The Bright Ideas eCommerce Business Podcast | Proven Entrepreneur Success Stories
BI 318: Cynthia Del'Aria On How to Start a Technology Company The Smart Way
June 16, 2020
Do you know how to start a SaaS company? Maybe so.

But did you know how to do it at 15? Probably not.

In the middle of the ‘90s, Cynthia Del’Aria started her own SaaS company by making websites for businesses that didn’t have one. She was already looking into the future: everyone back then was listed in the phone books, but something new was coming. Back then, the Internet was, as Cynthia calls it, “the phone book of the future.”

Cynthia Del’Aria sold her first company four years later at 19, but she soon started another one. And then a second, and then a third. Today, she’s the CEO of Raika Technologies, with over 20 years of experience under her belt, thanks to her foreseeing the future of technology as a solution to business problems.

How did Cynthia do it? Find out in this episode.
[00:07] - Cynthia gives a background about herself and her company, Raika Technologies.

*They help build start-ups or SaaS companies.
*Her goal is to help SaaS companies in the most time-efficient and budget-appropriate manner.
*Cynthia has been in the industry for 25 years, and she started by building websites at 15 years old.

[06:03] - For entrepreneurs who are thinking about creating their own software company, ask yourself these questions:

*What do you love?
*What’s your passion?
*Where is the largest market for your passion?

[09:33] - 3 questions on how to start a SaaS company:

*What problem are you solving?
*Who are you solving it for?
*How many are there in your niche?

[14:28] - After identifying the problem and the market, what are the things to consider for your MVP?

*Determine what should be in your MVP.
*Determine what kind of people you need on your team.
*Is there capital available to hire a software development firm?

[16:21] - The value behind blue-sky thinking

*This is the brainstorming part of building your MVP.
*For Cynthia, writing everything on sticky notes is helpful.
*Blue sky allows you to visualize and organize your thoughts and ideas.

[18:02] - Taking the next steps after identifying the problem and the market

*Talk to people for customer and product validation.
*Collect all data and consider these guide questions:
*What is the right pricing model?
*What is your go-to market strategy?
*Does that strategy fit in with your MVP?

[23:15] - Developing the tech specs of the MVP

*Look at existing SaaS options and figure out what they provide and where they fall short in terms of your needs
*Research your idea might be existing already. Check your competitors.
*If you narrow your scope (concerning competition), you get a better cost.

[26:29] - On developing a software development budget

*Think long-term. The budget does not end when the software is done.
*Allot 20% reserve as a buffer for future remodeling and maintenance.
*Put money in active development.

[29:56] - When it comes to vetting developers, what are the essential things to consider?

*For offshore developers, look at their “on-time and on-budget” track record.
*Always do background and gut checks.
*Look into referrals and ask about others’ experiences with those companies.

[35:36] - What is your rule of thumb for when the marketing of an MVP should start?

*12 months before your launch
-Start your SEO.
*At least 6 months before launch
-Create your social media content strategy, generate blog posts, put out content, and establish your expertise.
*2 to 3 months before launch
-Tap on PR media, news channels, and blogger influencers.
*Not until your launch month
-Do online advertising or traditional advertising such as Google AdWords, Facebook, LinkedIn, TV, and radio.

[39:44] - Cynthia’s advice on fundraising

*Find friends, family, seed, or angel investors.
*Look for people who have done work in the same industry and consider a partnership with them.
*Get creative. You need investors who have a good understanding of your industry and believe in you as a person.
*Know your business plan and work thoroughly on your pitch deck.

Resources links can be found at https://brightideas.co/318/