How To Innovate A Modern Tech Company For Greater Impact

Technology and software is probably one of the most competitive industries in the world. Every day a new application is released, new software is written or a new version of a technological product is announced.

As the world moves rapidly toward a fully technology-oriented society, standing out and influencing can become very challenging. Innovation has become necessary for new and established technology companies to maintain the attention and patronage of the global consumer base.

One person who is helping to lead the industry even further is Deepak Toplial, who is the CEO of Chain, a blockchain-based technology company that aims to create a more developed and integrated economy. If you ask Deepak about the future of the industry, he said it.

“There is an app or open source for almost everything, so not often do you find companies doing something new in technology or software.” Deepak Taplial explains. “In most cases, the only options we have left are to move a few things, turn on new features, or update our approach to make it seem fresh or relevant to a new group of people.”

In 2014, Chain Inc. gained notoriety as a blockchain-based technology company that raised more than $ 40 million in funding from CitiGroup, Nasdaq and Visa. Open Source Blockchain The open source Chain is the basis for several excellent financial products and services for companies such as Visa and many others. These products have helped revolutionize the financial services industry, and Chain has since received several awards, including the Red Herring Top 100 list.

After Stellar was originally acquired, Chain is now privately owned after being re-acquired by a private firm. Deepak Toplial now manages the entire blockchain for Chain as the company’s current CEO and has led the company through a series of innovations to advance software development. According to Deepak, “technological innovation is an art that needs to be mastered.” In this article, he shares some tips.

Leaching down promotes growth

Innovation is one of the strongest drivers of growth. This is especially true in technology, where the most innovative company has the largest market share.

However, according to Deepak, innovation is best developed in very niche areas. According to him, “In an accelerated market, as in the blockchain space, where innovation is widespread, innovation that distinguishes firms within a niche is rewarded much more than innovation that is differentiated by niches. The strongest firms are those that adopt new technology without changing niches ”. “

When Facebook started as a social network, it posted a variety of content on its platform and was a great success. Instagram has found a unique niche by opening a social network based on images, and Youtube has come by focusing on video. These innovations have given these companies their initial prominence and market share. The same rule still applies.

Most blockchains are public networks that require centralized smart contracts to build closed systems. However, financial players in the legacy of the banking space want closed systems that they can control.

Deepak and his team took on the problem and created Chain Core v2 and Sequence v2, which will give closed systems to their old customers. This differentiation from the public space of the blockchain has placed Chain in a niche of competition even lower and positioned them to gain higher market share.

Make visibility a top priority

Visibility and marketing have not been a strength for many new technology companies, as they tend to find it difficult to arouse interest in their brand. However, visibility remains one of the strongest indicators to consider when trying to impact the entire industry. Advertising and SEO are mandatory steps, but it is on social media that technology companies seem to fluctuate a bit.

“Technical conversations aren’t doing very well on social media, except for technical circles. However, we’ve found that if we tweak the language and add some innovation, we can at least arouse curiosity.” Deepak explains, “At Chain we tried to turn our employees and partners into communicators and networkers on social media. We’ve even added some ingenuity by collaborating with Twitter to launch a chain-branded emoji that runs using certain hashtags such as #chaincore and #chainprotocol, among others. Such small innovations as well as efforts to communicate clearly can increase interest in your brand exponentially. ”

Innovation for social impact

In today’s world everyone is drawn to brands that solve societal problems. The authority that gives such social participation contributes to the development of strategic partnerships and thus to the growth of market share.

“Technical companies are not necessarily leading in this regard, but this is a trend that is starting to grow in the industry.” Deepak says: “One of the relevant ways to innovate in a technology company is to find the side where your products directly affect patients in society or help the target group. This understanding has served as a catalyst for the development of Reform by Chain, which we are currently laying the foundation for a nonprofit organization created to help improve global policies and help those affected by those policies. ”

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