When starting out on their journeys, start-ups often run into a couple of problems regarding their short and long-term technological plans. In order to create a sustainable and coherent vision, start-ups need a whole lot of knowledge and expertise in the industry, which they are unlikely to already have in-house. That is why many turn to fractional Chief Technology Officers for that guidance and experience. Fractional CTOs are often contracted part-time or for a limited period of time in order to create and manage a technology plan for the start-up, rather than being full-time employees within the business. We want to take a look at some of the pros and cons of hiring fractional CTOs for start-ups.
The number one thing you are investing in with a CTO as a start-up is expertise. Start-ups need a whole lot of industry experience, leadership, and guidance in order to succeed. If you are being led by someone who hasn’t been there and done it before, you open yourself up to all kinds of risks. Chief Technology Officers are experts in their field, and that knowledge and consistency are really what you are paying for. Think of it like a steady hand to guide the ship. Unlike the employees you already have in-house, who each have their own field of expertise, a CTO has a thorough understanding of technology, how it can be used to grow the business, what direction the business should be taking, and exactly how to get there.
Some of the key skills that a CTO can bring to the company include:
There is a distinct difference between someone joining a start-up as a consultant and offering advice to help advance the business and a hands-on leader. CTOs, even fractional ones, should also offer leadership and clear direction to the company. An experienced industry head who has walked the path before is invaluable to a start-up, especially a brand-new one. There are so many hurdles and problems to navigate when starting a new business, and having hands-on advice from an experienced fractional CTO can be the difference between surviving and thriving. In the early stages of development, every decision counts, so it pays to have someone on board who has successfully made those decisions time and time again. CTOs not only help to create the long-term strategy, but they also guide it through the process and act as a mentor to the employees within the company. CTOs are also talented in serving as a link between the technical and non-technical parts of the business, providing information to employees and stakeholders alike to ensure everyone is on the same page. This kind of hands-on leadership not only reduces mistakes but also maintains a consistent, streamlined, direction for the start-up.
CTOs have been around the block a few times. That experience means that have helped to launch, maintain, and drive numerous products. CTOs are there to offer leadership and guidance on product development, including what features should be prioritised, what can and should be improved, and what gaps there are in the market. This gives your business the edge when it comes to developing a product to its maximum potential, streamlining the entire process from start to finish. Products generate revenue, and CTOs have the knowledge to create roadmaps, drive development, and lead your time throughout the process.
When it comes to running a start-up, it’s all about the strategy. If you set out without a long-term plan, you are essentially putting the future of your business in the lap of the Gods. Working with a CTO to develop your technology roadmap is the best to way ensure it aligns with your overall business goals. Taking on advice from a seasoned fractional CTO professional also ensures you are not wasting money where it does not need to be spent and are instead investing in key areas to drive success. It’s all about taking the resources you have and putting them to the best use for the future of the company.
The benefits that come with investing in a fractional CTO often differ depending on how far along the start-up is on its journey. The benefits a fractional CTO can bring to the table for a brand-new start-up are different to the benefits a mature start-up will enjoy, for example.
