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5 easy ways how your start-up can save money

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By NewGram Staff Writer

To overcome the challenge of high costs and scarcity of funds, many young companies have come up with innovative ways to cut down costs. With strategies ranging from buying used furniture to sharing an office space, a lot of  start-ups have been able to control the outflow of money.

Speaking to some of these innovative start-ups, NewsGram has come with up with a list of best practices that can help you reduce the expenses of your company manifold:

Avoid a posh office locality: A lot of new start-ups these days are coming up in residential areas where the costs are lower as compared to prime office locations.

“Starting-up in a residential area can get you a cheap work place with a serene and calm atmosphere. And if you can manage to find a place with a terrace, it is a great advantage,” says OnlinePrasad founder Goonjan Mall.

Also, sharing office space with another young company is a great way to cut costs.

Hire interns from premier institutes for R&D: Starting-up involves getting many things wrong before getting that one big break. Young companies can save on the research costs by hiring quality interns from institutes like IITs and BITS Pilani like a Mumbai-based retail technology start-up Shopsense does.

Shopsense hires interns to work on the research problems which they want to focus upon. If anything clicks they take it to the full scale level.

“This approach helps save a lot of money on R&D as it saves time of our full time engineers and also gets quality work done at a lesser expense,” says Harsh Shah one of the co-founders of Shopsense.

He also adds, “One more advantage of this program is that it helps us to zero-in on the right talent. If an intern is good, we can hire them once they complete their formal studies.”

Find attractive Cloud platforms:  The Cloud has made life very easy for start-ups. Companies like Amazon, Microsoft, IBM offer storage space for start-ups to host their products.

“One of the most commonly used cloud platform in the start-up fraternity is AWS,” says Harsh, adding that,” It is a very attractive option because it offers free credits, along with technical training programmes.”

Easy marketing:  One of the most efficient ways to reach out to people is via social media.  You can use social media to market your company. It is almost free and in today’s time, highly effective.

“The opportunities that Twitter and Facebook provide are phenomenal. One can also use platforms like Mailchimp if you want your content to outreach the masses”, says Goonjan.

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2020 Sees a Steep Drop Of 8% in Global IT Spending Due to COVID-19: Gartner

Pandemic induced recession has resulted in 8% drop in Global IT spending

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Worldwide IT spendings drop by 8% due to coronavirus. Pixabay

Due to the COVID-19 induced global economic recession, worldwide IT spending is projected to total $3.4 trillion in 2020, a decline of 8 per cent from 2019, according to a forecast by Gartner on Wednesday.

In October 2019, months before the outbreak of COVID-19, Gartner predicted that global IT spending was expected to rebound in 2020 with forecast growth of 3.7 per cent, primarily due to enterprise software spending.

But now the coronavirus pandemic and effects of the global economic recession are causing CIOs to prioritise spending on technology and services that are deemed “mission-critical” over initiatives aimed at growth or transformation, Gartner said in its latest forecast.

“CIOs have moved into emergency cost optimisation which means that investments will be minimised and prioritised on operations that keep the business running, which will be the top priority for most organisations through 2020,” John-David Lovelock, Distinguished Research Vice President at Gartner, said in a statement.

“Recovery will not follow previous patterns as the forces behind this recession will create both supply side and demand side shocks as the public health, social and commercial restrictions begin to lessen.” All segments are expected to experience a decline in 2020, with devices and data centre systems experiencing the largest drops in spending.

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Global IT spending dips by 8% amid pandemic. Pixabay

However, as the COVID-19 pandemic continues to spur remote working, sub segments such as public Cloud services (which falls into multiple categories) will be a bright spot in the forecast, growing 19 per cent in 2020.

Cloud-based telephony and messaging and cloud-based conferencing will also see high levels of spending growing 8.9 per cent and 24.3 per cent, respectively, according to the forecast.

