The Tech industry is one of the biggest markets right now. More and more pioneering people are drawn in this industry because of its excellent business potential. Here’s a thing about startups: the majority of it falls during the first year, as reported by Forbes. Those startups that survived can still fail during the first three years.
The modern market is known for being a harsh environment for startups. Even the most talented innovators and the greatest ideas can fail. You need both talent and luck to get ahead of competitors and own a big chunk of the market. In this volatile and competitive industry, how can the big names manage to stay in the game?
No formula is the same in each product, but there are a lot of things that are similar in good management. Disruptive technology startups are those that understand the trends, ride it, and position their company to a better market position. Here are some of the tips that you can follow to create a disruptive tech startup that will change the world.
8 Tips to Follow For Disruptive Technology Startup Success
-
Know Your Market Base
If you don’t know and acknowledge the need for your market base, then how would you create better and valuable products? Even if you can develop the best quantum software in the world, that means nothing if your market share doesn’t use quantum devices. Get feedback from your customers and incorporate this criticism into your product.
This doesn’t mean that you’ll only listen to your customer’s demands. For example, nobody knows that they wanted an iPhone until the product was introduced in the market. When innovating a new kind of product, make sure that you incorporate the interest of your market base.
-
Create Unique yet Useful Products
Another essential factor to consider is creating unique, yet highly useful products. When Apple launched the iPod in 2001, it was a unique yet usable product. Users can see themselves using the product. Meanwhile, in 2016, Juicero launched a unique juicer with so many functions that don’t have value when it comes to user experience. Before working on a new product, try to put yourself in your customers’ shoes and ask, “Will this be a useful purchase for me?”
-
Dedicate Your Time and Effort to the Plan
No matter how talented and lucky a person is, a startup will still fail if the talent is not backed with time and effort. Each startup cannot take off with half-baked plans and short-term efforts. When launching a startup, you need to dedicate all of your effort and time to grow your company. Don’t forget to be efficient; use your time and energy wisely.
-
Stay Tuned On News for Latest Tech Improvements
Did you know that automation started having an impact on the tech world in the last few years? Since then, early adopters have been able to utilize automation for their growth. Knowing the latest tech improvements will enable you to plan. The next big technology can just become your company’s ally or demise.
-
Ignore Unhelpful Criticism
A lot of tech companies were able to thrive for decades due to owning up to its mistakes and receiving helpful criticism. However, as an innovator, it is normal to receive criticisms that are not helpful to the product. In this case, please ignore these naysayers and focus on improving your product or service that you offer. A good leader knows when to shut people up without using anything but results.
-
Get the Right People and Apps
Efficiency is another essential factor in tech startup’s success. A modern organization has different divisions which consist of diverse teams and experts. In tech, getting the right person who can do the job correctly is very crucial, as it increases efficiency and effectiveness in the workplace. There are times when using apps can help in saving resources and boosting productivity, so take note of these possibilities, too.
If you’re hiring a contractor for a task, make sure to use a reliable freelancer time tracker. This is especially helpful if you manage a team of people who works remotely. Time trackers can also give you an insight on how to finish a project in time and within the budget frame.
-
Quality Is Better Than Quantity
Did you know that before Pixar grew into a computer animation giant today, they had to swallow up a decade full of losses? Indeed, the company managed to stay afloat during its first decade of operation because of Steve Jobs’ funding. Later on, the company was bought by Disney after its success in creating Toy Story.
How did the company manage to snag success? By maintaining quality instead of quantity. Toy Story wouldn’t be a big success like it is today if folks from Pixar decided to lower the animation quality. Continue innovating until the right break comes on your way.
-
Always Take the Risk
Last but not least, when you’re trying to make a disruptive technology startup, don’t be afraid to take a reasonable risk. You can’t reap any rewards without taking any risk first. Make feasible decisions, create doable plans, and always try to innovate and disrupt. Who knows your startup can be the next big thing in the tech industry.
If you follow at least our eight tips, you can build a disruptive technology startup. Share your tips in the comments if you have experience in building a technology startup.
Author’s BIO: Lori Wade is a journalist from Louisville. She is a content writer who has experience in small editions, Lori is now engaged in news and conceptual articles on the topic of business. If you are interested in an entrepreneur or lifestyle, you can find her on Link
