Why Startups need
a Technology Partner
(And why Ming Fu should be your choice)
By both revolution and evolution over the past few decades, Startups have placed themselves in a competitive world. Technology and financing have lowered the barriers to entry, but product and service expectations are even higher.
Actualisation of product ideas and market timing is essential in a global tech economy. Startups must execute quickly and systematically from day one.
The challenges are formidable, and the numbers tell a hard truth. Ninety percent of Startups fail year on year, and 10% fail within one year of their inception.
It can be difficult for a Startup to execute at speed and across the disciplines necessary to meet these demands. A technology partner to help accelerate development and fill technical gaps brings real and material benefits.
However, for Startups in the seed-funding or expansion-growth stage, partnering with a firm may not be enough and could even exasperate inherent constraints imposed on the nascent company.
These Startups often face acute budgetary challenges that dampen their ability to speed up and build a product that can secure more investment capital. Out of synch with market timing, the fiscal constraints only become more acute.
Contending with this “Catch-22” conundrum requires a technology partner who understands the challenges facing this segment of Startups.
Ming Fu as Your Technology Partner
As a startup, Ming Fu understands both the challenges and the business-critical factors that lead to success. Indeed, after a decade of helping Startups of many shapes and sizes, Ming Fu’s Principals have tailored its services to provide maximum support and value to Startups, especially those in seed-funding and expansion-growth stages.
We have done two things in particular:
- Technology is our core area of focus, but our engagements begin with business consulting. Understanding your product goals and business before implementing technology leads to better outcomes. It allows us to make informed recommendations about the technology, architecture, and scheduling of TEAMs.
- Second, we designed inherently flexible Service offerings and Engagement Models that provide Startups with options for undertaking product development efficiently and on their terms.
Ming Fu stands ready to listen, tailor an engagement to your needs and budget, and implement the plan to bring your Startup’s product or service to market.
Benefits of Partnering with Ming Fu
Outlined below is an elaboration on the salient features and benefits of a partnership with Ming Fu.
1. Accelerated Minimum Viable Product (MVP)
Startups typically encounter challenges in quickly building a Minimum Viable Product (MVP). Its success depends on how the MVP goes into the market and whether investors pick it up to take it to the next level. But many constraints, both in time and funding, can interfere with the best plans and execution.
Ming Fu can help by quickly creating high-quality MVPs even under constrained or tightly controlled budgetary conditions.
2. Faster Time to Market
In addition to a quality MVP, another critical element of success is pushing the right product or solution into the desired market faster without compromising quality.
Ming Fu can help in two ways:
- We can form a Flex TEAM or Dedicated TEAM having the requisite skill sets to build the product.
- We can help chart a course that delivers the right solution for the specific phase in the Startup’s development; for example, sometimes a technically less complex solution can be a better fit at the beginning.
3. Better Product Releases
The best state that any software development effort can attain is a steady state, one marked by continuous and predictable output. Predictable release processes allow a business to make forward motion instead of jumping up and down. Forecasting, planning, and strategy all become operative.
Ming Fu can help in two ways:
- Startups can rely on their TEAMs to maintain a consistent release process. The iterative nature of the process completes the product development over a series of release cycles.
- The secondary benefits of adding a TEAM can be even more critical, as it relieves staffing constraints that burden the business and its people. Productivity marked by a “peaks & valley”-style tempo or a “100-hour” workweek is not ideal or sustainable. A company operating as such cannot be said to be working efficiently. By adding a TEAM to its organization, a Startup will smooth out its operation and increase productivity.
4. Unique Engagement Model — “Pay as You Go”
Ming Fu offers a genuinely unique Engagement Model that directly benefits Startups. It is:
Effort-Based Billing Only, or EBBO
Or, more simply:
Pay as You Go
It works this way:
- Ming Fu creates a dedicated team for the Client for a mutually agreed minimum contract period; later, the Client can renew the contract along with a ramp up or down of size based on needs.
- Unlike the customary Resource Based monthly pricing, Ming Fu only bills for the number of hours utilized.
- For example, for a dedicated resource who has billed out 80 hours in a month, Ming Fu charges only for 80 hours, not 160 hours customarily done.
- This model allows our Clients to control or optimize spending by calibrating it with other business needs.
- For early-stage Startups, this capability can be helpful in many ways. For example, it can result in increased budget reserves for Marketing and Sales activities concurrent with product development.
The Effort Based model draws on our relationships and partnerships in India and Taiwan.
Summary: the Fundamentals of Ming Fu
1. Skill, Process, and Tech
Ming Fu empowers Startups by combining three elements into an effective engine for success:
- Skilled resources matching the Client’s needs
- Mature processes and methodologies
- Suitable and feasible technologies
2. Engagement Models for Growth and Success
Our Engagement Models address different needs, including budgetary, timing, and product. The flexibility allows Startups to optimize their particular path forward.
3. Versatile and Flexible Services
Our Services have inherent flexibility that can benefit a wide range of Startups.
- A lean Startup unable to build an in-house engineering team can add a professional engineering TEAM, achieving product development goals faster.
- Startups lacking expertise in one area can augment their in-house engineering with a TEAM.
- Non-technical Founders can rely on Ming Fu to transform a concept into the actual product.
- Startups can efficiently allocate capital with Ming Fu’s predictable costing.
- Offloading responsibility to Ming Fu for staffing and product delivery can provide a much-needed “breathing space” for Founders to focus broadly on all the technical and non-technical factors critical to growth.
Are you interested in learning more about our Services or engaging Ming Fu?
Two quick and easy steps are all that it takes.
- Contact Us
- Next, please familiarize yourself with our organization, services, and process.
We work assiduously to streamline and simplify our processes. In the most basic terms, engaging with Ming Fu follows a simple formula:
ENGAGEMENT ⇒( choosing a SERVICE ) ＋ ( choosing a TEAM ) ＋ ( settling on TECH )
- Review our Services page. It describes a broad set of capabilities that Ming Fu can tailor to your specific needs and budget.
- Read about our Process and Engagement Models. Each one encapsulates a particular set of features and a pricing model that defines the basis of our partnership.
- Read about our TEAMs. Everything we do revolves around a TEAM. The people on your TEAM bring their skill, experience, and dedication to your project.
- Have a glance at our Tech.
- Finally, read about Ming Fu and its people. Our organisation and service offerings meld the benefits of a high-touch consultancy with the scalability of a large software engineering organisation. Our job is to fulfill your technical and business needs and ensure our mutual success.
Of course, this is just a start, and there is much more to consider and discuss — like your business and product development plans. So, please contact us now.