Starting a career in software sales can be a lucrative and rewarding path. CAR-REMOTE-REPAIR.EDU.VN provides insights and guidance to help you navigate this exciting field and maximize your potential for success. By focusing on the right skills, strategies, and opportunities, you can carve out a thriving career in software sales. Leverage our resources for software sales training, tech sales jobs, and building a successful software sales career.
Contents
- 1. What Makes Software Sales a Lucrative Career Choice?
- 1.1 High Earning Potential
- 1.2 Growing Demand
- 1.3 Dynamic and Challenging Environment
- 1.4 Opportunity for Advancement
- 1.5 Impactful Role
- 2. What Are the Key Skills Required for Success in Software Sales?
- 2.1 Communication Skills
- 2.2 Product Knowledge
- 2.3 Sales Techniques
- 2.4 Negotiation Skills
- 2.5 Technical Acumen
- 2.6 Business Acumen
- 2.7 Time Management
- 2.8 CRM Software Proficiency
- 2.9 Adaptability
- 3. What Are the Different Roles in Software Sales?
- 3.1 Sales Development Representative (SDR)
- 3.2 Account Executive (AE)
- 3.3 Sales Manager
- 3.4 Enterprise Sales Representative
- 3.5 Channel Sales Manager
- 3.6 Sales Engineer
- 4. How Can You Gain Relevant Experience for a Software Sales Career?
- 4.1 Internships
- 4.2 Entry-Level Sales Positions
- 4.3 Relevant Courses and Certifications
- 4.4 Networking
- 4.5 Volunteer Work
- 4.6 Personal Projects
- 5. What Are the Key Steps to Prepare for a Software Sales Interview?
- 5.1 Research the Company
- 5.2 Understand the Product
- 5.3 Practice Common Interview Questions
- 5.4 Prepare Sales Scenarios
- 5.5 Dress Professionally
- 5.6 Arrive on Time
- 5.7 Ask Questions
- 5.8 Follow Up
- 6. How Important Is Networking in Building a Software Sales Career?
- 6.1 Finding Job Opportunities
- 6.2 Getting Mentorship
- 6.3 Learning Industry Insights
- 6.4 Building Relationships
- 6.5 Expanding Your Reach
- 6.6 Improving Your Communication Skills
- 7. What Are Some Common Challenges in Software Sales and How to Overcome Them?
- 7.1 Long Sales Cycles
- 7.2 Complex Products
- 7.3 Intense Competition
- 7.4 Objections
- 7.5 Rejection
- 7.6 Time Management
- 7.7 Staying Motivated
- 8. How Can CAR-REMOTE-REPAIR.EDU.VN Help You Advance Your Software Sales Career?
- 8.1 Enhance Technical Understanding
- 8.2 Improve Problem-Solving Skills
- 8.3 Expand Your Network
- 8.4 Build Your Resume
- 8.5 Increase Your Value
- 9. What Are the Latest Trends in Software Sales?
- 9.1 AI-Powered Sales Tools
- 9.2 Remote Selling
- 9.3 Customer Experience
- 9.4 Data Analytics
- 9.5 Social Selling
- 9.6 Value Selling
- 10. What Are the Resources Available to Support Your Software Sales Career?
- 10.1 Online Courses
- 10.2 Industry Publications
- 10.3 Professional Organizations
- 10.4 CRM Software Training
- 10.5 Sales Coaching
- 10.6 Sales Books
- Frequently Asked Questions (FAQs)
- 1. What is software sales?
- 2. What skills are needed for software sales?
- 3. How can I gain experience in software sales?
- 4. What are the different roles in software sales?
- 5. How can networking help my software sales career?
- 6. What are some common challenges in software sales?
- 7. How can I prepare for a software sales interview?
- 8. What are the latest trends in software sales?
- 9. What resources are available to support my software sales career?
- 10. How can CAR-REMOTE-REPAIR.EDU.VN help me advance my software sales career?
1. What Makes Software Sales a Lucrative Career Choice?
Software sales is a lucrative career choice due to the high-profit margins in the software industry and the increasing demand for technological solutions across various sectors. According to research from McKinsey, the software market is projected to reach $1 trillion by 2030, driven by cloud adoption, AI, and digital transformation initiatives. This growth translates to substantial opportunities for sales professionals who can effectively connect software solutions with customer needs. The potential for high earnings, combined with the dynamic nature of the tech industry, makes software sales an attractive career path.
