How SaaS Products Can Expand Your Business Prospects in 2023

Venture companies face a large volume of tasks and the need to make decisions quickly daily, which is due to the specifics of such companies. Some tasks require a quick response with only employees. For others, it is necessary to select a tool from the technology field that can significantly improve the company's efficiency and avoid possible risks. Conventionally, they can be divided into websites and mobile applications, which equally solve the tasks set by the company. There can be many such problems because there is the factor of unpredictability, which a company must take into account when organizing the workflow of the whole team.

As a technology service provider, we have experience working with venture capital companies and know their challenges. We have compiled a list of the main ones that can be solved with a mobile app:

• Lack of information 

Venture capital funds often need more information about potential projects, industries, and trends. Finding potential projects is a responsible task that takes a lot of time. And knowing industries and trends will help a company stay one step ahead of its competitors and run its business more efficiently. Therefore, developing a mobile application can help collect and process a large amount of data quickly and efficiently, allowing the fund to make informed investment decisions. 

• Slow decision-making process

The decision-making process in venture capital funds can be slow and time-consuming. That is due to the slow pace of information gathering, analysis, and drawing conclusions based on the data. Venture capital funds have a tremendous amount of internal information. Analyzing it manually requires a considerable amount of time and people, which slows down the overall pace of the company. In this case, developing a mobile application will help automate the process of collecting and processing information, speeding up the decision-making process and helping reduce the time and money spent on this work. 

• Ineffective portfolio management

Venture capital firms have a lot of investments, and managing a portfolio can be a daunting task. You need to consider the total number of projects, their dynamics, and all changes to react quickly if necessary. Automating these processes will make it easier for a company to manage its business and take on new projects. In this case, you need an application that will track and analyze the effectiveness of each project in the portfolio and track its dynamics to help the company manage it more efficiently.

• Limited access to investors

Venture capital funds may need more access to potential investors and partners. Each new project requires significant investments. Therefore, venture capital funds must attract reliable funding sources. But this process also requires time and labor to analyze and select investors interested in a long-term cooperation. The app's development will help funds reach more potential investors, and partners will expand their circle of contacts.

The latest trends in mobile apps for investors and venture capitalists

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Ventures are directly related to investing in promising startups and, accordingly, in cutting-edge technology. To keep up with the times, tech-savvy investors are integrating mobile apps into the workflow of VCs. 

Typically, these applications include functionality to manage and track portfolio financials, manage business contacts and communications, analyze data, and predict investment success. Moreover, they can provide access to experts and industry leaders for advice and mentorship, which can help accelerate the development of startups and increase their chances of future success.

Here are examples of mobile apps used by VCs mostly:

• Mobile applications for productivity & collaboration

Business is only complete with communication with colleagues and partners. Many applications help to establish and maintain communication between all participants in business processes. They improve communication within the team, help receive timely information, and also help to strengthen business relationships with partners and clients. And that can increase efficiency and lead to new opportunities for venture-backed businesses. They can also help companies solve problems such as a lack of information about potential projects and investment news. 

The main objectives of such applications are to simplify the workflow as much as possible, to significantly reduce the number of emails for more critical issues, to automate the processes of searching and analyzing potential startups, and to create an environment for interaction between investors and entrepreneurs.

Usually, such applications include essential functions such as messaging, video conferencing systems, and social networks for professional communication.

• Networking mobile applications

These apps typically serve as a platform to connect entrepreneurs, investors, and other stakeholders in the startup ecosystem. The main problem they solve is expanding the circle of investors and partners for the long term.

The main tasks of such applications are to provide users with a platform to communicate with others involved in the investment process, facilitate funding opportunities, and support the growth of innovative companies.

Talking about the specific functionality of such applications, we can include the basic set, such as profile and networking creation, according to users' business needs, event management by investment interests, content sharing, tracking investment portfolio progress with analytics and metrics, and protecting confidential user information.

• CRM & Automation mobile applications

This type of application is designed to optimize and automate sales, marketing, and customer service processes. They are of great help to companies when there is a problem with the automation of internal processes, such as investment portfolio management or information collection and processing. 

The main tasks of such applications are to optimize and automate sales, marketing, and customer service processes, improve efficiency and productivity, and provide information for data-driven decision-making.

From the general functionality, we can highlight the following: the ability to manage leads and information about them, automation of such tasks as sending emails and scheduling meetings, automation of marketing tasks, automation of customer service tasks (case management, chatbot support), the ability to track sales performance, the ability to integrate with other tools and platforms that are used by venture capital companies.

• Contacts Management mobile applications

These applications help users organize and manage their contacts, including customers, investors, partners, and other stakeholders. They will help companies that have certain problems with collecting and processing information about potential investors, as well as do not have an established automated process for working with partners.

The main tasks here are to help users organize and manage their contacts more effectively, improve communication and collaboration, and build stronger relationships with their network of stakeholders.

