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A common problem tech companies face is miscalculating Product/Market Fit. Let’s explain. Often a company will create a cutting edge piece of technology; the final output of which provides immense value to customers.
However, oftentimes, something needs to be done by a human with highly specialised skills to translate the immediate output into something valuable and usable by the customer (i.e. the final output). In this instance, the customer doesn’t want to have to employ a new person to ‘drive’ the new technology; instead, they simply expect the tech company to deliver the final output themselves. An example of this might be an AI product that enables engineering teams to optimize fibre networks. In this case, the customers don’t have the engineering resources needed to make this happen and their expectation is that the tech company will provide the resources themselves.When this Product/Market fit issue occurs it can compromise the tech company's ability to scale in several ways:
1.Scarcity of labour - there may not be enough highly skilled talent in the local labour market to meet demand
2. Cost - Often the highly skilled talent that can do these jobs is expensive! They demand high salaries, which then increases the cost of the end product to the customer.
3. Or it can be a combination of points 1 and 2.
The solution to this problem lies in thinking globally and engaging super-smart remote tech talent. Not only will this talent add value to your business, but it also provides equal opportunities to smart people all over the world.
The benefits of engaging a remote team in the Philippines and Vietnam include:
1. A highly skilled talent pool
The Philippines produces around 500 000 university graduates each year. This means there is a large amount of highly skilled people hungry for opportunities and motivated to prove their worth to a business.
Vietnam produces approximately 50,000 IT graduates annually from 153 IT institutions.
Graduates in both hubs are hungry for both professional and personal development to enable them to become the next generation of leaders.
2. English is widely and well-spoken.
This means there are no communication or language barriers to overcome. Most universities conduct their training in English and have fully adapted to the needs of a global market.
3. There is close cultural proximity to Australia.
This means it is easy to build close team relationships across different locations and a strong collaborative culture.
4. There is an excellent tech infrastructure.
This includes a fast and reliable internet service, meaning there are no technical challenges to overcome. Vietnam, in particular, is rich in start-up companies and talent in both hubs comes with a strong work ethic.
Cumulatively, these benefits lend themselves to the Product/Market Fit solution needed. If you’re interested in learning more about how super smart STEM grads in the Philippines and Vietnam can help your business, click here to download the '30 Essential Questions to Ask a Provider Before You Outsource’ resource. It will ensure you're informed and you have the right questions to ask when considering the next step.
