The write up is based on my personal experience and learning while working with serial entrepreneurs. After having helped various startups, I launched GeniTeam in 2006 to provide dedicated software engineers to help entrepreneurs develop products with bootstrapping. Over the years, my own startup has gained momentum and helping promising startups based in North America, Netherland and Israel.
GeniTeam Business Model:-
Many people come across innovative idea but fail to materialize it for lack of resources. The barriers for high tech startup are high for huge upfront investment requirement. Hence, many people seek funding from venture capitalists, by giving up significant amount of equity or give up idea for lack of access to funding. GeniTeam provides an alternate to such entrepreneurs by allowing them hire virtual team members with GeniTeam, at fraction of cost to help entrepreneurs materialize their dreams. The dedicated virtual team members are hosted with GeniTeam in Lahore, Pakistan and whose growth is linked to growth of startup. The time difference allows entrepreneurs to monitor and instruct virtual team members in evening and generating cash flows for startup by doing consulting or job in day time.
How my faith strengthened on business model:-
The company’s business model has evolved out of my personal consulting for CambridgeDocs, an XML conversion company. I worked single handed from my home in Pakistan, to help the startup expand its product line. During my consulting, I refined “virtual team” model and build the confidence to expand virtual team in Pakistan. After 6-8 month of successful work, the company decided to start its offshore operation in Lahore, Pakistan. This strengthened my faith on my business model, as most of the engineers working with CambridgeDocs were graduates of Massachusetts Institute of Technology, USA. After establishing and training initial resources for offshore office, I started helping multiple companies. Over last 3 years, I have refined the processes for virtual team and created few more success stories.
Does GeniTeam take Equity:-
We only take equity if we invest with the startup. Our resource cost is pretty nominal, and hence startup’s generally don’t need to share equity. The partnering startups are free to change vendor or quit us, if they wish. They also have an option of acquiring virtual team to own the startup team.
Then how does GeniTeam make money:-
GeniTeam primary cash flows are through product development. GeniTeam is working on “Team Room”, “Multiplayer Mobile Games over GPRS”, and online tutoring application, developed in rich internet applications. In future, GeniTeam would like to help startups refine ideas and develop marketing plans.
Is GeniTeam a traditional outsourcing company?
Our philosophy is radically different from traditional outsourcing companies. GeniTeam believes in building partnerships with startups, and growing with them. GeniTeam is serving niche high tech startup segment, not catered by traditional outsourcing companies. Distinguished by vision, our model allows partnering companies build and retain expertise – as they could do by hiring resource with them.
How can people manage people from 10000 miles away?
This is the most frequent question I hear on sales. I believe internet has revolutionized our lives, and also the work environments. With such changes, virtual team and virtual office have become reality. However, the processes to manage virtual team are slightly different and require enhanced communication and reporting techniques. It requires almost 1 to 2 months, to fully reap the benefits of virtual team. I personally believe, it really worth investing time and few bucks in idea.
How to Contact GeniTeam?
Please visit www.geniteam.com to know us more and contact us at sales@geniteam.com for details.
Sunday, August 19, 2007
Sunday, July 29, 2007
GeniTeam - Removing barriers to innovation
GeniTeam:- Removing Barriers to Technological Innovation
www.geniteam.com
Traditionally technology companies have relied on importing skills, and outsourcing services. Outsourcing was lucrative for cost advantage and savings on opportunity cost. Indian companies were quick in identifying the need, and responded with a strong off shoring model. As a result, by mid 1990’s India emerged as leading offshore service provider, and its IT sector contributed significantly to the Indian economy. Indian companies have climbed up the ladder by making presence in advanced countries. Thus, as of date, many Indian companies like Tata, Infosys and Birla are competing for consulting business with American and European companies. The progression from off shoring to innovative technology companies is gradual but well consistent with growth models suggested by various developmental economists.
Many people ponder on a question that Can Pakistan follow footsteps of Indian technology sector? Few established companies like Techlogix, Netsol, KalSoft, LMLR etc are following similar model and are getting their share of pie in global market of outsourcing. Considering barriers to entry in services industry, a proven success record, it’s harder for later entrants to make an impact in a saturated business process outsourcing industry. However, the current surge in demand for skilled IT resources has definitely created an opportunity for Pakistani IT industry as India, China & Philippines are unable to respond to demands demand for skilled resources and looking into other markets. According to Gartner Inc.
