A promising idea and a motivated team are not enough to turn a start-up into a giant of the sector.
The key to success is to create a need where there was none, to offer customers a complete product that will meet their needs on its own and finally, to attract new talent. It is important to get customers used to the product and to foster early adoption as quickly as possible. Thus, the day the competition has access to the same technology, which will inevitably happen, the company will already have a solid and successful foundation.
However, it is crucial to control its financing, otherwise the current giants of the sector will have no difficulty in buying the entire start-up just to get their hands on this promising technology.
A start-up cannot rely solely on new technology to develop in the long term, but on how it will exploit and leverage it.
How about you? Have you ever thought about creating your own startup?
Source: https://techcrunch.com/2018/10/17/building-a-great-startup-requires-more-than-genius-and-a-great-invention/
The key to success is to create a need where there was none, to offer customers a complete product that will meet their needs on its own and finally, to attract new talent. It is important to get customers used to the product and to foster early adoption as quickly as possible. Thus, the day the competition has access to the same technology, which will inevitably happen, the company will already have a solid and successful foundation.
However, it is crucial to control its financing, otherwise the current giants of the sector will have no difficulty in buying the entire start-up just to get their hands on this promising technology.
A start-up cannot rely solely on new technology to develop in the long term, but on how it will exploit and leverage it.
How about you? Have you ever thought about creating your own startup?
Source: https://techcrunch.com/2018/10/17/building-a-great-startup-requires-more-than-genius-and-a-great-invention/