1.1 High Earning Potential
The compensation structure in software sales often includes a base salary and commission, allowing top performers to earn significantly more than the average. Companies are willing to pay high commissions because software products have high-profit margins. A sales representative who consistently exceeds their quota can achieve a six-figure or even seven-figure income.
1.2 Growing Demand
As businesses increasingly rely on software solutions to streamline operations, enhance customer experiences, and gain a competitive edge, the demand for skilled software sales professionals continues to rise. This demand is evident across various industries, including healthcare, finance, manufacturing, and retail.
1.3 Dynamic and Challenging Environment
Software sales is a dynamic field that requires constant learning and adaptation. Sales professionals must stay up-to-date with the latest technological advancements, market trends, and competitive landscape. This continuous learning environment keeps the job interesting and intellectually stimulating.
1.4 Opportunity for Advancement
A successful career in software sales can open doors to various leadership and management positions. Experienced sales professionals can advance to roles such as sales manager, sales director, or vice president of sales. These positions offer increased responsibilities, higher compensation, and the opportunity to shape the company’s sales strategy.
1.5 Impactful Role
Software sales professionals play a crucial role in driving the growth and success of their companies. By effectively selling software solutions, they help businesses solve problems, improve efficiency, and achieve their goals. This sense of contribution can be highly rewarding.
2. What Are the Key Skills Required for Success in Software Sales?
To succeed in software sales, you need a blend of soft and hard skills, including communication, product knowledge, and negotiation. According to a study by HubSpot Research, the top qualities of successful salespeople include active listening, empathy, and problem-solving skills. These skills enable sales professionals to build rapport with customers, understand their needs, and offer tailored solutions. Additionally, technical acumen and business acumen are crucial for effectively selling complex software products.
2.1 Communication Skills
Effective communication is the foundation of successful sales. Sales professionals must be able to articulate the value proposition of their software products clearly and persuasively. This includes active listening, verbal communication, and written communication.
- Active Listening: Paying close attention to the customer’s needs and concerns.
- Verbal Communication: Clearly and concisely conveying information.
- Written Communication: Crafting compelling emails, proposals, and presentations.
2.2 Product Knowledge
A deep understanding of the software product is essential. Sales professionals must be able to explain the features, benefits, and technical aspects of the software in a way that resonates with customers. This requires ongoing learning and staying up-to-date with product updates and industry trends.
2.3 Sales Techniques
Mastering various sales techniques can significantly improve your chances of closing deals. Some popular sales methodologies include:
- Solution Selling: Focusing on how the software solves the customer’s specific problems.
- Consultative Selling: Acting as a trusted advisor and providing valuable insights.
- Value Selling: Emphasizing the unique value and benefits of the software.
2.4 Negotiation Skills
Negotiation is a critical part of the sales process. Sales professionals must be able to navigate complex negotiations, address customer objections, and reach mutually beneficial agreements. This requires a combination of assertiveness, diplomacy, and problem-solving skills.
2.5 Technical Acumen
While a technical background is not always required, having a basic understanding of technology can be beneficial. Sales professionals should be able to understand the technical aspects of the software, such as its architecture, integrations, and security features.
2.6 Business Acumen
Understanding the customer’s business and industry is crucial. Sales professionals should be able to identify the customer’s key business challenges and demonstrate how the software can help them achieve their goals.
2.7 Time Management
Effective time management is essential for managing multiple leads, scheduling meetings, and following up with customers. Sales professionals must be able to prioritize tasks, manage their time efficiently, and meet deadlines.
2.8 CRM Software Proficiency
Proficiency in using CRM (Customer Relationship Management) software is essential for managing leads, tracking sales activities, and forecasting sales. Popular CRM software includes Salesforce, HubSpot CRM, and Microsoft Dynamics 365.
2.9 Adaptability
The software industry is constantly evolving, so sales professionals must be adaptable and willing to learn new skills and technologies. This includes being open to feedback, embracing change, and continuously improving their skills.
3. What Are the Different Roles in Software Sales?
Software sales offers various roles, each with its own set of responsibilities and career paths. According to LinkedIn, some of the most common software sales roles include Sales Development Representative (SDR), Account Executive, and Sales Manager. SDRs focus on generating leads and qualifying prospects, while Account Executives are responsible for closing deals and managing customer relationships. Sales Managers lead and coach sales teams to achieve their targets. Understanding the different roles can help you identify the best fit for your skills and career aspirations.
