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Asset Management

Asset Management

Asset Management

Hi Everyone,

Just a quick question, I am a Mechanical Engineer but in my spare time I code applications. I am thinking of making an Asset Management Software to take control of worksite assets.

At first I am thinking of starting out with PSV's only as I work full time on them and then maybe scale it up to include Control and manual valves.

What do you guys think?

RE: Asset Management

What do we think about what? Can what you want to do be done. Of course. Is there a niche where this software fits? Maybe, but it is really tiny. Will a stand alone "asset management" package make you rich? Certainly not. Does it matter what anyone besides you thinks about the value and functionality of the software you are proposing? Not until you go to market, then it matters a lot.

Every one of the million registered eng-tips.com members has had an idea about a piece of software that will be the next HySYS or AutoCAD or SAP. I built nearly 40 of them for the company I once worked for (internal use), I found that NO ONE sees a piece of software in the same light as its author. EVER. I had people who liked my stuff better than I did, but I had a LOT of people who didn't like my stuff at all (some called me really hurtful names). The software I wrote was required to be adopted by fiat (management said, in the future everyone WILL use xyz for lmqf), the marketplace doesn't work like that.

First off, 99.99999% of potential users will never hear of you or your software. The few people who do hear of it will mostly be (1) skeptical; (2) faced by budget constraints: (3) not sure that the problem you are solving is a problem that they have; and (4) will be reluctant to change from whatever they are doing now. So, you price it so that 2 sales a year will keep your family in food, transportation, and housing (4 makes you well off and 10 makes you wealthy). That price makes it unattractive to the few people in the market that might want it.

Best case for virtually all budding software entrepreneurs is great satisfaction from knowing that you did a job well and zero sales outside your immediate family. If you are the exception that proves the rule, go for it.

David Simpson, PE
MuleShoe Engineering

"Belief" is the acceptance of an hypotheses in the absence of data.
"Prejudice" is having an opinion not supported by the preponderance of the data.
"Knowledge" is only found through the accumulation and analysis of data.

RE: Asset Management

Well... Thanks for your input. I already have 3 companies already interested in the software. I am not planning to get rich from this, but to help engineers look after there site a lot easier.

Thanks anyway.

RE: Asset Management

Well, what exactly were you looking for? I gave you the description of virtually all start-ups like you described. "Virtually all" is certainly not "all". If you beat the odds, good for you.

If you have 3 companies signed up, ready to write checks then you pretty much have your first year made. Maybe after year two you'll be on easy street. Best of luck to you.

David Simpson, PE
MuleShoe Engineering

"Belief" is the acceptance of an hypotheses in the absence of data.
"Prejudice" is having an opinion not supported by the preponderance of the data.
"Knowledge" is only found through the accumulation and analysis of data.

RE: Asset Management

Thanks very much.

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