Indian organizations facing the challenge of an IT skills shortage and “second-class” treatment from local service providers must consider offshore outsourcing to obtain high-end IT services.
Responding to the opportunity, GeniTeam (www.geniteam.com) , a Lahore-Pakistan, based startup differentiates itself by taking a slightly different direction to traditional outsourcing model. The company specializes in working with high tech startups, a totally untapped segment in high tech market. The company helps high tech startup in meeting their human capital need, by hiring resources in virtual team model. The virtual team members work devotedly for customers from Lahore office and communicate with customers using internet. The apparently simply model, has its inspiration from open source community and successful consulting of its founders. The founders have helped CambridgeDocs, a company founded by MIT graduate serial entrepreneurs, to expand their product line using virtual team concept. The company’s virtual team presence in Lahore started from founders’ room, and within a year the company moved to 15 engineers in a prestigious office in Lahore. Refining the business model, Khurram and Umair Javed launched GeniTeam to provide virtual teams to various startups by mid 2006. According to Founders, the company is getting rave response from all across globe and foreseeing tremendous growth. They believe their risk is minimized due to a large and well diversified portfolio of partners / customers. Their ambitions and business model is well reflected in their company’s name – GeniTeam is abbreviated from Generation Internet Team. The term, Generation Internet is used for people grown up using internet services like myspaces for collaboration. The company is run by graduates of LUMS; best IT and business university of Pakistan and 80% of its workforce pool consist of LUMS graduates.
www.geniteam.com
Traditionally technology companies have relied on importing skills, and outsourcing services. Outsourcing was lucrative for cost advantage and savings on opportunity cost. Indian companies were quick in identifying the need, and responded with a strong off shoring model. As a result, by mid 1990’s India emerged as leading offshore service provider, and its IT sector contributed significantly to the Indian economy. Indian companies have climbed up the ladder by making presence in advanced countries. Thus, as of date, many Indian companies like Tata, Infosys and Birla are competing for consulting business with American and European companies. The progression from off shoring to innovative technology companies is gradual but well consistent with growth models suggested by various developmental economists.
Many people ponder on a question that Can Pakistan follow footsteps of Indian technology sector? Few established companies like Techlogix, Netsol, KalSoft, LMLR etc are following similar model and are getting their share of pie in global market of outsourcing. Considering barriers to entry in services industry, a proven success record, it’s harder for later entrants to make an impact in a saturated business process outsourcing industry. However, the current surge in demand for skilled IT resources has definitely created an opportunity for Pakistani IT industry as India, China & Philippines are unable to respond to demands demand for skilled resources and looking into other markets. According to Gartner Inc.
Indian organizations facing the challenge of an IT skills shortage and “second-class” treatment from local service providers must consider offshore outsourcing to obtain high-end IT services.
Responding to the opportunity, GeniTeam (www.geniteam.com) , a Lahore-Pakistan, based startup differentiates itself by taking a slightly different direction to traditional outsourcing model. The company specializes in working with high tech startups, a totally untapped segment in high tech market. The company helps high tech startup in meeting their human capital need, by hiring resources in virtual team model. The virtual team members work devotedly for customers from Lahore office and communicate with customers using internet. The apparently simply model, has its inspiration from open source community and successful consulting of its founders. The founders have helped CambridgeDocs, a company founded by MIT graduate serial entrepreneurs, to expand their product line using virtual team concept. The company’s virtual team presence in Lahore started from founders’ room, and within a year the company moved to 15 engineers in a prestigious office in Lahore. Refining the business model, Khurram and Umair Javed launched GeniTeam to provide virtual teams to various startups by mid 2006. According to Founders, the company is getting rave response from all across globe and foreseeing tremendous growth. They believe their risk is minimized due to a large and well diversified portfolio of partners / customers. Their ambitions and business model is well reflected in their company’s name – GeniTeam is abbreviated from Generation Internet Team. The term, Generation Internet is used for people grown up using internet services like myspaces for collaboration. The company is run by graduates of LUMS; best IT and business university of Pakistan and 80% of its workforce pool consist of LUMS graduates.
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