The functionality of such applications includes the ability to create and store contact information; segment their contacts based on various criteria; import and export contact lists from other tools and platforms; track communication with each contact, including emails, phone calls, and meetings; set reminders and receive notifications about follow-up tasks and collaborate with other team members in contact management.

• Company Research mobile applications

Venture research applications are designed to help users research and analyze potential investment opportunities. In other words, to help find new investment sources and opportunities for promising projects. If a company needs to invest in current projects or has the plan to expand investment capital in the future, an app to find such potential opportunities will be an urgent need.

The main tasks are to help users make informed investment decisions by providing access to detailed information and insights into potential investment opportunities.

The functionality of such applications covers the following list: the ability to access a database of companies that meet their investment criteria; select companies by various measures, such as stage of funding, revenue, and market size; conduct market research on specific industries and trends to help inform their investment decisions; and analyze the competitive landscape for each company; manage their investment portfolio, including tracking performance, monitoring news and events, and analyzing trends; users also can collaborate with other team members when researching companies, such as sharing notes and opinions.

Summary

Each venture capital firm is unique and has different goals, so venture capital software reflects the additional functionality built into it from the beginning. The key takeaway is that mobile apps and their customized functionality help automate the collection of investment market information, attracting funding sources through new partners, creating financial reports, and displaying them conveniently for the company. 

As the investing world becomes increasingly digital, apps can help venture capitalists do their day-to-day work optimally. There is also a high demand for mobile apps and other digital tools to minimize repetitive tasks, increase productivity and streamline the deal-making process.

All this is the basis for the company's effective functioning, and the data collected by the program is the basis for making investment decisions.

According to data from the Precedence Research resource, the worldwide SaaS market is estimated at USD 358.33 bln in 2024 and is expected to grow up to USD 1,251.35 bln by 2034 at a CAGR of 13.3%. Such demand is due to the ease of deployment of such solutions (instead of local installation, access to them is possible from any device with a purchased license where there is an Internet connection), as well as often extensive customization options. If you would like to launch your own SaaS solution, but are not yet sure about the final list of features, you should consider the SaaS MVP development option. 

What Is MVP in SaaS?

A minimum viable product (MVP) in the context of SaaS development is a version of a product where only the key functionality is implemented – that is, the one that determines the value of a specific SaaS solution for the end user. The goal of a SaaS MVP is to reduce development time by cutting down on secondary functionality, and to obtain user feedback to determine the course of implementation of a full-fledged SaaS version. 

SaaS MVP Development Benefits

What are the benefits of SaaS MVP development? Let’s find them out right now.

Ability to competently plan a budget and attract investments

Compared to implementing a full-fledged SaaS solution, MVP development is cheaper, since its task is to allow the target audience to test its key functionality in practice, without any excesses in the set of features and user experience (UX) design. This simplifies budget planning, too, as it does not require colossal expenses from the project owners from the very beginning. Also, thanks to this approach to development, its speed increases. Therefore, the working product can be presented to potential investors a few months from the start of work, and it will not just be a business plan in the form of a presentation, but a functioning software solution that can be applied to solve specific tasks. Usually, negotiations regarding further investment in such a project with this strong attribute (an MVP) are successful.

High productivity of the development team

Since an MVP has a limited number of features, your team will be freed from optimizing user interface. Therefore, work on the MVP will proceed faster. In addition, when developing such a software version, your team may gain valuable insights that were initially overlooked – they can also be implemented over time. Finally, when the solution’s functionality is limited, it is easier for developers to identify possible areas for improvement and, thus, address them in further development cycles associated with the launch of a full-fledged SaaS version.

Reduced time to market

An MVP approach allows you to release your solution first. Indeed, given the rapid development of the global SaaS market, this would be a wise move. A couple of months delay needed for implementing a full feature set could cost you the fact that your product's analog will appear and win the audience's favor first. At the same time, by launching your product as early as possible, you will also be able to start refining it earlier, too, ultimately receiving a SaaS platform with a lot of functions and advanced user experience after 9-12 months from the start of work on the project.

Common Challenges of Building a SaaS MVP

Along with all the benefits, it is also worth considering the possible challenges associated with SaaS MVP development.

Impossibility of applying the MVP concept to absolutely all products

It is worth starting with the fact that MVP development is not a universal approach, and not all products allow for feature prioritization. In particular, this applies to the ones in which all functions are interconnected, and it is not possible to single out the most priority ones among them.

Breaks in development cycles

It is important to understand that the release of the MVP in its first version is not always followed by the development of a full-fledged product. Sometimes, the team has to implement one or two more solutions with limited functionality before its participants come to a full understanding of the concept of the SaaS solution. Since the collected feedback may relate to non-overlapping functions of the product, the preferences and dissatisfaction of real users may not be fully covered in the full-fledged product.

