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Outsourcing Product Development Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. Many startups outsource their product development. Here are some key points to consider before outsourcing: Outsourcing gives you access to additional skills and resources you may not be able to hire yourself. It can also lower your costs as you pay for the work to be done through contracts rather than salaries. The key is to have someone on your team manage the outsourced product development. Their job is to specify the work to be done including designing architectures, coding to standards, and documenting the code.\xa0 The team building the product needs to have a project manager that can set priorities, drive to meet deadlines, and communicate with the startup hiring them. Startups must have a very well-defined specification that includes wireframes, screenshots, and clear descriptions of each function. There must be daily email communications for posing and answering questions as well as weekly status updates on what is accomplished. Collaboration tools for tracking the project status and communications between the developers and the team are a must. The startup must be able to test the software on a regular basis and provide feedback. You must install solid specifications, project management, and communication processes to gain the benefits of outsourcing product development. \xa0 Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.Let\u2019s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at: \xa0 Check out our other podcasts here: \xa0 For Investors check out: \xa0 For Startups check out: \xa0 For eGuides check out: \xa0 For upcoming Events, check out \xa0\xa0 For Feedback please contact info@tencapital.group\xa0\xa0\xa0 Please , share, and leave a review. Music courtesy of .