The industry is being pushed to grow and flourish over time. In Iraq, 48.3% of people had access to the internet as of 2017. Iraq was officially the first Arab nation to transmit from a TV station. Additionally, the nation is experiencing unprecedented economic growth as a result of the lengthy battles.
While other Datacenter fields are still in their infancy, ICT and digital commerce are presently the most dynamic sectors in Iraq. Additionally, web design was listed as one of the most in-demand industries. If you want to launch a tech business in Iraq, you can learn a lot from this essay.
A how-to manual for launching an IT company
Let’s be honest and admit right away that there isn’t a foolproof formula for building a successful digital firm. The risk of starting a business is high. You may have heard the frequently cited statistic that nine out of ten ventures fail, but there’s more to it than that. Continue reading for advice and insights aimed at improving your chances.
Create a knowledge base
The same concept applies whether you’re a tech novice straight out of college or an expert in the field searching for the next great thing: You need to be willing to learn. This serves as the foundation for all the next steps. You will fail if you approach the situation with the assumption that you already know everything or if you want to figure everything out as you go.
The process of starting a business is dynamic; you learn from other companies, from yourself, and from your clients.
Create a network
The more social connections you make, the more likely you are to meet the entrepreneurs, financiers, attorneys, and artists you want to collaborate with. Never stop forming new relationships and contacting people, whether you’re doing it at a workplace, on campus, or digitally. Attending a program with startup founders, successful tech CEOs, and sought-after industry advisors—would be in your best interests.
Be ready for obstacles
Despite thorough business planning, things might go wrong. Therefore, it’s crucial to have backup plans in place to take into consideration various types of setbacks. Consider the worst-case scenarios and see if you can find a solution or other possibilities.
Create MVP
The aim of the MVP, which is the most basic version of your commodity, is to ascertain whether or not people are interested in it and willing to pay for it.
This phase, which also includes product concept and production, involves the team coming together, creating the model, and testing the solution with end users.
Register the firm
The legal foundation of the company must be chosen before it can be registered. The Companies Law provides numerous incorporation alternatives for establishing a business in Iraq. A sole proprietorship, joint stock, joint liability, or a simple corporation are the options.
Without first registering their firm and obtaining a license from the Issuer, anybody who runs the business in Iraq is breaking the law and is subject to a fine.
After deciding on the corporate structure, the person must file a corporate registration request. The person generally needs to open a bank account and a tax ID since both are required for registration before applying for authorization.
Raise money
You’ve now developed a concept pitch or gone a level further and built a convincing MVP. It’s time to make your investor case now. You should create your brief proposal and grasp what precisely they’re seeking. Since it typically takes startups years before they become profitable, you’ll need that capital to last for years.
Build a technical team
Before starting a tech company, you must put together a technical team. Finding a competent team to complete the task is one of the main challenges the majority of startups face.
Utilize constrained resources and compressed timelines to try and seize the market’s gurus. Based on the project’s details, scope, etc., choose an expert.
