Start-ups play a major role in the nation’s business landscape but how can they differentiate themselves to investors within a competitive market? While it may feel like the odds are stacked against Australian start-ups from the outset, there is a secret weapon that often gets overlooked when it comes to overcoming these hurdles: the cloud.
The cloud has proven to be a turnkey tactic that helps businesses disrupt and differentiate with expedited innovation. Although it may be deemed the ‘new-age booster’ for many start-ups across the globe and in Australia, taking advantage of the cloud is a path that can contain challenges and opportunities.
One size does not fit all
All start-ups are different and face diverse requirements depending on a number of factors – business goals, industry vertical, geographic location, customer base and technical expertise.
So why wouldn’t their cloud solution cater to their differences? While a few local start-ups may choose to utilise manual IT labour alongside cloud capabilities in cases where they have customers with sensitive data and strict data protection requirements, many start-ups are looking to completely deploy their services via the cloud using a multi-cloud approach to suit their needs.
Once a cloud approach is decided, hybrid, multi-cloud or otherwise, solutions must also have room to properly scale and data storage needs to adhere to local and international regulations, such as The Privacy Act in Australia and Europe’s General Data Protection Regulation (GDPR).
There may not be a magic one-size-fits-all solution. However, one thing is certain – selecting the right technology partner in the early stages can be the difference between long-term success and failure.
The right strategy for your start-up
While technology can be a critical tool for growth, it’s not always a guarantee. As many Australian start-ups begin to scale and look for investors, the true cost of technology and judgement of vendor partners comes to the fore.
Cloud-dependent start-ups often realise too late how deep they have sunk in terms of cloud cost, limitations, and unpredictability, which ultimately affects their market value to potential investors. This implies an urgent need for pre-funding start-ups to relook at their cloud strategy.
For example, a multi-cloud approach offers greater resilience and control over cloud costs, allowing start-ups to take advantage of new features and avoid being locked into the roadmap of a single cloud provider.
The key here is to think multi-cloud from the beginning because it will be crucial to support the company growth and identify a partner that provides flexibility, accessibility and global reach, allowing your business to innovate and quickly expand services to customers around the world. When done effectively, the cloud can provide limitless opportunities for innovation and expansion.
The golden ticket to growth and funding
While each Australian start-up has its own trajectory and goals, they face a number of common challenges when seeking funding and looking to scale their business. The golden ticket needed to kick-start this growth and secure investors can be significantly expedited by the cloud.
The cloud is one use of technology that can provide cost-efficiency, streamline cashflow, enhance business agility and garner unlimited scalability. Not only that, but cloud adoption can also remove the barriers to entry for any new market – be it domestic or foreign, making it easier, quicker and more affordable than ever for entrepreneurs to start their new business venture and scale beyond borders.
With a strong foundation in place and in partnership with the right cloud provider, a start-up can increase its marketability to potential investors by showcasing strategic value through streamlined and cost-effective business solutions.
By leveraging cloud technology as a catalyst, start-ups can gain an advantage over competitors and become a leader in Australia’s competitive business landscape – critical in the next level of growth towards funding.
