Within IT, there are two types of software companies – product-based companies and project-based companies. You may or may not have heard of these terms before, but if you are seeking a career in IT, then these are very important. In this blog, we’ll quickly go over what they mean and why working for a product-based company is a good idea.
Information Technology (IT) is One of the Fastest Growing Industries
Gartner Predicts a Growth of 6.2% Whereas IDC Predicts a Growth 4.2% in 2021
Working in IT is a Great Choice!
Product Based Company – The Definition
A product-based company focuses on developing a single product or family of products, and constantly works to improve and provide greater value through this one product.
It follows the specialization concept, where rather than having average skill in a multitude of areas, the company and its employees focus on being perfect in just one domain.
Examples: Microsoft, Apple, Google, HubSpot, SAP.
Examples in Pakistan: Gaditek, Softech Worldwide (VIDIZMO)
Project Based Company – The Definition
A project-based company focuses on delivering services to a range of clients, where they work on completing one project after the other. Each project may be similar to previous ones or may vary from each other.
It follows more of a generalization concept, where rather than being perfect in one area, the company and its employees focus on acquiring average skills in a multitude of areas.
Examples: Accenture, McKinsey & Company, Bain & Company.
Examples in Pakistan: Salsoft, Nisum, Contour Software
Reasons to Work for a Product Based Company
You work with a team to constantly deliver improvements to your product, in small increments that can be a week, two-week sprint etc. Your focus is to deliver value for your customers in the long run.
As an employee, here are the pros of working for such a company:
The learning: You constantly work in one domain and do not jump from one project to another. As such, you gradually grow and achieve perfection in your domain.
The impact: You are an important part of the whole machinery that drives the organization. Whether it’s the frontend, backend, machine learning, or any other department, every contribution you make is reflected in the product and the end value it drives for your customers.
The growth: Monetary growth is initially slow in product-based companies, but if the company truly develops a world-class product that provides superior value, you can experience exponential growth in your career. Examples of Google, YouTube, Microsoft, Apple are enough to clarify this point. As an employee, your life can change after such growth, but only if you truly invest in the product.
Did You Know: HubSpot, a product-based company, started off as a simple platform and had a revenue of $255,000 in 2007. Now in 2021, HubSpot has come a long way and has developed its CRM platform, such that it delivers superior value to its customers. This can be seen from its $1 billion in annual revenue!
Working for Softech Worldwide – A Product-Based Company
Softech Worldwide is a product-based company that focuses on its two core products VIDIZMO EnterpriseTube and VIDIZMO DEMS.
VIDIZMO EnterpriseTube is an enterprise video content management system that has been recognized by Gartner, and is used by organizations such as the US State Department, Exxon Mobil, Ball Corporation, Yamaha, NEC and more. Big names, right?
VIDIZMO DEMS is an evidence management system that is recognized by IDC, and is used by The County of Santa Clara (one of the leading counties in USA) and the Department of Motor Vehicles California. Big Names, again!
VIDIZMO is Microsoft Gold Partner and AWS Partner as well.
We Are in the Growth Phase, Where We Can Potentially Make the Same Story as HubSpot Did! And You Too Can Join Us in Our Journey
Contribute to our Product Marketing or Product Development by applying for career options below.