3.1 Sales Development Representative (SDR)
Sales Development Representatives (SDRs) are responsible for generating leads and qualifying prospects. They typically focus on outbound prospecting, such as cold calling, emailing, and social selling, to identify potential customers and set up meetings for Account Executives.
- Responsibilities:
- Identifying and qualifying leads
- Conducting market research
- Setting up meetings for Account Executives
- Maintaining accurate records in CRM software
- Skills:
- Communication skills
- Persistence
- Time management
3.2 Account Executive (AE)
Account Executives (AEs) are responsible for closing deals and managing customer relationships. They work with qualified leads generated by SDRs to understand their needs, present solutions, and negotiate contracts.
- Responsibilities:
- Managing customer relationships
- Presenting software solutions
- Negotiating contracts
- Closing deals
- Skills:
- Sales techniques
- Negotiation skills
- Product knowledge
3.3 Sales Manager
Sales Managers are responsible for leading and coaching sales teams to achieve their targets. They set sales goals, develop sales strategies, and provide training and support to their team members.
- Responsibilities:
- Setting sales goals
- Developing sales strategies
- Providing training and support
- Monitoring sales performance
- Skills:
- Leadership skills
- Coaching skills
- Strategic thinking
3.4 Enterprise Sales Representative
Enterprise Sales Representatives focus on selling software solutions to large enterprise organizations. They typically work with complex sales cycles and require a deep understanding of the customer’s business and industry.
- Responsibilities:
- Selling to large enterprise organizations
- Managing complex sales cycles
- Developing relationships with key stakeholders
- Negotiating large contracts
- Skills:
- Business acumen
- Negotiation skills
- Relationship building
3.5 Channel Sales Manager
Channel Sales Managers are responsible for managing relationships with channel partners, such as resellers, distributors, and system integrators. They develop and implement channel sales strategies to expand the company’s reach and increase sales.
- Responsibilities:
- Managing relationships with channel partners
- Developing channel sales strategies
- Providing training and support to partners
- Monitoring channel sales performance
- Skills:
- Relationship management
- Strategic thinking
- Communication skills
3.6 Sales Engineer
Sales Engineers provide technical support to the sales team and customers. They assist with product demonstrations, technical presentations, and proof-of-concept projects. They also work with the product development team to provide feedback on customer requirements.
- Responsibilities:
- Providing technical support to the sales team
- Assisting with product demonstrations
- Conducting technical presentations
- Providing feedback on customer requirements
- Skills:
- Technical acumen
- Communication skills
- Problem-solving skills
4. How Can You Gain Relevant Experience for a Software Sales Career?
Gaining relevant experience is crucial for breaking into software sales. According to Glassdoor, many entry-level software sales roles require a bachelor’s degree and some sales experience. However, you can gain experience through internships, entry-level sales positions in other industries, or by taking relevant courses and certifications. Networking with professionals in the software sales industry can also provide valuable insights and opportunities.
4.1 Internships
Internships provide valuable hands-on experience and can help you build your network. Look for internships at software companies in sales, marketing, or customer service roles.
- Benefits:
- Hands-on experience
- Networking opportunities
- Potential for full-time employment
4.2 Entry-Level Sales Positions
Starting in an entry-level sales position in another industry can help you develop essential sales skills and build your resume. Look for roles in retail, telemarketing, or customer service.
- Benefits:
- Developing sales skills
- Building your resume
- Gaining confidence
4.3 Relevant Courses and Certifications
Taking relevant courses and certifications can demonstrate your commitment to learning and improve your knowledge of sales techniques, software products, and the software industry.
- Examples:
- Salesforce certifications
- HubSpot Sales Software Certification
- Certified Sales Professional (CSP)
4.4 Networking
Networking with professionals in the software sales industry can provide valuable insights and opportunities. Attend industry events, join online communities, and connect with sales professionals on LinkedIn.
- Benefits:
- Learning from experienced professionals
- Finding job opportunities
- Building your network
4.5 Volunteer Work
Volunteering in sales-related roles can provide valuable experience and demonstrate your commitment to helping others. Look for opportunities to volunteer at non-profit organizations in fundraising or outreach roles.
