6 Steps to Creating a Successful Tech Startup02-Jun-2016
Stand: As the GITEX Startup Movement makes its way to Dubai we take a look at some essential tips for creating a successful tech startup
The global tech startup movement is full of famous success stories of great ideas becoming billion dollar businesses.
But for every Uber, Dropbox and Airbnb in the world there are many more startups which never got further than a great idea, were too slow to market or closed their doors after only a few months. So for all you tech entrepreneurs out there holding on to the next great idea, below is a rundown of some essential tech startup tips which can help get your innovations off the ground:
1. MOVE FAST
As a small and innovative startup your greatest weapon is speed.Being able to react to, or even stay ahead of, market trends allows you to grow and adapt in ways which would be impossible for a large corporation.Innovation waits for no startup so make sure you make the most of your chance to share your ideas, speak with potential customers and network with interested investors to get yourself to market before any potential competitors catch on or demand dries up.
2. BE ENGAGING
One of your greatest powers as a startup is not just your ability to innovate and grow rapidly, but also your capacity directly engage with customers.Your company’s already powered by a team of passionate, knowledgeable and dedicated brand ambassadors, so leverage their enthusiasm by engaging with current or potential customers either face-face, on social media or at a dedicated startup events.
3. TEST, REDESIGN AND TEST SOME MORE
Once you’ve got your idea off the drawing board and begun putting the finishing touches to your final product, make sure you make the most of your beta testing period to iron out any remaining wrinkles you might have. If you already have an early version of your product in the market, then take the chance to speak with your users to ensure you understand what your customers want, what concerns potential investors might have and in what ways you can still improve.
4. MAKE CONNECTIONS
This may be obvious, but one of the most vital steps a startup can take is to simply begin talking to people. You may feel that there are a number of reasons not to, such as the fear of someone stealing your ideas, being ridiculed or both. However, the value of meeting and speaking with customers, advisors, experts, potential investors and the media can be incalculable as you receive valuable feedback, ideas and advice. The more ideas you bounce around with different sources, the more you will refine your ideas to produce a product or service that’s really polished.
5. FOLLOW THE MONEY
When you’ve been struck by the startup bug, and you begin imagining all of the amazing innovations your idea will create, it can be easy to forget to ask yourself one question: whether it will make any money?Turning a great idea into a product that actually makes money is harder than it sounds and sometimes it’s essential for startups to connect with your potential customers to see if you’re working on something that people will actually spend their money on.
6. DON’T FORGET ABOUT THE COMPETITION
So you’ve got your great idea, and you know that there’s market demand, but how do you ensure that someone is about to get there first and steal all of your business.
By doing your research most startups area able to locate their niche in the market and differentiate themselves from the competition. So make sure you scope out, try out and even connect with your competitors, which will ultimately help you look for ways to improve your products and services.
BE THE BEST STARTUP YOU CAN BE
When it comes to launching a successful startup, it’s important to remember that you already possess the innovation, determination and expertise to succeed.But by following the above steps, you can try to ensure that your startup doesn’t join the pile of world changing ideas that never made it past the drawing board and becomes one of the world changing innovations that we won’t believe we ever lived without.
GITEX Technology Week 2016, taking place this 16-20 October at Dubai World Trade Centre, is bringing together 400 startup companies from all over the globe will be in attendance to share their ideas, network with investors and ultimately pitch their startup for a chance to win vital funding from some of the world’s leading venture capitalists.
GITEX Technology Week. Where startups do business.
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