While the global economic crisis may cool the once-challenging environment for entrepreneurs, don’t let dark news derail your growth goals. Technological progress stimulates investment activities and opens new opportunities for determined entrepreneurs who can benefit from them.
Much of the excitement about the future of AI stems from the marketing of major language products like ChatGPT. According to research firm IDC, global spending on artificial intelligence is expected to reach $154 billion by the end of 2023. And this will have consequences for all sectors of business.
Investors are already doing their best to support new AI companies. On the other hand, investments continue to be made in areas such as cyber security. Yes, investors are focusing more on their peers and things need to be more efficient. But there’s never been a better time for smart entrepreneurs to build sustainable businesses and for investors to bet smartly and ultimately profitably on the next generation of software.
Founders must ensure their company is ready to take advantage of the opportunities ahead. But there is more competition than ever. Regardless of the software vendor, startup leaders need to understand their market and the challenges they face to create a product that meets all their needs in a single, secure platform.
1. Don’t start small:
Many entrepreneurs may make the mistake of dealing with small, overly large companies initially. This reduced the size of the sales force of many leading companies and diverted attention from actual production.
Companies are very willing to try new things. They are willing to spend money on specialized systems, also known as ‘best of breed’, that can perform tasks that websites cannot.
Instead of wasting time chasing customers who often don’t have money for new IT devices, founders can focus on solving a specific problem for a specific category of customers, such as hospitals, manufacturers, or retailers, and then the largest companies there. industry. With this technique, entrepreneurs can quickly narrow down the business’s number of potential customers and use the remaining time to find the best sales strategy to win their business.
2. Beware of the Public Sector:
Oracle’s first customer was the CIA in the 1980s. Government institutions are now very useful as a launchpads for future technology; Lots of data is available more than forty years later. Governments around the world are spending money to modernize local and national IT infrastructures, launch new AI-powered programs, and protect against all the new threats posed by cyber attackers. Founders should take advantage of this.
Public sector customers tend to be long-term investors. This explains why many retailers have been able to build profitable businesses serving government customers. But don’t underestimate the unique challenges of growing this business.
For many people, starting a successful business while trying to serve both public and private customers will be very difficult. Instead, startups should choose early the market they want to focus on and invest there.
3. The world is confused. Build your product around this:
It is clear that businesses are not run by a single IT. Organizations use a variety of infrastructures, often a combination of Google Cloud, AWS, Oracle, and Azure, and many still have a small number of dedicated on-premises businesses.
Therefore, entrepreneurs cannot afford to develop in one environment at the same time. They need to make sure their products work in each of the different areas. Startups will build good relationships with customers if they can do it right.
4. Connectivity is a big challenge for companies but also offers great opportunities for startups:
Companies can no longer afford a diverse IT ecosystem. Companies are trying to connect multiple systems to create rich data, and with the rapid acceleration of AI, continue to deliver real-time and modeled data.
Of course, this is easier said than done. Most companies are currently using hundreds or thousands of It’s available on many clouds. New digital investments are needed, as are older programs. Tools that can help customers navigate these complexities are a powerful driver of entrepreneurial growth.
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