As an entrepreneur, one of the most important decisions you will make is whether to build your technology in-house or outsource it. This decision can have a significant impact on the growth and success of your business. On August 9th, 2023, a webinar was held to discuss this topic. The event was co-organized by Silicon Roundabout Ventures and Frontier Deep Tech and featured speakers from our 2 group companies SmartDev and SMART81. The audiences consisted of members of the London Tech Community, including founders, CEOs, CTOs, delivery managers, and technical leaders.
The webinar covered several important topics related to in-house versus outsourcing for technical tasks. One of the main challenges of in-house tech development is slow growth. It can be difficult to find and retain senior talent, which can hinder the growth of your business. On the other hand, outsourcing can alleviate these constraints by allowing you to tap into global talents and expertise.
Another important topic discussed was how to protect your intellectual property (IP) when outsourcing. This is a common concern among entrepreneurs, but there are strategies you can use to safeguard your IP while working with third parties. These include identifying which tasks to outsource, ensuring quality and maintaining brand standards, and building effective communication and collaboration with remote teams.
The speakers also discussed the allure and risks of in-house development. Many entrepreneurs have a desire to control all company technology internally, but this strategy can have its pitfalls. Slow growth and lack of senior talent are two major challenges that can arise from relying solely on in-house development.
On the other hand, embracing outsourcing for scalability and talent can help alleviate these growth constraints. By exploring global talents and diversify expertise, entrepreneurs can tap into a wider pool of resources and accelerate their growth.
The webinar also covered strategies for outsourcing successfully. These include identifying which tasks to outsource, ensuring quality and maintaining brand standards, and building effective communication and collaboration with remote teams. By following these best practices, entrepreneurs can safeguard their IP while still reaping the benefits of outsourcing.
In conclusion, finding the right balance between in-house and outsourced tech is crucial for the success of your business. By uncovering tasks ripe for outsourcing and harnessing the power of outsourcing and out-staffing, you can grow your company cost-effectively without compromising quality.
The key takeaways from the webinar include: uncovering tasks ripe for outsourcing; harnessing the power of outsourcing and out-staffing to grow your company cost-effectively without compromising quality; gaining actionable insights for sourcing; hiring, and managing a remote team for successful outsourcing; as well as learning from founders who have leveraged outsourcing to build MVPs, PoCs, raise funds, enhance features, and scale their technology offerings for client wins.
The speakers shared their experiences with both in-house development and outsourcing. They discussed how they were able to find a balance between the two approaches that worked best for their businesses. They also shared tips on how to manage remote teams effectively and ensure that outsourced work meets quality standards.
Our first speaker, Charlie Russell – Practice Head of Smart81 – is a Founder himself, who has gone through the MVP building process. Having worked at multiple blue-chip organizations and start-ups, Charlie understands the challenges every Founders face. With a strong network and expertise built up over 15 years, Charlie brings invaluable insights & advice to our portfolio companies. He shared how his company was able to scale rapidly by embracing outsourcing. Charlie also explained how they were able to tap into global talent pools to find skilled developers who could help them build their technology quickly and cost-effectively. He also discussed how they were able to protect their IP while working with third parties.
Besides, our second guest speaker, Alistair Copeland – CEO of SmartDev and COO of Verysell Group has had 20 years experience as an innovative business leader. Alistair understands what drives growth for early-stage businesses. As a computer science graduate and successful CEO, he would want to help you achieve your goals.
Last but not least, Andrey Tikhonov presented about his experience with in-house development. He explained how his company was able to build a strong internal tech team by investing in training and development. Andrey also discussed the challenges they faced with slow growth and how they were able to overcome them by being strategic about which tasks the company outsourced.
Overall, the webinar provided valuable insights into the pros and cons of in-house vs outsourced tech development. It highlighted the importance of finding a balance between the two approaches that works best for your business. By considering factors such as growth constraints, IP protection, quality standards, effective communication with remote teams, etc., entrepreneurs can make informed decisions about whether to build their technology in-house or outsource it.
The speakers also discussed some common misconceptions about outsourcing. Many entrepreneurs believe that outsourcing is only suitable for large companies or that it is too expensive for small businesses. However, this is not necessarily true. Outsourcing can be a cost-effective solution for businesses of all sizes if done correctly.
Another misconception is that outsourcing means losing control over your technology or intellectual property. However, this is not necessarily true either. With proper planning and management, entrepreneurs can maintain control over their technology while still benefiting from outsourcing.
In conclusion, finding the right balance between in-house development and outsourcing is crucial for the success of your business. By considering factors such as growth constraints, IP protection etc., entrepreneurs can make informed decisions about whether to build their technology in-house or outsource it.
Smart81: Helping Entrepreneurs Build and Scale Their Technology
Smart81 (https://smart81.io) is a team of experts and developers that advise, collaborate, and build enterprise-level technology for start-ups and scale-ups using a variety of bespoke commercial models. With over 200 developers based out of Vietnam and 30 years of experience building complex technology solutions, Smart81 is well-equipped to help entrepreneurs achieve their goals.
One of Smart81’s service offerings is roadmap assessment. This involves assessing or charting a new product roadmap to help entrepreneurs plan their next steps. Another offering is prototype/ MVP build, where Smart81 helps entrepreneurs build a product to get their concept in the market and gain traction.
For businesses that are ready to scale, Smart81 offers re-platforming/ enterprise-grade tech services. This involves rebuilding or upgrading MVP tech to enterprise-grade, allowing for scalability and rapid growth. Smart81 also offers IT audit/ health-check services to assess tech stack risks, opportunities, licensing issues, and IP/ asset control.
In addition to these services, Smart81 offers a free consultation where technical experts deliver an hour of free advice. This is a great opportunity for entrepreneurs to gain valuable insights and advice from experienced professionals.
Overall, Smart81’s service offerings are designed to help entrepreneurs at different stages of their journey build a strong pipeline of potential clients. Whether you’re just starting out or looking to scale your business, Smart81 has the expertise and resources to help you succeed.