How to increase your chance of funding by developing a stable product

Inside an investor’s mind…

The pursuit of funding is a shared journey between entrepreneurs and investors!

For an investor, the decision to fund a startup or a product is influenced by various factors, with the stability of the product being the most important consideration. Investors are not merely seeking innovative products – they are keen to back products that can get extraordinary benefits: recurring revenue, customer loyalty, and sustainable growth. So it needs to be a win-win for both – the investors and you.

But seizing funds isn’t always easy. You need to effectively showcase your product’s stability and potential for success to attract funding. You need to adopt the latest trends and technologies, like Agile, DevOps, AI and ML, to stay ahead of the competition. As many teams have found, putting maximum effort only in development is not enough to ensure a positive outcome. You also need quality testing!

Designing a stable product

Establishing a stable product is not a one-time effort. Product teams that understand and commit to building trustworthy systems stand to increase their chances of funding.

Let’s explore the critical tactics that will boost your funding prospects by developing consistency in your product and, eventually, creating mutual success for you and your investors.

1. Embrace AI and ML-driven development and testing

You can use AI to eliminate bottlenecks that may hinder the development of products. The intelligent use of AI can allow you to trim weeks off of new releases.

You can exponentially expedite the development and testing by embracing AI-driven tools for automated code generation, code refactoring, predictive analysis, and automated testing. AI-based debugging tools can analyze code and data patterns to detect potential defects.

2. Prioritize Cost Optimization

Intelligent AI can help you identify defects, inconsistencies, and inefficiencies early in the development process. Addressing these issues promptly leads to a more efficient development cycle, reducing delays, rework, and resource wastage.

Effective software testing helps identify and fix defects early in the development cycle. By detecting and resolving issues before they reach production, organizations can avoid costly rework, maintenance, and customer support expenses associated with faulty software.

3. Focus on Customer Satisfaction

Your product can be a success only when it has essential features that address a clear market need.

How would your development team know that your product is meeting – OR NOT MEETING – customer expectations for functionality, user interface (UI), integrations, and other requirements?

Rigorous testing helps deliver high-quality products that meet customer requirements, resulting in enhanced customer satisfaction and loyalty. Satisfied customers are more likely to continue using the software and recommend it to others.

4. Risk Mitigation

You must predict risks that could hamper your product’s performance and have a mitigation plan ready.

AI algorithms can come to your rescue here. AI-powered tools can proactively identify and mitigate risks throughout the software development lifecycle. You can integrate AI-powered tools into the development and testing pipeline to scan the source code and look for patterns of potential security threats like SQL injection, cross-site scripting (XSS), or improper access control.

By addressing these risks proactively, the product teams can enhance the security of their products and reduce the likelihood of any financial losses, compliance violations, and reputational damage.

5. Move to Cloud Technology

Moving to the cloud solutions help teams to quickly scale up or down based on the product’s needs. You can integrate cloud platforms with automation tools and frameworks like Automated testing pipelines, continuous integration/continuous deployment (CI/CD) workflows, and infrastructure as code (IaC). This helps in streamlining the development and testing processes.

Testing as a Service leverages cloud infrastructure and advanced AI capabilities to increase on-demand testing services while decreasing operating costs. As cloud platforms provide centralized access to resources and tools, there is an increased collaboration among development and testing teams.

6. Bring in Automation in Development and Testing

Based on the product’s goals, you can use AI and automation in the software development and testing process. You have tools for code reviews, running tests, and deploying applications, reducing manual effort, increasing test coverage to name a few. For example, you can save enormous amounts of time in diagnosing defects and Defect Triaging.

7. Ensure Regulatory Compliance

Every industry has regulations and compliance requirements and any non-compliance will result in product rollback, legal disputes, or financial penalties. By prioritizing compliance in your product development process, you build trust and thus increase your chances of securing funding.

8. Get Insights from Intelligent Analytics

When you combine AI, data, and analytics, product teams can unlock new insights from the data, make informed decisions, and deliver transformative business outcomes.

Depending on the product’s priority and what you wish to visualize, such as the defect density or total number of flaws, you can tailor the insights to make sense of the tasks at hand.

9. Scalability and Performance

You must ensure that your product can handle increased user loads and data volumes without compromising performance or stability.

 thereby instilling confidence in investors regarding its scalability potential.

10. Security Testing

In this digital world, cyber threats are on the rise. Ensuring the security of your product is paramount to safeguarding your sensitive data and protecting customer’s personal data.

Conducting in-depth Performance Testing and Security testing can help you to identify and mitigate vulnerabilities, and protect sensitive data. You can also integrate testing in your CI/CD process by executing automated security tests as a part of the unit testing process.

Bringing It All Together

With increased pressure to deliver products to customers faster and with more features, it can be tempting to shorten software testing. However, effective testing helps in filling the gap with the ability to connect the dots between customer behavior and business outcomes.

Webomates uses AI-based software testing to speed up product releases and generate the promised business value. It’s an industry- and tool-agnostic solution to optimize testing in various scenarios.

Schedule a demo to discover the full potential of our AI-driven software testing solutions that can boost your business outcomes, increase productivity, and accelerate product releases. You can also reach out to us at info@webomates.com

Tags: Agile Software Testing, Automated testing, Continuous Integration, Manual Testing, Software Testing