It’s no doubt that a CTO is an expert in the driver’s seat of any company’s technological needs and ambitions. Sadly, despite the numerous benefits of having such an expert having his finger on your company’s IT pulse, many small companies steer clear of hiring one. Justifiably so, because hiring a CTO is quite costly. According to PayScale, the average salary of a CTO is a whopping $159,000. For many startups, this is way out of their financial reach, leaving only large corporates with enormous budgets to hire one.
As a business owner of a startup with limited financial ability, you may not be in a position to bring on board a CTO. But as your business grows, having such an expert is highly recommended and quintessential in steering your company’s technological vision and realizing your goals. Even a small company needs a leader who will be in charge of research and development and give sound advice that will ultimately contribute to the success of the company.