“In 2020, some longer-term Cloud-based transformational projects may be put on hiatus, but the overall Cloud spending levels Gartner was projecting for 2023 and 2024 will now be showing up as early as 2022,” said Lovelock.

Also Read: Kashmir Volunteers Feed Stray Dogs During Lockdown

“IT spending recovery will be slow through 2020, with the hardest hit industries, such as entertainment, air transport and heavy industry, taking over three years to come back to 2019 IT spending levels,” said Lovelock. (IANS)

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Social Media Giant Facebook Acquires New Start-up That Uses AI Vision To Find Location

The start-up's cloud-based "Visual Positioning Service" translates images into 3D maps that deliver a precise outdoor location across entire cities

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Full terms of the deal remain as yet unknown, although a Companies House update reveals that Facebook Inc now has majority control of the company (more than 75 per cent). Pixabay

Facebook has acquired Scape Technologies — a London-based computer vision start-up working on location accuracy beyond the capabilities of GPS.

Full terms of the deal remain as yet unknown, although a Companies House update reveals that Facebook Inc now has majority control of the company (more than 75 per cent).

“However by looking at other filings, including a recent share issue, I understand the price could be about $40 million,” TechCrunch reported on Saturday.

The start-up’s cloud-based “Visual Positioning Service” translates images into 3D maps that deliver a precise outdoor location across entire cities.

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Facebook has acquired Scape Technologies — a London-based computer vision start-up working on location accuracy beyond the capabilities of GPS. Pixabay

It is pertinent to note that it’s not yet clear what Facebook intends to do with Scape. But, the augmented reality (AR) glasses may be the best fit.

ALSO READ: Delhi’s Air Quality Again in Very Poor Category

Founded in 2017, Scape Technologies was developing a “Visual Positioning Service” based on computer vision which lets developers build apps that require location accuracy far beyond the capabilities of GPS alone. (IANS)

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Oracle and Microsoft Expand Cloud Partnership to Serve Customers in Canada

Earlier this year, Oracle and Microsoft created an interconnect in Ashburn (North America), Azure US East, and in London

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Microsoft and Oracle plan to make the direct interconnect available in additional regions, including on the US West Coast, in a US Government specific region, in Asia, and in the European Union. Pixabay

 Oracle and Microsoft have expanded their Cloud partnership to now help customers in Canada run their mission-critical workloads across Oracle Cloud and Microsoft Azure.

“Our new interconnect location means enterprises can now build workloads that seamlessly interoperate between Microsoft and Oracle cloud regions in Canada. This interconnect builds on an existing partnership announced in June last year,” Vinay Kumar, Vice President, Product Management, Oracle Cloud Infrastructure, said in a statement.

The partnership has received a huge amount of interest, as 80 per cent of enterprises use a combination of Microsoft and Oracle software to run their businesses.

These workloads include financial planning, inventory, sales applications — and their underlying databases.

“The expansion will give more customers direct, fast and highly reliable network connectivity between Microsoft Azure and Oracle Cloud, while providing first-class customer service and support that enterprises have come to expect from the two companies,” said Kumar.

The global demand for running applications and databases in multi-cloud environments continues to accelerate.

“With the new interconnect, our Canadian customers can now take advantage of a nearly seamless cloud integration between the world’s largest enterprise cloud providers, Microsoft and Oracle,” said Clay Magouyrk, senior vice president of engineering, Oracle Cloud Infrastructure.

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Oracle and Microsoft have expanded their Cloud partnership to now help customers in Canada run their mission-critical workloads across Oracle Cloud and Microsoft Azure. Wikimedia Commons

Microsoft and Oracle plan to make the direct interconnect available in additional regions, including on the US West Coast, in a US Government specific region, in Asia, and in the European Union.

ALSO READ: OnePlus Concept One Can Be a Foldable-Display Smartphone

Earlier this year, Oracle and Microsoft created an interconnect in Ashburn (North America), Azure US East, and in London. (IANS)