Nowadays, almost all the startups have technological needs, this fact leads to certain challenges in the case that in the entrepreneurial team there aren’t any technological profiles. In this case the entrepreneur has two options, hire in-house team or outsource the technological development.
In the first case the problems are:
- Hiring the ideal people if you do not have knowledge about it,
- Retain, it is a sector with a lot of rotation, because there is so much demand they receive daily offers
- Fixed costs, salaries for these profiles are high. This means that the startup is incurring in high fixed costs which can lead to liquidity problems.
In the second case, the provider does not have the necessary involvement for a startup, especially critical in flexibility. In the early stages, you need to be able to implement changes quickly, when executing your Business Plan, you often have to pivot to find the road to success.
The tech for equity solves these problems, brings together the flexibility of the team itself, the experience of a company that has been in the technology sector for many years and all this giving up a part of the equity, allowing risk sharing and increased commitment. An investment model that offers the development of all the technology that the project needs, plus a maintenance period of 6 months to a year in which a budget of hours is available to implement changes, improvements or troubleshooting. The commitment is resolved as the involvement of the company as a technology developer and partner unifies the goals for both parties.
The investment fund will be in charge of growing with the project so the implication will be greater than that of an external company.
This method however has some risks, such as capitalization of knowledge, when the investment in this project is completed there must be a CTO that controls and understands the work done so that it is not left in the hands of entrepreneurs who do not have the necessary knowledge for its maintenance and evolution.
From Bloomium we have realized that the entrepreneurs, when explaining this risk, they ask us to help them with the recruitment of a CTO that will be present during the development of the project so that when it ends, he will be fully capable of taking control of it.
That is why Bloomium has decided to implement the process of selecting this figure for our entrepreneurs, based on the expertise of its key partner SlashMobility that has been carrying out this type of processes for 10 years.
From there the entrepreneur will have the task of motivating the designated technician to increase his desire to continue with the project, usually offering shares to become part of the company’s shareholders.
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