There is no doubt that the tech industry has become an increasingly competitive space. Now more than ever, securing funding for a startup company takes more than just a tech-savvy entrepreneur with a good idea. You need to attract investor attention with a loyal customer base, a strong business model and a realistic plan for growth.
With that in mind, this five-part series — published each Wednesday for the next five weeks — aims to explain the life cycle of a tech business from forming a startup idea to creating its exit strategy in the current market.
This first article provides some helpful advice on what to consider when starting a tech business.
Tech business startups
Today, the tech industry is a booming space full of innovation and investor potential. According to a Gartner forecast, global spending on information technology (IT) is expected to reach $4.4 trillion by the end of the year. With so many lucrative opportunities, countless entrepreneurs want to bring their tech business ideas to a potential customer base. But how do they get started?