It is almost one month until the London Summit 2018 as Finance Magnates continues to interview the event’s participating speakers. In our latest piece, we examine R&D and incorporation, namely what jurisdictions or countries provide the best prospects.
Development remains a key challenge for both emerging and veteran firms, and the need for fintech know-how doesn’t make things any easier. Is outsourcing across the globe a true silver bullet for reducing costs? When should you open your own office, and where?
Stav Zilberstein examines what game-changers exist in cross-jurisdictional operations and what solutions are out there.
What is your role and how did you become involved with the industry?
CEO of Hyperion Tech LTD, I am a technology enthusiast and an entrepreneur in the online world for the past 11 years. I like to stay in the front at all times, so this is how I believe one should keep up with the ever-advancing world of tech.
How development in blockchain projects differ from standard corporate R&D needs? What clients usually fail to grasp?
I think the most important thing in order to succeed is to make sure the owners of such project know their product roadmap. Many companies start without deep knowledge of where they want their product to be and might think that R&D will “solve” this need for them.
But we make sure to work with educated companies that know where they are headed. I think that is the key of which without one will end up failing the project.
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Many firms seek cost cuts by relocating their R&D centers in Asia or Eastern Europe. How much roughly can such a step save, and is it indeed saving money in the long run?
It strongly depends on the model that you choose to work with. If you work with traditional IT sourcing solutions, you will probably not save much. The only thing they will save you is time and ability to scale up fast.
We believe in creating the ideal situation, there is a need to disrupt the old IT business model run by Dinosaurs in this niche and turn it into a model that not only gives you all the advantages of saving time and solves scalability but It can also save you a significant amount of money. We also find it to be highly sustainable for the long term as well.
In these partnerships, what advice do you have to both firm and local R&D provider to make the partnership work?
I think it should be made clear that the service provider will provide you with a dedicated team that will stay only with you. That is the first step many such old-style companies fail to achieve because of how they are set up. This will lead to sluggish performance in the long term.
From the client side, I would say that there must be a proper product department that can truly follow and lead processes and roadmaps because when this is a weak link such organizations might expect R&D to solve these issues for them and that is not really the right way to work.
Lastly, I would say that the level of communication needs to be very high between all members of the team and product in order to succeed. A strong open double end feedback communication system must be implemented to ensure success. All types of project mediating solutions or personnel need to be cut off from the start.
Stav Zilberste will be speaking at the upcoming London Summit 2018 regarding R&D and incorporation across the industry. The in-depth session will be held on November 14 from 10:00-10:30. Learn more and register here today!