The need to adopt new approaches to software development

Quite often, the development of MVP is accompanied by the introduction of radically new practices, such as Agile development and DevOps. In the long term, iterative development and other methods can increase the team's productivity by about a third, but the adoption and training can also take a lot of time for the team.

Possible issues with the program code stability 

Typically, MVP development of a cloud-based solution implies speeding up each development stage (in particular, the one related to testing the program code and its optimization). In this regard, it often happens that teams pay insufficient attention to the code stability, and the MVP solution itself becomes susceptible to hacker attacks. That is why, regardless of the chosen development approach and methodology, developers are still better off adhering to generally accepted standards for user data security and using proven authentication/authorization methods, reliable encryption protocols, access rights delimitation, etc.

Difficulty of scaling

Even though the MVP is initially hosted in the cloud, its computing power may not be enough if the product becomes really popular. In this regard, when choosing a cloud provider to ensure a scalable architecture, it makes sense to initially focus on options that allow automatic scaling as the workload on the software changes. Today, such type of service is provided by AWS, Microsoft Azure, and some other cloud vendors.

Problems with long-term budget planning

Lack of a clear understanding from the very beginning of what set of functions will be present in the final solution can provoke difficulties with budget planning, which, in turn, carries certain risks for investors. Therefore, it is important for you as a product owner to discuss with them all possible risks and prospects of your MVP launch strategy at the early stages of your interaction.

How to Build a SaaS MVP

So, how to build SaaS product – you may ask. Therefore, let’s consider the main steps you have to perform to develop an MVP. 

Defining the target audience

First, you will need to understand who the target audience of your SaaS solution is and what they expect to get from it. In fact, you will have to collect demographic and behavioral data about your product users to determine the most important functionality for the MVP and provide them with the most comfortable ways to interact with it.

Market research

To give your SaaS solution a unique selling proposition (i.e., to make it stand out from the competition in some way), you will need to conduct preliminary research that will determine both market trends in general and help identify the strengths and weaknesses of your competitors.

Identifying core functionality

Now, you have everything ready to determine the functionality that is the highest priority for your SaaS solution. Usually, this is the functionality that allows you to solve one or two key tasks assigned to your product (that is, without it, it will lose its value for the end user).

Choosing a business model

At this stage, you need to come up with ways to monetize your product. Note that in the context of SaaS, this is most often the purchase of either a license for a certain period of use or access to advanced functionality.

Building a roadmap

Now, you can create a step-by-step plan for implementing your solution, from MVP to launching and supporting a full-fledged SaaS product. Note that this is necessary not only for presenting the prospects of your project to investors and stakeholders, but also for the technical team to make them understand in which direction to move.

Creating an MVP

At this stage, your technical team can begin to build MVP, i.e., implement its user interface, server requests, database requests, alpha testing, etc.

Deploying an MVP and collecting user feedback

Once your team is confident that the MVP meets the previously defined specifications and everything works as intended, you can deploy it to the production environment and begin beta testing – that is, testing it on real users to gather feedback on possible improvements. After that, you will have to prioritize the aspects highlighted by users and plan to implement them in subsequent development cycles.

How to Accelerate SaaS MVP Development

Finally, let’s consider a number of best practices that will help you speed up the SaaS MVP development process:

• Use Backend as a Service (BaaS) and low-code solutions to reduce the amount of work for your backend and frontend specialists, respectively;
• Choose a time-tested technology stack that all members of your development team are familiar with;
• Delegate individual tasks within your project or the entire project to an outsourcing service provider to eliminate the need to urgently search for talent with the necessary skills;
• Establish processes for collecting feedback from users from the very beginning of work on your project.

SaaS MVP Development with Darly Solutions

Would you like to build an MVP as a Service solution and are looking for a seasoned team of developers who will bring your business idea to life? In this case, feel free to contact us. MVP as a Service is one of the key areas of our activity, which you can see for yourself by requesting our portfolio. You can also entrust us with individual tasks within your project, such as QA testing or, for example, UI/UX design. Whatever the list of our services you choose, rest assured that you will be satisfied with the results of our cooperation!

Getting started with the ChatGPT 

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Many of you have heard about Artificial Intelligence from OpenAI - ChatGPT. No wonder because all the social networks and the Internet, in general, are full of headlines about a newfangled tool that conquered the whole world with its capabilities. Before we give a more detailed description of this tool, let's go over the basics of this technological wonder.

To get started with the chat, you need to register in the system. The process is similar to registration in social networks and takes little time. And then, you just need to enter a request on the principle of communication with a live person. In fact, he can answer any of your questions, but keep in mind that the request must be accurate and precise. The robot will catch the context of the request and give you a text response.

The model uses a neural network architecture called a transformer, trained on a large corpus of text data. The transformer learns patterns and connections between words and phrases in the text data, which allows it to generate new connected and grammatically correct text.

