Tech startups tend to be driven by innovators who are not only passionate about their products and services but who have the raw courage to go after success without any safe guarantee of achieving it. The economy nowadays is characterized by globalized commerce converging rapidly thanks in large part to rapid development of technologies and more widely accessible information. How can small tech startups compete effectively in this eternally changing global market?
Think Outside the Box
New businesses really have to push against the limits of conventional wisdom and think “outside the box” to gain the commercial edge over competitors. The breakthroughs that are often crucial for success can be severely inhibited by too much attention being paid to traditional, conventional business metrics.
Companies have proved themselves adept at finding a niche market and concentrating on that. The company manufactures a specialized line of torque sensors, acquisition systems, load cells and related products for its niche clientele.
This is actually a good example of a competitive and highly successful manufacturing company that bucks the trend and proves that the entire industrial sector has not been outsourced to China and the Far East. There is still plenty of room for high-tech companies to make their mark by specializing, and indeed trying to be a jack-of-all-trades can be a serious mistake for beginners. Having a unique innovation in a highly specialized market can often be a fast track to success.
There should be no plans to grow incrementally, which is often a recipe for disaster. Instead, have a clear vision of what you want to achieve and always keep the end in sight. Milestones need to be set to point the way and enable you to tick off the various stages, track progress and make interventions as and when required.
Corporate reputation is a crucial aspect to take on board from day one. Service, quality and reputation will determine future success, and first impressions count for a great deal. Second chances are not on offer in the business world, and you need to make sure that new customers never walk away.
Innovation needs to be an integral part of the company’s culture, so getting the right sort of people on board from the start is also crucial. The ability of a company to innovate will be hugely impacted by diversity of thought. Today, with all the IT technology available, talent can be looked for everywhere by global companies, but even small startups can concentrate on diversity through their hiring process.
Innovative team members frequently come up with products that customers hadn’t imagined they wanted. Apple went down this route to dominate the world.
A conscious commitment to innovation is the bottom line for startups in today’s globalized economy, in order to ensure success and growth.