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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.

Next Story

Swiggy Acqui-hires AI Start-up For Deep Learning

Kint.io is the first technology-led acqui-hire for Swiggy as it makes investments in its long-term strategy of building AI-first platforms

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Swiggy
Founded in 2014, Swiggy claims to have 50,000 restaurant partners

Online food ordering and delivery app Swiggy on Monday announced it has acqui-hired Kint.io, an Artificial Intelligence (AI) start-up that applies deep learning and computer vision for object recognition in video, for an undisclosed sum.

Founded in 2014, the Bengaluru-based start-up would assist Swiggy in boosting its computer-vision technology and consumer experience.

The founding members of Kint.io, Pavithra Solai Jawahar and Jagannathan Veeraraghavan, will join the Swiggy team, the company said in a statement.

Swiggy
Swiggy will use the funds to bring more quality food brands closer to consumers.

“This acqui-hire is part of our strategy to scale our tech prowess by bringing in entrepreneurial teams that can solve unique customer problems, while leveraging the network and resources at Swiggy,” said Dale Vaz, Head of Engineering and Data Sciences, Swiggy.

Also Read- Google Shows How Simple Steps Can Help You Feel Safer on Internet

Kint.io is the first technology-led acqui-hire for Swiggy as it makes investments in its long-term strategy of building AI-first platforms.

“AI research has leap-frogged this past year but lack of data, cultural biases and inability to adapt to our diversity has somehow always pulled us back when it comes to applying AI to India-based problems. This is where Swiggy left us stumped,” said Jawahar and Veeraraghavan. (IANS)