- Benefits:
- Gaining experience in sales-related roles
- Demonstrating your commitment to helping others
- Building your resume
4.6 Personal Projects
Creating personal projects that demonstrate your sales skills can help you stand out from other candidates. For example, you could create a sales presentation, write a sales proposal, or develop a sales strategy for a hypothetical product.
- Benefits:
- Demonstrating your sales skills
- Standing out from other candidates
- Showcasing your creativity
5. What Are the Key Steps to Prepare for a Software Sales Interview?
Preparing for a software sales interview involves researching the company, understanding the product, and practicing common interview questions. According to a survey by The Sales Management Association, the most important factors in hiring a salesperson are their ability to build rapport, their understanding of the sales process, and their product knowledge. Be prepared to articulate your sales achievements, demonstrate your understanding of the company’s software, and showcase your ability to connect with customers.
5.1 Research the Company
Before the interview, thoroughly research the company, its products, and its target market. Understand the company’s mission, values, and culture.
- Resources:
- Company website
- Glassdoor
5.2 Understand the Product
Gain a deep understanding of the software product you will be selling. Be able to explain its features, benefits, and technical aspects in a way that resonates with customers.
- Resources:
- Product demos
- Product documentation
- Customer reviews
5.3 Practice Common Interview Questions
Prepare answers to common software sales interview questions, such as:
- “Why are you interested in software sales?”
- “What are your strengths and weaknesses?”
- “Describe your sales process.”
- “How do you handle objections?”
- “Tell me about a time you failed and what you learned.”
5.4 Prepare Sales Scenarios
Be prepared to participate in sales scenarios or role-playing exercises. This will allow the interviewer to assess your sales skills, product knowledge, and ability to think on your feet.
- Examples:
- “Sell me this pen.”
- “Handle this customer objection.”
- “Present a solution to this customer problem.”
5.5 Dress Professionally
Dress professionally for the interview. This shows that you take the opportunity seriously and respect the interviewer.
- Attire:
- Business suit
- Dress shirt
- Tie (optional)
5.6 Arrive on Time
Arrive on time for the interview. This demonstrates your punctuality and respect for the interviewer’s time.
- Tip:
- Plan your route in advance
- Allow extra time for traffic or delays
5.7 Ask Questions
Prepare a list of questions to ask the interviewer. This shows that you are engaged and interested in the opportunity.
- Examples:
- “What are the biggest challenges facing the sales team?”
- “What are the company’s goals for the next year?”
- “What opportunities are there for career advancement?”
5.8 Follow Up
Send a thank-you email to the interviewer within 24 hours of the interview. This shows your appreciation for their time and reinforces your interest in the position.
- Tip:
- Personalize the email
- Reiterate your interest in the position
- Thank the interviewer for their time
6. How Important Is Networking in Building a Software Sales Career?
Networking is extremely important in building a software sales career, as it can open doors to job opportunities, mentorship, and valuable industry insights. According to a study by LinkedIn, 70% of people were hired at companies where they had a connection. Building a strong professional network can help you stay informed about industry trends, learn about new job opportunities, and gain valuable advice from experienced sales professionals. Attending industry events, joining online communities, and connecting with professionals on LinkedIn are effective ways to expand your network.
6.1 Finding Job Opportunities
Networking can help you find job opportunities that may not be advertised publicly. Many companies prefer to hire candidates through referrals, so building relationships with people in the industry can give you a competitive edge.
6.2 Getting Mentorship
Networking can help you find mentors who can provide guidance, support, and advice as you navigate your career in software sales. Mentors can share their experiences, insights, and best practices to help you succeed.
6.3 Learning Industry Insights
Networking can help you stay informed about industry trends, market changes, and new technologies. By attending industry events and connecting with professionals on LinkedIn, you can gain valuable insights that can help you make better decisions and stay ahead of the competition.
6.4 Building Relationships
Networking is about building relationships with people in the industry. By establishing genuine connections, you can create a supportive network that can help you throughout your career.
6.5 Expanding Your Reach
Networking can help you expand your reach and connect with people from different backgrounds, industries, and geographies. This can broaden your perspective and open doors to new opportunities.
6.6 Improving Your Communication Skills
Networking can help you improve your communication skills by providing opportunities to practice your elevator pitch, engage in conversations, and present your ideas. This can make you a more confident and effective communicator.
