How to Build new great product for Exiting Industry?

There are many ways to mess things up while starting a company in a preexisting market and a pre-existing product. You can assume things and build, or you can plan well and execute without changing the way the industry functions and still end up making an impact.

Define the core

  1. Why are you building this company? (Profit, fun, charity, exploration)

Be clear on which of these 2 paths you are one

  1. Are you helping them make save money for clients?
  2. OR You are helping them make more money for the client?

 

To build a company in the existing industry, these are only 4 things you need. 

  1. Industry Consultant (4+ YOE)
  2. Product Manager (4+ Business and Engineering management Experienced)
  3. Engineering Team/Subcontractor/Freelancer/(Experienced or very badass to understand without learning from scratch)
  4. Badass marketing guy (I kind of do a good job)

Let me explain


1. The consultant

If you start to learn the product and then build it, you will definitely miss some of the features. A consultant who has deployed, migrated and customized the product will be absolutely the right fit here. These people will be expensive but give them value and credit to keep in the system. Sometimes hiring as freelance consultants, asking to contribute or any value they respect.

You can find these people in industry-specific events, social media groups, product slack communities, freelance events, and freelance platforms (Upwork, Fiverr, Indian freelancer). To find affordable you can explore low-tier countries.

Hot Tip: You can also just publish a job on a freelancing site and talk to a lot of industry-specific consultants. This will give you a very clear picture on understanding about the industry. While you talk, make sure you are talking to the right person and not someone inexperienced. 

The CMS Guy
The BMS Guy
The ERP Guy
The CRM Guy
The LMS Guy

The SaaS
The SaaS development Guy
The SaaS Marketing Guy
The Social Media Consultant Guy

General Business Roles
Business Transformation Consultant
The Business Consultant Guy

Industry Wise

The FinTech Guy
The MarTech Guy
The EdTech Guy

 


2. The Engineering Manager

  1. Engineering manager who can understand consultants properly and plan, and manage the engineering team

3. Engineering Team

(Give these men a use case they will crush it). This can be a Subcontractor/Freelancer/Intern (Intern not recommended for a medium or large product)

Engineering management Categories 

The Engineer Guy
The Multitenant Guy
The Machine Learning Guy
The Data Science Guy
The AWS Guy
The Azure Guy
The Kubernetes Guy
The Cloud Guy
The Scaler (Guy who takes single tenant app and makes it run on scale in the multitenant and computing extensive environment)

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