The success of a new startup depends on many things of course, but often hinges on the coexistence of a set of variables: the right product with the right features for the right audience in the right market. If you’re even a little bit off in your planning, you can end up wasting time and resources, and potentially put your company in a very difficult situation.
Many founders of new startups are so optimistic that they already understand how to design a winning product. They are excited to get to market ASAP, therefore, without studying their customers and their needs, they plunge straight into production. This is one of the common issue for ambitious but unexperienced entrepreneurs who base their designs on guesses and their own personal opinions. Then they put themselves in financial turmoil due to over-investing in products and features that weren’t relevant to their customers, and often that’ll be the sad ending of driving a startup story.
However, the solution is far simpler than what we often think: just stop playing the product design lottery and start collecting the insights needed to make awesome products. In other words, do research and as a handy tool, use surveys.
Every day new ideas are thought out, innovations as some may call them. Personally i prefer calling new ideas evolutions. Let me explain why; before the smartphone we had the mobile phone, before the mobile phone we had the phone, before the phone we had the telegraph and before telegraph we had the letter and so on and so on. For me this is evolution, for some Innovation, more on this great topic another day 🙂
Yes i know, this is a crazy thought, but please do. Before the smartphone and apps, we had companies like Nokia, Ericsson… and they ruled the mobile phone industry, individual taxi companies ruled their cities, and games like Snake was the coolest game you could play on your phone. To be honest I was never that good at snake, it was too boring and repetitive (as seen in the picture below).
Year 2007 Nokia dominated 62,5 percent of the mobile market with their OS (Symbian) and was a comfortable leader in the mobile industry. All this before Apple decided to enter the mobile phone industry with their iPhone (the real smartphone) and it’s amazing iOS apps platform in year 2007. I’m mentioning Apple apps because without the iOS apps platform iPhone would have been a new Nokia phone with a big screen, fancier but after some time just as dull.
The Apple iOS enabling development of apps by third party made iPhone what it is today, according to me this is why Apple took Nokias mobile market share and many other companies not fast enough to react and evolve with the evolution.
Thanks to the Apple apps platform we have today companies like Uber, that has changed the taxi industry for ever, WhatsApp, Instagram and millions of other apps created and being created as we speak. Let’ not forget the games that have come with the smartphone like angry birds, candy crush, the list never ends 🙂
Early year 2014 Microsoft buys Nokia mobile division and by the end of year 2014 Microsoft drops Nokia as a brand from their mobile, Nokia as a mobile phone is no more. This shows that even if you’re number one at what you do, not evolving fast enough can kill you no matter how big your company is.
With this dark (big company losing its market) but great introduction I would like to talk about, staying current as a business, embrace new technologies and what recent advances have been most influential for businesses.