For those of you who are following my entrepreneurial journey, you know that we are now in the process of programming the first version of our task management software. I have written in the past that every step brings a lot of challenges and that the work is always longer and more difficult than expected. For example, even if we did not finish developing all the basic features, we recently managed to integrate a first implementation. This first integration is an important milestone because it allowed us to evaluate the work done in a real context of use. In return, it also allowed us to quickly discover several things that are wrong and need to be reworked. So, even before we finished all the basic features, we had to reprogram some components.
My close ones, who are unfamiliar with software development, are always surprised at the slow progress and delays caused by the work that often need to be redone. They are afraid that delays will give competitors the chance to improve their products and that we lose our competitive advantage. They are fearful that the task management software market will evolve to now offer the ability for teammates to work in tandem with an automated assistant.
In my opinion, it is a minimal risk. And if this ever happens it will not be dramatic because our implementation will be different. In addition, it will not be the end of our product because, in my opinion, the task management software market is large enough for hundreds of competitors.
I do not want to downplay the importance of having a competitive advantage but, in my opinion, when a startup tries to validate its Product/Market fit, the choice of the market is much more important than anything else.
Remember that, according to our market positioning statement, the To-Do Studio customer is a modern leader searching for a task management software that guides and directs teamwork (throughout the process). Is this a good market for a new entrant? It depends on the amounts currently spent by actual customers.
According to analysts, for the year 2019, the worldwide size of the market for task management software is equivalent to 2 billion USD ($ 2,000,000,000). Plus, it’s a growing market. According to Reportlinker, the size of the global task management software market is expected to reach 4.33 billion USD in 2023, with an annual growth rate of 13.7 percent. Another source, Transparency Market Research, estimates that the market will reach 6.68 billion USD in 2026. This is a huge market that is perfect for a new entrant like us. There are many customers already looking for, trying and buying solutions that fulfill a function like the one we plan to offer.
Delays are inherent in software development. We must accept them with serenity. The important thing is to move forward each day, step by step, towards the right target, a market where customers are currently spending money on a similar but less innovative solution than yours.