5 common traps to avoid for IT services companies building products

Few years ago services to product became cool when the IT majors launched their efforts.

Now it’s seen as an imperative by many including Government of India and NASSCOM.

The advantages that product companies enjoy such as higher valuations, stickiness with customers, attracting better talent are the #envy of many services companies.

Several small and mid sized IT services companies have launched their own efforts with mixed success. These are some of the most common mistakes.

1. Building products with a services mindset

2. Mixing solutions, accelerators, products and platforms

3. Not having a product management function

4. Lack of policies that define and protect IP ownership

5. Not having dedicated teams that are trained to build product