The Art of Mastering Tech
There could be as many reasons behind people’s desire to be entrepreneurs as there are new businesses rolling out. And although your experience will be specific to you, it can help to know what gave the others success. Best of all, anything you need to know is learnable and attainable.
Product-Market Need
You have to sell a product or service that is actually wanted by customers. They should be willing and able to pay for it. It does seem obvious, but a lot of startups struggle to even define their product-market connection. Nearly half of unsuccessful startups pinpoint poor market fit as the reason behind their failure. A wise tech entrepreneur will first ensure that their innovation satisfies a concrete market need and is something that people would actually want to purchase.
Fiery Passion
Truth is, just a little passion can make a huge difference in terms of the success or failure of any tech entrepreneur. With passion for your innovation, motivating your team and your customers comes a lot easier. In addition, if you can convince an investor that you have that particular quality they’re looking for, and that you are determined to succeed, then you have a greater chance of attracting investment.
A Powerful Team
Investors want the next BIG THING – ground-breaking innovations that can build empires. But they are not likely to bank on ideas alone. They want a strong and balanced management team that can successfully run a startup. It is equally crucial to ensure that founders have all the right agreements in place as to the protection of the new business and its technology. Such agreements should cover all key issues such as roles and responsibilities, IP ownership and so on. At the end of the day, it’s still people who make everything work.
Fast-Tracking Growth
Every tech entrepreneur, investor and market craves growth. Fast growth – or traction – marks an excellent idea in a steamy market. A tech entrepreneur who shows traction is very desirable to investors and is poised for continued growth. And, a growing startup is can better deal with the initial difficulties on the path to success (for examples, losing personnel).
IP Protection
An unprotected innovation will not be attractive to investors no matter how great your team, pitch and business concept are. Patents can offer wide-ranging protection for invention and innovation in every aspect, from hardware to software to materials to business methods. With a strong patent portfolio, up and coming tech companies will be able to attract greater interest from investors.