7. What Are Some Common Challenges in Software Sales and How to Overcome Them?
Software sales can be challenging due to long sales cycles, complex products, and intense competition. According to a report by CSO Insights, the average sales cycle for B2B software is 6-9 months. Overcoming these challenges requires resilience, adaptability, and a strong focus on customer needs. Strategies for success include building strong relationships with customers, continuously learning about the product, and effectively managing your time and pipeline.
7.1 Long Sales Cycles
Long sales cycles can be frustrating and require patience, persistence, and effective pipeline management.
- Solution:
- Qualify leads carefully
- Set realistic expectations
- Stay in touch with customers
7.2 Complex Products
Complex products can be difficult to understand and sell.
- Solution:
- Gain a deep understanding of the product
- Explain the product in simple terms
- Provide clear and concise demonstrations
7.3 Intense Competition
Intense competition can make it difficult to win deals.
- Solution:
- Differentiate your product
- Focus on customer needs
- Build strong relationships
7.4 Objections
Objections are a common part of the sales process.
- Solution:
- Anticipate objections
- Prepare responses
- Address objections effectively
7.5 Rejection
Rejection is inevitable in sales.
- Solution:
- Don’t take rejection personally
- Learn from your mistakes
- Stay positive
7.6 Time Management
Time management can be challenging when managing multiple leads and deals.
- Solution:
- Prioritize tasks
- Manage your time efficiently
- Set deadlines
7.7 Staying Motivated
Staying motivated can be difficult when facing challenges and setbacks.
- Solution:
- Set goals
- Celebrate successes
- Stay positive
8. How Can CAR-REMOTE-REPAIR.EDU.VN Help You Advance Your Software Sales Career?
CAR-REMOTE-REPAIR.EDU.VN offers specialized training and technical support for remote automotive diagnostics and repair, which can indirectly benefit software sales professionals by enhancing their technical understanding and problem-solving skills. While not directly related to software sales, the skills and knowledge gained from CAR-REMOTE-REPAIR.EDU.VN can make you a more well-rounded and valuable asset in the tech industry.
8.1 Enhance Technical Understanding
By understanding the technical aspects of remote diagnostics and repair, you can enhance your technical understanding and become more comfortable discussing technical topics with customers.
8.2 Improve Problem-Solving Skills
The training and support offered by CAR-REMOTE-REPAIR.EDU.VN can help you improve your problem-solving skills, which are essential for identifying customer needs and offering tailored solutions.
8.3 Expand Your Network
By participating in CAR-REMOTE-REPAIR.EDU.VN events and communities, you can expand your network and connect with professionals in the automotive and tech industries.
8.4 Build Your Resume
The training and support you receive from CAR-REMOTE-REPAIR.EDU.VN can be added to your resume, demonstrating your commitment to learning and improving your skills.
8.5 Increase Your Value
By combining your software sales skills with technical knowledge and problem-solving abilities, you can increase your value and stand out from other candidates.
9. What Are the Latest Trends in Software Sales?
Staying up-to-date with the latest trends in software sales is crucial for staying competitive and effective. According to a report by Gartner, AI-powered sales tools are becoming increasingly popular, helping sales teams automate tasks, personalize customer interactions, and improve sales forecasting. Other key trends include the rise of remote selling, the growing importance of customer experience, and the increasing use of data analytics to drive sales decisions. Embracing these trends can help you optimize your sales strategies and achieve better results.
9.1 AI-Powered Sales Tools
AI-powered sales tools are becoming increasingly popular, helping sales teams automate tasks, personalize customer interactions, and improve sales forecasting.
- Examples:
- AI-powered CRM software
- AI-powered sales assistants
- AI-powered chatbots
9.2 Remote Selling
Remote selling is becoming more prevalent, allowing sales teams to reach customers anywhere in the world.
- Strategies:
- Video conferencing
- Online presentations
- Virtual demos
9.3 Customer Experience
Customer experience is becoming increasingly important, as customers are more likely to buy from companies that provide a positive and personalized experience.
- Strategies:
- Personalized communication
- Proactive support
- Easy-to-use products
9.4 Data Analytics
Data analytics is being used to drive sales decisions, helping sales teams identify trends, understand customer behavior, and optimize sales strategies.
