Learn more about NeoITO as our CEO - Faiz MH - talks about our inspiring journey from a startup to a multimillion dollar company in this interview with GoodFirms.
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Please introduce your company and give a brief about your role within the organisation.
NeoITO is a product development company working with startups, enterprises delivering business impact using scalable and cutting-edge technology. For startups, we help them quickly transform their ideas into turnkey solutions ready for the market. We help enterprises with Business and Digital transformation to reduce costs, increase productivity thereby improving business efficiency and driving growth.
As for me, I’m the CEO of NeoITO.
What is the story behind starting this company?
I used to work as an Enterprise Architect for Fortune 50 companies, and I understood how startups and enterprises struggled to create quality software and compete on a bigger scale. I wanted to change that and provide them with the opportunity to deliver innovation and challenge the status quo.
So, NeoITO was born as a result of my passion for utilising my tech expertise to make enterprise-grade product development more accessible to startups and enterprises.
What is your company’s business model– in-house team or third party vendors/ outsourcing?
Our focus is on building the best in-house team capable of tackling challenges swiftly. I focus on building a team that can take responsibility and ownership of their projects. Even today, with more than 150 people in the company. Whether it’s the engineering team or the marketing team, I enjoy finding the best talents for NeoITO.
How does your company differentiate itself from the competition?
We use the latest and most stable technologies in web, mobile, cloud, AI/ML, and IoT to deliver innovative solutions to our clients. Since we work primarily with startups and enterprises, there is an emphasis on speed and adaptability. So we focus on hiring the top talents who can adapt to the work culture of our clients.
We have heavily invested in upskilling our team, and we also have a thriving community for our developers to share and learn new stuff every day. We also follow strict code quality standards to ensure maximum efficiency.
NeoITO is an entrepreneur-friendly company. We help entrepreneurs by investing in their companies by providing heavily discounted development services in exchange for equity. We also help build social equity by connecting them with other entrepreneurs through our community of tech startups.
What industries do you generally cater to? Are your customers repetitive? If yes, what ratio of clients has been repetitive to you?
We are industry agnostic. We mainly work on long-term engagements, especially startups, where we help them from the MVP stage to the enterprise level and beyond. From the early days of NeoITO, we try to create a synergy with our partners where we build strong relationships. It allows us to contribute significantly to the success of our clients.
Please share some of the services that you offer for which clients approach you the most for?
Most clients approach us to help them transform their ideas into digital products that they can swiftly launch to the market to generate customer traction and visibility in investor funding.
Our development services include:
Web and mobile app development, Cloud services, Microservices, IoT, AI/ML engineering, Data analytics, Data Engineering and Digital Marketing.
What is your customer satisfaction rate according to you? What steps do you take to cater to your customer’s needs and requirements?
On a scale of 10, our customer satisfaction is above 9. It is reinforced by the fact that most of our clients have been working with us for a very long time, and some even started as short-term projects but ended up staying with us longer.
We believe in transparency and good communication. We have a very disciplined and standardised approach when communicating with clients. We offer complete access to the development team but ensure there is only a single point of contact to help document requirements and feedback to the team to avoid any miscommunication.
We provide a team of people with specialised skillsets well equipped to deal with the requirements rather than a generalised one. We also offer the support of high-level experts on a fractional hourly basis to provide critical insights and suggestions. It helps the client lower their overall costs without compromising on expertise.
What kind of payment structure do you follow to bill your clients? Is it Pay per Feature, Fixed Cost, Pay per Milestone (could be in phases, months, versions etc.)
We offer fixed-cost and dedicated team models. In a dedicated team model, the client pays us upfront to engage the selected team for a predetermined duration based on his/her needs.
Do you take in projects which meet your basic budget requirement? If yes, what is the minimum requirement? If not, on what minimum budget you have worked for?
Yes, we do take in projects that we believe have the potential to grow into something bigger. We offer our development services at discounted rates for some of these startups in exchange for equity through our NeoITO Entrepreneur Equity Program (NEEP).
Our basic budget requirement is $3000.
What is the price range (min and max) of the projects that you catered to in 2020?
The price range of our projects in 2020 varied from $3000-$500,000 USD.
Where do you see your company in the next 10 years?
In the next 10 years, I want to see NeoITO position itself as the go-to software company for startups and enterprises to build their products and solutions. We want to accomplish this by having the best infrastructure and processes in place to cater to thousands of clients worldwide.
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