ChatGPT is changing the world by making communication more accessible and efficient. Using natural language processing, it can understand language much higher than traditional methods. This means that ChatGPT-based chatbots can respond to users more naturally and human-likely.

ChatGPT areas of opportunity

OpenAi has transformed the digital world with ChatGPT. With it comes more and more opportunities for developers, marketers and designers, business owners, office workers, and others. The ability of AI chatbots to understand our language makes interacting with technology more accessible.

Let's look at ChatGPT areas where it can be most helpful:

Blogging

If you have a blog or plan to create one, this tool is handy. It helps you generate blog topics, rubrics, and texts for them. We recommend making additional edits to the generated texts to add individuality and better promotion in search engines.

Content marketing

Marketers can safely draw ideas and inspiration here with a well-formulated query to the system. This is not a panacea for all marketer's problems but a great helper for creating creative content or themes. It's essential to use GPT-generated content as a starting point and to carefully review and edit the text to ensure that it meets your standards and accurately represents your brand or message.

Chatbots

When a business needs to communicate with customers or effectively put the process of ordering goods or services - chatbots are the perfect solution to close this issue. Since chatbots and ChatGPT are identical, you'll have no problem incorporating them into your business. And the GPT tool will compose questions and answers for prospective conversations with your customer.

Trading 

It can collect market data to identify patterns and predict future market trends, analyze social media and news articles to determine market sentiment and identify potential risks in the market, which can be used to make strategic decisions to minimize losses and maximize profits.

Code writing

In addition to plain text, this chatroom can even write code for a program. Users have already tested it to write code for Angular, Python, and other developing technologies. And HTML/CSS is a piece of cake.

Incredible things that you can do with the help of ChatGPT

ChatGPT has revolutionized research and development with its idea generation, data analysis, and simulation creation capabilities. It can generate natural text that sounds like it is spoken by a human, providing personalized support in various sectors, from healthcare to customer service. In addition to these powerful features, ChatGPT offers excellent benefits for market research and automating tasks such as content creation or customer interaction on social media sites. Pretty impressive right?

The basic list of what you can create with it includes the following items: 

Text Generation

ChatGPT can generate human-like text of any complexity. It can be used to create creative works, scripts, articles, stories, poems, and other forms of text content. 

Translation to other languages

Just enter the desired text and specify a request for its translation with the specific parameters, if any, for translation.

Text Summarization

ChatGPT can summarize significant lengthy texts into shorter versions explaining the main points and thoughts. 

Ending a text

If you have a beginning of a text or a code, you can complete it in your desired direction by specifying this in the chat request. Be as specific as possible in your request, so the answer matches the expected result.

Answering questions

ChatGPT can answer questions based on the context you set, which is helpful for customer service chatbots. Also, it provides information on a wide range of topics.

So what's the bottom line: replace or implement?

In recent months, discussions about ChatGPT taking over all spheres and professions, which are somehow related to the content, have been raging on the Web. Such drastic changes will certainly not happen soon, and here's why:

• ChatGPT can be great for dealing with fundamental customer service issues and providing quick information, but more complex or sensitive issues require human involvement. Customers want a personalized experience, so real people answering their questions are still needed.

• ChatGPT can't provide a different level of empathy, judgment, and problem-solving than a human customer service representative. In addition, its responses are limited to pre-programmed scripts that need to be more flexible for different customer needs rather than people who can offer more adaptive solutions.

• ChatGPT can help improve customer service, but it will never replace the value of human interaction and expertise.
  

As AI continues to evolve, there will be an increasing need for individuals who can design, develop, and maintain these systems. AI also creates new job opportunities in data science, machine learning, and robotics. These jobs require specialized skills and knowledge that are in high demand. People may need to adapt to new roles that require more advanced skills, such as managing and maintaining AI systems.

That is why it makes sense to talk not about replacing the central employees with a chat room but introducing AI technology into the company. It should not be a substitute for specialists, but a technical addition, which will increase the work process's efficiency and help you find new ideas and rely on when making business decisions. Moreover, the chat cannot exist separately from the person because its system needs to be updated, cleaned, and worked with when necessary. There is a possibility of creating a collaboration of human and AI that significantly increases the productivity of any company.  

Summary

ChatGPT is a powerful and unique tool that can be incredibly useful in many contexts. However, as with any technology, it is essential to use it responsibly and to be critical of its limitations and potential biases. It has already brought significant benefits, such as increased efficiency and productivity, improved decision-making, and quality of life. 

In any case, we should not rely solely on the work of Artificial Intelligence. It is important to critically evaluate its results and format it to the necessary level. After all, no one has yet been able to recreate the human mind. So use this tool wisely, maximize work quality, and simplify your workflow. ChatGPT handles this perfectly.