Technology development never stands still, and it’s very important for companies to always be on the cutting edge of progress. Their financial well-being and position in the market depend on it. To keep up with the latest technologies and their implementation, a Chief Technical Officer or CTO position exists.
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In startups, CTOs are responsible for translating a founder’s business vision into a tech solution that solves certain problems. For example, Uber solves the problem of long waiting time and high price for a ride. It’s all possible thanks to a plethora of smart algorithms that connect a driver and a user. They calculate the price and demand for rides in advance to meet user expectations. CTOs often head a team of developers and manage product development.
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