- Strategies:
- CRM data analysis
- Sales performance metrics
- Customer segmentation
9.5 Social Selling
Social selling is becoming more popular, allowing sales teams to connect with customers on social media platforms and build relationships.
- Strategies:
9.6 Value Selling
Value selling is becoming more important, as customers are looking for solutions that provide tangible value and solve their specific problems.
- Strategies:
- Focus on customer needs
- Demonstrate the value of your product
- Provide case studies and testimonials
10. What Are the Resources Available to Support Your Software Sales Career?
Numerous resources are available to support your software sales career, including online courses, industry publications, and professional organizations. Platforms like Coursera and Udemy offer courses on sales techniques, CRM software, and business development. Industry publications like Sales Hacker and HubSpot Sales Blog provide valuable insights and best practices. Joining professional organizations like the Sales Management Association can provide networking opportunities and access to industry events. Leveraging these resources can help you continuously improve your skills and stay informed about the latest trends in software sales.
10.1 Online Courses
Online courses can help you learn new skills and improve your knowledge of sales techniques, software products, and the software industry.
- Platforms:
- Coursera
- Udemy
- LinkedIn Learning
10.2 Industry Publications
Industry publications can provide valuable insights and best practices for software sales professionals.
- Examples:
- Sales Hacker
- HubSpot Sales Blog
- Gartner
10.3 Professional Organizations
Professional organizations can provide networking opportunities, access to industry events, and resources for career development.
- Examples:
- Sales Management Association
- American Association of Inside Sales Professionals (AA-ISP)
- Association for Sales Training Organizations (ASTD)
10.4 CRM Software Training
CRM software training can help you become proficient in using CRM software, which is essential for managing leads, tracking sales activities, and forecasting sales.
- Platforms:
- Salesforce Trailhead
- HubSpot Academy
- Microsoft Dynamics 365 Training
10.5 Sales Coaching
Sales coaching can provide personalized guidance, support, and feedback to help you improve your sales skills and achieve your goals.
- Resources:
- Sales coaches
- Sales mentors
- Sales training programs
10.6 Sales Books
Sales books can provide valuable insights and strategies for improving your sales skills and achieving success in software sales.
- Examples:
- “The Sales Magnet” by Kendra Lee
- “The Challenger Sale” by Matthew Dixon and Brent Adamson
- “To Sell Is Human” by Daniel H. Pink
Ready to elevate your tech sales career? Explore CAR-REMOTE-REPAIR.EDU.VN for resources that boost your technical knowledge. Contact us today to discover how our training can give you a competitive edge! Address: 1700 W Irving Park Rd, Chicago, IL 60613, United States. Whatsapp: +1 (641) 206-8880. Website: CAR-REMOTE-REPAIR.EDU.VN.
Frequently Asked Questions (FAQs)
1. What is software sales?
Software sales involves selling software products or services to businesses or individuals. It requires understanding customer needs, presenting solutions, and closing deals.
2. What skills are needed for software sales?
Key skills include communication, product knowledge, sales techniques, negotiation, technical acumen, and business acumen.
3. How can I gain experience in software sales?
Gain experience through internships, entry-level sales positions, relevant courses and certifications, networking, and personal projects.
4. What are the different roles in software sales?
Common roles include Sales Development Representative (SDR), Account Executive, Sales Manager, Enterprise Sales Representative, Channel Sales Manager, and Sales Engineer.
5. How can networking help my software sales career?
Networking can open doors to job opportunities, mentorship, industry insights, and valuable connections.
6. What are some common challenges in software sales?
Challenges include long sales cycles, complex products, intense competition, objections, rejection, and time management.
7. How can I prepare for a software sales interview?
Prepare by researching the company, understanding the product, practicing interview questions, and preparing sales scenarios.
8. What are the latest trends in software sales?
Latest trends include AI-powered sales tools, remote selling, customer experience, data analytics, social selling, and value selling.
9. What resources are available to support my software sales career?
Resources include online courses, industry publications, professional organizations, CRM software training, sales coaching, and sales books.
10. How can CAR-REMOTE-REPAIR.EDU.VN help me advance my software sales career?
CAR-REMOTE-REPAIR.EDU.VN offers specialized training and technical support that can enhance your technical understanding and problem-solving skills, making you a more valuable asset in the tech industry.