Utilising Cloud computing and using technology to solve everyday problems should be the focus of startups wanting to make their mark on the industry, according to members of three successful Australian startups.
Hamish Petrie, creator of the Ingogo taxi ordering app, advised startups to incorporate Cloud into their business model, citing its low cost and scalability.
“Being able to run services in the Cloud means we can scale to do millions of transactions,” Petrie said.
“Before, you would have had to buy a whole lot of hardware or lease it over a long period of time.”
Petrie said that startups must also remember who their target audience is and create an innovative product.
“I think the number one thing is to focus on building a solid product that adds value and that you’ve got a genuine product that people need,” he said.
Rick Harvey, CTO of secure Cloud storage provider Lockbox, agreed with Petrie that startups must make their products innovative and fill a hole in the market.
“You have to find a need in the market where people are willing to pay... and in our world, the people who care are the ones who say ‘that’s worth money to me’,” Harvey said.
“For a startup, find a domain opportunity, understand why your customers are willing to buy your products and then you need to find a funding opportunity.”
Managing director of accounting startup Xero Australia, Chris Ridd, said using technology to fix real world problems was crucial, and that new startups should have a clear goal in mind when developing products.
“You need to create real value for your customers and you also need to have a point of differentiation,” Ridd said.
“What I have observed in the eight months I have been at the helm of Xero is that there are some really interesting startups out there that are growing rapidly by applying new ideas and technology to existing problems.”
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