A Unique Tech Startup: Is It Possible?

In 2018, over 11 000 startups registered as a business in the UK. This is a 14% increase comparing to 2017. As technology develops, people come up with more and more innovative and fascinating ideas, but why most of them get swallowed by the market? Of those 11 000 startups, you might have heard of one, at most. Why does every company face the same issues, and how do they differentiate themselves?

So, how do you make your business idea catchy and how not to blend in?

We Are Not Like Everybody Else

The core of differentiation lies in business planning. It’s good when you can show up with a completely new idea for the market. However, there is the question: is there anybody to listen to you?

Any business appears with one main goal — selling the product or service. In this perspective, customers’ preferences are the issues you need to concentrate on. How to find your customer? Read on and learn more.

5 Whales that Differentiation Stands on

Today, there are too few things that you can surprise people with. Blockchain, AI, IoT — we’ve seen it all. There is no need to invent a bicycle. Using existing technology in a new way is already an innovation. However, being a pioneer is something that every startup should seek for. So, here we go with the first “whale”:

• Innovation

From the list of new technologies mentioned below, what do you think is in the driving seat: Blockchain, AI, electro cars, IoT, Supercomputing, or Virtual Reality? There is no doubt that all of them are groundbreaking and fascinating, but do they solve any pressing problems? Each of those is designed to address certain issues, but the size of your targeted audience directly depends on how many people this issue touches.

For example, Cryptocurrencies are just an alternative way of earning money or an innovative payment method. Digital assets themselves solve a minimum of issues, but creating blockchain-based wallets for the unbanked is a solution that people in developing countries have been seeking for in years.

Thus, innovation is not just a new idea, this is a way you use it. Help people solve their issues, and it will pay off.

• Target your audience

A company owner should set up a clear focus from the development stage. Even a super innovative and high-tech product owner can be flogging a dead horse if the product doesn’t meet a particular audience’s requirements. This is why targeting is an essential part of business plan development.

• Engage with potential clients at the early stage

Establish a friendly relationship with the clients and take their wishes into account rather than hanging on them and begging to buy your service or a product. People aren’t eager to buy anything that wouldn’t even potentially fix their issues.

To have a Bingo market targeting, business owners should develop an early customer success program. In order to make it attractive for joining, contact our specialists for consultation.

• Technical roadworthiness

This point is the easiest for both understanding and fulfillment. Even if you are Google in your sphere, product malfunctioning is the first thing that will make investors give up on you. To prevent system lags and blackouts, the technical team should be professional and passionate about the project. Hiring amateurs in your sphere will result in time and money losses.

• Know where you want to be in 5 years

Of course, it is hard to say what happens tomorrow, but having a plan has never hurt anyone.

Taking into account certain psychological features of people, clients will always prefer giving their money to someone who knows for sure what to do with investments and how to multiply them. Don’t worry, you can have the planning part done for you!

Why can startups fail?

Over the years working with startup owners, I have mentioned several issues that prevented their success. Here are some of them:

• Faulty planning

Recently, there has appeared a trend: people watch companies develop and realize that some of them hadn’t even written a business plan before they got their first million.

Well, this is a matter of how sure you are that your product is something that investors would die for being in. Are you?

This is a fact that, initially, business plans increase the chance that an entrepreneur would go into business and start his/her own company. PBs give confidence and don’t let you lose the opportunity.

• Faulty management

Nothing else but confidence is a perilous thing to abuse. It is crucial for any manager to be objective about everything, especially when it concerns business. This is why startups need to get third-party expertise to have their issues and soft spots pointed out.

In case your business lacks professional managers to lead it, you need to address a team of professionals to make sure your plan is properly developed and executed.

To Sum Up

The modern tech industry has swallowed, chewed, and spat out too many worthy ideas over the years. However, analyzing their mistakes or coming up with a brilliant idea is not enough to be successful. Business owners need to realize that every stage of company development is equally essential for their success.

In case you have a business idea, and you want to develop it, please contact me directly for more information.