The Forbes Technology Council has been at the forefront of tech and business. For many years, it has assembled the most prominent managers in the industry. Now, with the market in decline, they are sending a reassuring message to new tech experts.
The Forbes Technology Council mainly aimed their advice toward aspiring tech entrepreneurs. Additionally, they addressed those who aim for top positions in various tech giants and successful startups. Overall, we can take away 4 conclusions from the messages:
- Be well prepared
- Know your market
- Be ready to network
- Stay patient and calm
The tech market is not looking good at the moment. In fact, the tech-heavy NASDAQ dropped 19.25% compared to 6 months ago. However, that doesn’t mean the demand for tech products has decreased worldwide, but instead the demand is specializing.
Additionally, several niches have a shortage of high-quality talents. Namely, the cybersecurity, cloud computing, and virtualization industries, where salaries and demand have remained high despite the slump in the market.
Seeing a Silver Lining
The first set of advice provided by the Forbes Technology Council focused on any future tech company owner finding a problem with the market. For those already in the industry, this is always a good sign. Those who wish to solve issues already have acknowledged problems and the capital necessary for solutions.
Currently, most new tech startups are financed by venture capital. These investors are not as affected by the turns in the market. In fact, institutional investors and especially boutique investors are more severely impacted. Conversely, the former investors will profit down the line from a solution now, provided that you can deliver.
According to Jun Pei from Cepton, the goal of all new tech entrepreneurs should be to find their market fit and fulfill the demand placed in front of them.
The ‘’field of dreams’’ strategy might sound appealing. However, the market is still facing so many current and topical issues. As a result, you simply won’t find anyone interested in even the most amazing new technology if it is not solving a real problem.
Words of Caution
The Forbes Technology Council has offered important advice for up-and-coming specialists. To start with, the Forbes Technology Council has focused both on the development path of new specialists and leaders. Additionally, they addressed their relationship with the rest of the industry.
Many managers are primarily concerned with new experts’ relationships with their employers and future employees, as their expertise is so invaluable to the company. As a result, many have retained an adversarial attitude toward the rest of the market.
According to Juta Gurinaviciute, CTO of NordLayer, such an approach is highly detrimental. That’s because networking means so much in an industry that is, in Gurinaviciute’s words ”not as big as it looks”.
To become an entrepreneur, you should have good interpersonal relations with others in the industry. This will give you a much bigger pool of people to draw from. You will also have a backup if you fail. In fact, someone will always want you on their team.
You should not neglect soft skills such as negotiation and human relations. Otherwise, you will deoptimize your operations. You will have fewer options when it comes to workers. You may also earn a lesser salary if you are looking for a position.
Clear Solutions Are in Demand
The Forbes Technology Council also clarified a prominent point. Consumers and investors don’t have the time to investigate your entire business plan and the niche it is trying to fill. Rather, your goal should be clear from the start and easy to understand.
All new tech entrepreneurs and specialists need to know exactly what their product is. They should also clearly explain what it does. Finally, they need to understand why it is important to the buyer. This way, the investor or employer will not need to think if your product is a good idea. Rather, they will simply know whether or not they need you.
Opt for a direct and clear approach instead of abstract technologies that may pay out in the future. Because of the current market, developers must focus on the now. They should also develop their skills and new technologies in the background once the current business plan starts bearing fruit.
Consider the Tech Ecosystem
According to Geoffrey See, the CEO of Poko, new tech companies will need to consider how their product fits into the current tech ecosystem. He emphasized that this consideration is especially important for those who develop solutions for the blockchain, where building on top of existing protocols is the norm.
This also plays into the necessary market research and market positioning that new companies need to do. In particular, when it comes to B2B-oriented companies, having a service or solution that directly works in their favor will certainly get customers.
During the RSA Conference this June in San Francisco, we also saw this trend. Venture capital mainly went to solutions that improve portfolios and complement market offerings.
BVA and institutional investors are not completely closed to out-of-the-box ideas. However, these events are a clear signal to future tech entrepreneurs. They should place their pet projects on the back burner and focus on problems that are apparent to everyone.
Rising Rifts in Tech Jobs
Surprisingly, the tech industry, specifically IT companies, has reduced their demand for junior employees. In fact, many university talents had their calls to the industry abruptly revoked. Conversely, senior developers are in extremely high demand.
Market forces are pulling apart those two categories. They are creating a rift between experienced and inexperienced talent. This is also possibly making a problem for itself in the future.