Startups need to focus on improving their products, and learn to resist temptations arising from the temporal benefits in the market, instead of dabbling in too many domains, said VK Mathews, Founder-Chairman, IBS Software Group, in Thiruvananthapuram.
“You should also focus on unorganized sector and take a particular region. Primarily, you should create a revenue model, and ensure that it is working out. Initially select a geography and you would know who are the key players. Then encourage them to be on board,” the leading tech expert said while interacting with startup owners and budding entrepreneurs at IBS, Technopark here.
Mathews noted that it is very important for startups to know who is going to be the final beneficiary, and who will pay.
“Keeping brevity in mind, you should be able to explain your ideas perfectly. Your Ideas should catch listeners’ attention and it should relate to the business part. Nothing will stop you if you are determined. Your mindset is vital and don’t restrict your horizons,” he said.
Around 15 startups, ranging from entertainment to education sectors, attended the programme. Mathews told them to calibrate their benefit if they have a commercial product side by side.
“There are horizontal and vertical types of software companies. Horizontal one is very difficult while the latter has more chance to succeed. Microsoft is a horizontal company and IBS is a vertical company. Vertical type starts with business, and technology comes next but horizontal starts with technology,” he said.
IBS is a 3,000-plus employee, multi-national, vertical SaaS software company, providing new-gen solutions that manage mission critical operations of some of the best airlines, busiest airports, leading cruise lines, top oil and gas companies and renowned travel distributors and hotel groups in the world. It also offers consulting and domain-led software services in these business verticals.