CloudEagle founder and CEO Nidhi Jain provides a cost-optimization playbook for SaaS startups, urging CFOs to identify areas where spending can be reduced. She emphasizes the importance of recognizing departments with high costs and identifying instances of low utilization and application redundancies. According to Jain, software is typically a company’s third-largest expense and falls under the CFO’s responsibility to find places to cut. By scrutinizing spending, businesses can optimize their costs and improve overall financial efficiency.
At TechCrunch Disrupt 2023, three founders were interviewed to gain insights into fundraising, hiring, and other challenges faced by early-stage tech entrepreneurs. Phaedra Ellis-Lamkins, co-founder and CEO of Promise, advised against hiring individuals who are accustomed to infrastructure and clear job descriptions. The current labor market, with layoffs leading to reduced salaries, has created an opportunity for startups to access highly skilled talent. Founders can save costs by hiring fractional employees and contractors, as many professionals are seeking new paths and more flexible work arrangements.
The U.S. government’s FedNow instant payments system has opened up opportunities for small operators in the financial technology sector. With FedNow, fintech startups that meet the government’s requirements can launch new payments apps that allow customers to transmit funds cheaply and instantaneously. This development has the potential to level the playing field against established players like Chime and PayPal. Startups can now access a vast network of payors and payees, expanding their reach and providing customers with greater convenience and efficiency in their payment transactions.