The majority of startups begin without a chief technology officer (CTO) due to their limited size and budget. However, the necessity of this position increases with the growth and scale of a company. So, what should you do when the time comes for the inevitable need for hiring a CTO, and you still don’t have enough money? This is where CaaS comes in!
CaaS stands for CTO as a Service, and it provides a business solution for problems many startups face when scaling. CaaS, with its wide range of services offered, seeks to provide entrepreneurs with everything they need to grow their startup into something bigger.
Is a CTO essential for a company? Can a company function without a CTO? Keep reading to find out!
A chief technology officer (CTO) is a senior executive in charge of managing the technological requirements of a company. The foundation of a successful startup depends on the quality of the people on the team, and CTOs are responsible for hiring and managing teams and directing the company's technological goals.
Now that you know what a CTO does, let's explain what CaaS is.
CTO as a Service for startups is a new trend that makes it possible for a company of any size or budget to hire this specialist. CaaS aims to make this position accessible to companies that can't afford an in-house CTO. Unlike other chief technology officer services initially created for larger companies with bigger budgets, this service is designed to accommodate a startup's limited budget.
Think your company can function perfectly without a chief technology officer? Perhaps. But, before you say no, here are all the ways a CTO can boost your company's performance.
Now that you know all the benefits of CaaS, let's see which types of services are available.
There are multiple types of CTO services, ranging from hiring a full-time CTO to paying a one-time fee for the services. It’s important to be familiar with all the different types of services, so you can choose the one that suits your company goals and budget the best.
Let's examine these services and how each one benefits your business.
Now that you're familiar with the services you can choose from, let's explore the most common cooperation models with CaaS.
There are three main models of cooperation with CTO as a Service. In this section, we explore each of the three models, explaining when companies should choose either option.
This model is suitable for a company in need of a one-time consultation for issues regarding design and development. The CTO is paid a one-time fee for each consultation session.
CTO consulting is excellent in situations such as when a company cannot decide on a technical stack for product development or when a technical team is not able to quickly and efficiently solve issues that arise during product development.
This model is best for companies that need ongoing support. If you prefer to have a CTO with whom you can plan ongoing strategies, this model is perfect. You will pay quarterly or biannually for the services provided by your technical consultant.
If you need ongoing support in product development and technology management, but you're not looking to hire a CTO, then CaaS fixed price is the right choice for your company.
This model is best for companies that base their business on product development. This approach allows you to purchase services as needed. You will pay your CTO hourly, and this type of service works well if you need help developing a new product or other tasks related to technological innovation.
Each CaaS model is different and comes with certain benefits. Companies should base their choice on their specific needs. However, one question remains. Which option is better—hiring an in-house CTO or choosing CaaS?
If you're unsure whether to hire an experienced CTO or choose CaaS, here are the pros and cons of both options that will help you decide more easily.
Before making a final decision, make sure to identify your company's needs and capabilities, such as the budget. Hopefully, keeping these pros and cons will help you decide more easily.
It becomes obvious from the pros and cons that companies often hire a CTO at the start of a project. But what if you already have an ongoing project, and you're not sure if a new employee will be able to handle it? Here are several reasons why CaaS is an excellent choice for current projects.
If you already have an ongoing project, but the company doesn't have a CTO, or it's not clear who will handle technology management, then CaaS is right for you.
Here is how CTO as a Service can help you with an ongoing project.
You can get a high-quality project audit by involving the CTO as a service in an existing project. A CTO can identify the main problems with your product, study the issues that lead to a decrease in conversion, assist in developing a plan to fix issues, and find ways to change all processes in your favor.
An experienced CTO can assess the performance of the existing team, point out flaws, and assist in the employment of new staff. The CTO will identify experts who can quickly join a new team and take on new product or software development responsibilities.
A CTO as a service can assist a company in the creation of a project roadmap and development process, which consists of a list of tasks that must be performed to reach your long-term objectives. Regardless of the project's complexity, developing a clear roadmap aids in the building of collaboration.
Finding a skilled and experienced CTO is an excellent opportunity to expand your team's knowledge. The CTO probably worked on numerous projects and products, so they will have plenty of advice to share.
Speaking of a skilled CTO, how can you know if you've found one? Here are the essential skills your CTO must possess.
A skilled CTO should be equipped with more than technical skills. In this section, we explain how to choose the right CTO for your company based on their skillset.
The more experience a professional has in this field and the more projects they have worked on, the better.
To ensure you're hiring top talent, it is recommended you read the reviews of other companies the CTO worked with previously.
To ensure that the CTO has the appropriate knowledge, look through their portfolio, including projects they worked on previously.
In addition to technical skills, a good CTO has to possess leadership qualities and excellent communication skills.
Have you finally made up your mind and decided to choose CaaS? Check out are the roles and responsibilities your new CTO will take on.
These are the most common roles and responsibilities of a CTO within a company:
Any project and company can benefit from CTO as a service, considering the wide range of tasks and responsibilities a CTO can take. Find out the easiest way to hire CaaS for your company!
The hiring process of CaaS consists of multiple stages. It’s necessary to properly prepare for the process, do thorough research, and, ultimately, make the right decision.
The first stage of hiring CaaS is the preparation stage. The Geniusee team has prepared a short guide to help you and your team prepare for the process of finding and hiring a CTO as a service:
Select a responsible CTO for your organization by examining several outsourcing companies and their employees. Pay attention to customers’ reviews and experiences.
You can also try to find a freelance specialist. It is a cheaper method, but the CTO you hire might perform more poorly compared to those offered by verified outsourcing companies.
Asking your friends, partners, or coworkers for recommendations can be quite beneficial when seeking a responsible employee such as a CTO.
After getting to know the hiring basics, it’s natural to wonder how much it will cost you to add a CTO to your team. Let’s figure it out!
The cost of hiring a CTO depends on different factors, such as the experience of the person but also their location. We researched CTO average hourly rates in different regions.
We recommend you consider employing a CTO located in Eastern Europe. With nearly a million highly qualified professionals, this region has evolved into one of the world's major IT outsourcing centers.
While the rates in Eastern Europe are pretty cheap, the quality is also promising. This region has a strong and established IT expertise due to its availability of technical educational institutes.
Now, let’s take a look at how one of the notable companies from Ukraine can help you hire the right CTO for your company.
Geniusee is a custom software and product development company aimed to help FinTech, EdTech, and other businesses worldwide thrive through tech partnerships. Founded in 2017 in Kyiv, Ukraine, the company accumulates the expertise of 150+ skilled professionals who have already delivered 100+ notable projects in FinTech, EdTech, retail, and other industries.
From complex cloud solutions implementation to hiring a dedicated team of experts, Geniusee carefully selects specialists according to the requirements of your project. The dedicated team is fully focused on the project, works on it exclusively, full-time, reporting directly to you.
The advantage of choosing the Geniusee development team over classic hiring? You get a loyal team of external personnel, a flexible approach, fully predictable costs, and total budgetary control.
Hire Geniusee’s dedicated team—70% of our customers have a genius team of specialists who are selected according to the requirements of the project.
A chief technology officer helps a company make better decisions about its tech stack, avoid aberrated costs, and deliver the product to the market faster.
A CTO as a service will help you with:
If you need to hire quality external CTO, feel free to reach out to see how the Geniusee team can help with a solution.
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