What does this mean for startups as IT spending is expected to rise in 2023? • australiabusinessblog.com
It depends on how integral you are to the CIO’s plans
Although we are in a period of economic uncertainty, I bring good news: all signs point to IT spending rising in 2023. That should actually be excellent news for startups. It’s not all rosy though, because in times of turbulence, startups really have to prove their worth.
Companies recognize that they need to keep one eye on the future and that innovation usually happens in new companies, not supposedly reliable older ones. Sure, the time-tested companies may have solid balance sheets, but they may also have stagnated in the ideas department sometime around 2012.
CIOs must strike a balance between established players and startups when setting their IT budgets for next year. Startups that build essential services in an innovative way should have less to worry about.
“Many strategic CIOs have used the combination of remote working and the recession to modernize their stack and replace outdated systems with more modern solutions.” Casey Aylward, Partner, Accel
Execs clearly want to invest in your startup’s innovation, but they’re wary, especially in times like these, of putting all their eggs in your startup basket. It’s understandable, so you have to show that you’re there to win it.
We spoke to a number of CIOs, venture capitalists and analysts to get their take on what’s in store for enterprise startups in 2023.
