Any service-based company founder I meet, invariably at least once mention that they want to build a product or they want to make a transition from service-based to product-based business! 😀
While many entrepreneurs are pursuing it, very few succeed.
To learn the challenges faced by entrepreneurs in this pursuit, "Transitioning from IT Services to SaaS Products" was organized by eChai Ventures at IIMA Ventures.
Yash Shah shared his experiences of a successful transition for Service based to SaaS product company and we had some insightful interactions on various points.
Some of the learning nudgets from the meetup:
👉 Start promoting product as soon as you start building product not after it is ready to launch. Most of the founders wait till MVP is ready and then start looking for initial customers to get their feedback. Instead of that, it was suggested that it is preferred to start searching for clients as soon as the development of the product starts.
👉 The challenges we face in service based company would be more or less same ( client not paying on time, employees churn rate, etc.) even when the company is scaled. While in SaaS company, as the product scales, the problems would be different at each stage of 100 customers, 10000 customers or a million customers. So, as a founder, you have to be prepared for managing new challenges and finding solution for it.
👉 Customers can come up with N number of requests or features in your product. It is not advisable to go for building each feature that is requested. Customization can be done up to some level but you have to put some line to it. If customer is ready for paying customization, that then can be prioritized.
👉 Having a product based company requires a completely different mindset than having a service based company. So, if you are trying both then keep both the teams separate and do not mix them up.
Overall, it was a great learning experience and interacting.
Kudos to Jatin Chaudhary for his efforts to bring all the people together. Looking forward to attending more knowledge sharing sessions.
While many entrepreneurs are pursuing it, very few succeed.
To learn the challenges faced by entrepreneurs in this pursuit, "Transitioning from IT Services to SaaS Products" was organized by eChai Ventures at IIMA Ventures.
Yash Shah shared his experiences of a successful transition for Service based to SaaS product company and we had some insightful interactions on various points.
Some of the learning nudgets from the meetup:
👉 Start promoting product as soon as you start building product not after it is ready to launch. Most of the founders wait till MVP is ready and then start looking for initial customers to get their feedback. Instead of that, it was suggested that it is preferred to start searching for clients as soon as the development of the product starts.
👉 The challenges we face in service based company would be more or less same ( client not paying on time, employees churn rate, etc.) even when the company is scaled. While in SaaS company, as the product scales, the problems would be different at each stage of 100 customers, 10000 customers or a million customers. So, as a founder, you have to be prepared for managing new challenges and finding solution for it.
👉 Customers can come up with N number of requests or features in your product. It is not advisable to go for building each feature that is requested. Customization can be done up to some level but you have to put some line to it. If customer is ready for paying customization, that then can be prioritized.
👉 Having a product based company requires a completely different mindset than having a service based company. So, if you are trying both then keep both the teams separate and do not mix them up.
Overall, it was a great learning experience and interacting.
Kudos to Jatin Chaudhary for his efforts to bring all the people together. Looking forward to attending more knowledge sharing sessions.
eChai Partner Brands
eChai Ventures partners with select brands as their growth partner, helping them expand market reach, drive revenue growth, amplify brand visibility, and strengthen hiring efforts.
Healthcare
Climate Tech
Marketing Automation
FMCG Food and Retail
Branding and Marketing
Legal
Customer Engagement Platform
Merchandise
Developer Tools
Coworking Spaces
HR Tech and Agencies
Event Marketing
eChai Ventures and LegalWiz.in launch The Startup Code, an open accelerator program for early stage founders
eChai Ventures Teams Up with Bharat24 News Channel to Host Power-Packed Startup Panel at Game Changers 2024 – Gujarat Edition in GIFT City, Featuring Founders of Bummer, Theka Coffee, Oizom, and Medisattva
Pharmint joins eChai Ventures Partner Brands program in Healthcare category
Founders from 20+ Countries Participate in eChai's San Francisco Meetup at Draper University
About eChai Ventures
eChai Ventures is a global startup network connecting entrepreneurs through local meetups in 20+ cities worldwide, enabling cross-border collaborations via startup panels, demo days, cricket, and pickleball leagues.
Make the most of eChai Ventures network:
- Complete Your eChai Profile It's key for others to discover you.
- Join eChai's Startup Meetups: Register for relevant eChai events happening across cities. Each event will have specific instructions on how to join.
- Discover Startup Folks: Explore and connect with other participants.
- Stay Updated: Follow the eChai feed for the latest updates from our community.
- Explore eChai Partner Brands: Check out our partner brands and how they can support you.
- Showcase Your Startup: Get opportunities to present your startup.
- Get Involved: Engage more and get a chance to volunteer or host meetups.
- Attend Global Events: Participate in events across different cities and countries.
- Find Collaborators: Discover co-founders, collaborators, talent, and business opportunities.
- Build Friendships: Make meaningful connections with fellow startup enthusiasts.
Join the meetups that interest you and start making the most of the community.
If you have any questions or need assistance, feel free to reach out at [email protected].