the quality of the software for your business.
Ownership of the Project:
When co-founding with the software company the ownership of the project is shared. If your idea is promising they will commit to the project and willfully combine corporate and technical knowledge, keeping in mind both ends of the field.
The cofounder will be more determined because their success is directly dependent on product accomplishment.
So you don’t have to think about the hours it clocks if the planned idea is complicated, the professional co-founder works extra hours and does whatever it requires to carry back the project.
Starting a technology startup is a high-value investment and a technical cofounder is more valuable if you don’t have much technical experience. A substantial percentage of the technical risks are shared by the software development company so that you can focus on other business requirements and manage well with your expertise.
Sharing Long Term Objectives:
A need for a software development company as a co-founder is more apparent when the company is constantly working on a long-term basis as having someone who has technical knowledge for taking combined decisions eliminates the company’s chance of being left oblivious to quickly shifting possibilities of the business.
A technical co-founder is a partner whose permanent interests agree with yours whilst they do everything in their power to help the startup thrive in the market.
How to Find a Technical Cofounder, CTO, or Tech Partner For your Startup?
To develop custom software or mobile application for your startup you are not only acquiring a Software development service, you are bringing diversity to your team and enhancing the scope of your venture but the question is; where can you find the right co-founder for your business?
Inside your network:
The easiest place to find a co-founder can be in your existing network. This could be anyone: your former classmates, colleagues, or friends. Having trust is a crucial aspect when it comes to developing a co-founding partnership, beginning a project with someone you know eliminates a lot of doubt.
Nonetheless, this strategy runs the risk of disrupting personal connection if the business goes down. Even if no one is interested in your network, you may ask for recommendations for somebody they know who is trustworthy and would be interested in co-founding.
There is a wide range of events that take place where you can find cofounders. By participating in events, you can learn more about potential co-founders and build credibility in the domain you are trying to access. You can attend startup and technology events where you can socialize and meet like-minded entrepreneurs.
If you’re searching for a credible software development company, you’ll be pleased to hear that there is a huge variety of outsourcing companies out there. For the software development team, you might need professional developers to increase production.
However, it can be rather expensive for you to employ in-house software developers. You can always hire an offshore software development team to save costs and improve efficiency. You can search online and make sure when co-founding with a software development company they fit properly and meet the market standards.
What Norgic Offers:
As an offshore software development company, we work with startups and serve as a dedicated software development partner by helping them to build their MVPs or custom software. Norgic works with startups on an equity basis and is a potential cofounder to thrive in the market.
Selecting the right technical co-founder is beneficial in many ways for your startup but make sure you select the right one. Whatever you choose, be sure what you do want. Have patience and search for a cofounder that is passionate about your startup as you are and can commit long term success in the market.