Transferwise took 6 years to reach profitability. In that time, it had gone from ambitious seedling to globally profitable FinTech with monthly revenues of £8 million ($10 million).
That sort of success is often the goal of many startup companies but exceptionally few ever get there – 75% of US startups that reach venture capital, still fail.
So, it’s worth taking a moment to study what Transferwise, Whatsapp, Facebook, Microsoft and many other tech giants have done well that many others refuse to contemplate.
[We don’t] do offshoring, outsourcing or use consultants – Transferwise
Wise words.
Outsourcing has such a bad reputation due to the idea of 90’s outsourced call centres – ‘difficulty communicating’ and ‘our clients want to feel certain of quality’ – indeed it is often quality concerns that affect the choice to outsource most of all.
Offshoring sounds alarm bells in the legal department where IP law is a regular worry in this highly globalised world.
While, consultants, they’re often seen as an expensive know-it-all solution to just hearing what you already know you need to improve but have no idea of the answer to “how”.
All three can be risky, costly, and stressful.
And yet, Transferwise openly admits it has a ‘dispersed development team’ across Europe.
Wait.
Isn’t that outsourcing? Across trusted partners of your company in different countries…
That’s right, this is outsourcing done right.
Transferwise doesn’t have to worry about quality control – they’ve picked locations where quality is the #1 factor motivating the team.
Transferwise doesn’t have to be concerned about IP breaches – they have the data located on servers in jurisdictions where they can enforce legal action easily.
Transferwise don’t spend massive sums on consultants, they bring in support from trusted non-executive board members (Virgin, PayPal, Skype, Betfair, Simple.com and others) and funding partners.
So why shouldn’t you reap the benefits of having a trusted network to turn to when you need it most?
That’s what Maxilect offers as an implementation partner.
A stable team of seasoned hands-on experts capable of joining your team to expedite production.
Localised hosting in your region for your IP protection – peace of mind.
The know-how when it comes to cooperation with distributed teams to ensure low stress workflows – we started out with people spread over 6 time zones. Today we operate across Europe.
Oh, and all the people you work with directly, they speak English. So you can be certain we can communicate with you regardless of where you’re from in the international tech world.
Compared to the nightmare stories where companies get burnt by trying to stretch their budgets too far with short term agency solutions, this offer is premium quality collaboration – an implementation partnership.
Our digital consultancy firm acts in your interests to help and build throughout your growth – 2 companies, 1 team.
We’re just a Skype call away if you’re like us and value quality resources at your fingertips.
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Our digital consultancy firm specialises in building custom Ad Tech, FinTech and Blockchain solutions.
Author: Tom Denman, BDP
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