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Run As-Is or Develop Further?

I have developed a software application (using external programmers) for enabling a team to connect when applying a demand to supply cycle. Currently fine tuning minor issues for putting it into the Azure cloud and obtain user feedback. Over the last few weeks I have discussed this application with procurement professionals in Qatar where I am an expat resident. Given that I have reached the limit on personal financing, should I wait for further User feedback after going live and then seek funding to modify the software (logistically difficult being based in this region)?

7 Replies

Martin Omansky
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Martin Omansky Entrepreneur
Independent Venture Capital & Private Equity Professional
Get user feedback first. Investors like positive feedback from paying customers. Also, the market is the best teacher. Sent from my iPhone
Dennis Photography
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Dennis Photography Entrepreneur
--
You need to work on both options. Funding could take time, but you need the money to grow. In the meantime your feedback will be coming back.
Bill Lennan
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Bill Lennan Entrepreneur • Advisor
Red Rope Social
Make the sales :-)
As Martin says - actual users are the best feedback.
They will point out features or issues you'd never considered.
The longer you wait to have customers - the bigger the risk of missing the market need.
Ashley Titus
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Ashley Titus Entrepreneur
Founder at RAGS Solutions
All...thanks for the feedback. Yes will go live on the Azure Cloud in a few days. I will go with free trials over 30 days followed by making sales. I have a supporting team (family) both in Canada and the US to tap into users in that region which is my ultimate goal to setup the company.
Lawrence Ham
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Lawrence Ham Entrepreneur
Founder @ Borrow
Not sure if you're familiar with the "f*ck it, ship it" mantra, but it exists because any assumptions you're working off of and the ecosystem that you're building from is still considered a vacuum.

Think about flying an airplane. You're headed from Doha to Los Angeles and let's hypothetically say that your only form of instrumentation is ground control. Over 7,215 miles, you know the general direction of Los Angeles. At 560 miles per hour (execution, burn rate, build out, etc), if you don't check with ground control on how to adjust your bearing, you will veer off course at a rapid rate. Similarly, you think you know where the product needs to go. The only people who know better are your customers - aka ground control.

Startups require a great deal of clarity, then objectives, then execution. Constant feedback is a function of clarity. Without abundant clarity, the objectives will be off and you will be executing on assumptions.
Ashley Titus
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Ashley Titus Entrepreneur
Founder at RAGS Solutions
Thanks Lawrence...I agree - its necessary to hear back from potential customers which is my objective. I have been in the EPC biz for over 30 years, and some part of it in recent years has contributed to the design and product development achieved to date on this procurement application to facilitate workflow and connect personnel involved. Just got to see now whether others see the same benefits as me, while intent to take on their feedback and allow the product to develop thereafter.
Ashley Titus
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Ashley Titus Entrepreneur
Founder at RAGS Solutions
Here is an update...I have had some interesting feedback from potential customers. In the meanwhile I am getting traction from the SAP HANA start-up which offers an interesting campaign http://startupfocus.saphana.com/ for the product that is now released as PROCUREMAN on www.RagsSolutions.com. After providing the HSD to SAP HANA I can move forward and get started via the forum in Doha Qatar on November 3, where I am located as an expat. My immediate options using the SAP HANA platform are a) to engage the same programming team that I outsourced and paid myself for the application that is now released to participate on an equity basis without any cost impact for me b) to source other interested tech partners on the same basis subject to this being of interest to them. If so is this a viable option going forward and if so at what %age equity please?
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