9 Must-Have Features For Your Software Startup

By  Maham Qasim

March 15, 2022 7:50 am EST

Software and technology startups have become an essential part of the economic development of many cities and regions around the Globe. We studied software companies in the English-speaking world to determine what makes them so successful.

We identified ten common success factors we found in most thriving software startup ecosystems:

1. CONNECTIVITY

The scene is very open and transparent. Everyone wants to help each other out share contacts, knowledge, experience. There are plenty of events where people can meet, talk shop, and have fun together – hackathons being the prime example here.

2. CURRENCY 

There is a widespread belief in most software startup ecosystems that turning to VC money (or similar forms of external funding) early on is not a necessity but an option – something you can choose if needed. This refers to the amount of money and value floating around. The more value there is, the higher the potential for growth and success.

3. VISION

People in the scene know what they want, and “they want a lot.” They continuously explore new ideas and innovate. By doing so, they can achieve bigger things than those who focus on improving their products or services.  

4. ELASTICITY

This is related to how easy it is to upskill and reskill people and scale companies and teams. People can quickly get new jobs or move on to other projects, but they also make sure they won’t become pigeonholed in their current role (if there’s such a thing as a “current role” for a software developer).

5. DIVERSITY 

This refers both to the diversity of people and diversity of ideas. Software is for everyone, not just a chosen few. In software startup ecosystems, people come from different backgrounds and have very different views on what’s going on. That also means new ideas come from other places, Silicon Valley or London, and everywhere across the Globe. Diversity plays a huge role in how well these ecosystems function.

6. NETWORK EFFECT 

This is present when the connections between people and companies in the startup scene create more value as more people and companies are added to that network (e.g., meetups, exchanging ideas.). The greater the diversity and connectivity, the more likely it will be for innovation to come about.

7. INNOVATION HUB

Many companies in the scene can be called “innovation hubs.” Not only do they serve as a home for startups, but they are also an integral part of the network. They are open, transparent, and always looking to improve what they offer their customers – both internal (e.g., staff, office space) and external (e.g., customers).

8. MASS PRODUCTION  

People often underestimate the “mass production” of code, but by doing it well, they can turn their product into something that provides value to thousands of end-users quickly and at a low cost. This also means software products are not built for a specific user group but can be used by anyone.

9. BRANDING 

Startups in software ecosystems are not too focused on branding as such. Of course, all companies want to make themselves known, but their primary focus is always the product and how it serves customers (businesses or people). They usually don’t “sell” their product but “let it sell itself.”

Conclusion

Software ecosystems are great places for all sorts of businesses, especially young ones. By focusing on the value created by its citizens and not just their profitability or other wasteful activities, they can turn into something much more significant than just “great places to run a business.”


Maham Qasim

Maham is a copywriter and content creator who's always been drawn to the idea that there's more than one way of getting things done. Her writing career can be thought of as just another side hustle for her; when she isn't crafting content or reading Oscar Wilde, Maham often strategizes about how best to reach out with an engaging voice in this ever changing marketplace!

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