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.
The eChai Effect - In Their Words
"I have evolved from role of Community Builder to Startup Consultant to Startup Ecosystem Enabler to Angel Investor and now launching a Venture Studio and eChai has been a catalyst in my overall journey as Startup Evangelist since 13 years."
Mehul Shah
Co-Founder at Counselvise & Ivy Growth
"eChai has been a game-changer for Hungrito, providing us with invaluable connections, insights, and opportunities that have significantly fueled our growth. eChai has introduced us to a global network of entrepreneurs and experts, fueling our growth and opening doors to new opportunities from Ahmedabad to Dubai. The community has become like a second family to us, providing support, guidance, and valuable insights as startup entrepreneurs."
Sahil Shah
Founder- Hungrito & Netsavvies. Digital Marketing Evangelist
"We found eChai to be a force multiplier throughout our startup journey. Through it, we connected with folks from DevX, Allevents, Plutomen, and more - many of whom became friends of IndiaBizForSale.com and even part of our clientele."
Bhavin S Bhagat
Co-founder of Indiabizforsale and IBGrid, TiE Ahmedabad President
eChai Partner Brands
eChai Ventures partners with select brands as their growth partner - working together to explore new ideas, open doors, and build momentum across the startup ecosystem.
