The world of tech has billions of dollars available for a startup to earn if they price their product/service correctly and it delivers on quality/ability to solve a common problem.
BY EditorPosted On March 28, 2019
Startups are launched on a daily basis with a number of entrepreneurs thinking a great idea will allow them to be a household name in a matter of months. Even great ideas and innovations can fall flat if details like that of a marketing plan are not handled before launching. Launching too early can lead to others thinking the company is not high quality if they still have growing pains to deal with. Large companies are already worried about working with small startups without any mistakes being made. The world of tech has billions of dollars available for a startup to earn if they price their product/service correctly and it delivers on quality/ability to solve a common problem. The following are those details that make a huge different in the success of a tech startup.
The tech industry is unique in the sense that it seems like every startup needs an investor that demands attention in the niche. Lee Jacobs would be a great example of this type of investor as his investing portfolio appears to be quite strong. List out the different investors that you would like to pitch then start reaching out. Even investors you might not want to work with can be used as practice for the pitch being done. Investors differ with some simply associating their name with a startup while others take action that can impact the startup positively. A great aspect of bringing on investors is that they could have business relationships that can help a startup grow at a much higher rate if leveraged.
Launching in cities like San Francisco can be extremely tough on a startup that does not have a huge amount of capital. Not only is office space priced high in this city but the living wage is far higher than in other parts of the country. The appeal of San Francisco is that there are so many startups in the tech industry as well as corporations to partner with. A good compromise would be going to a city like that of Austin that has a great tech community. This would eliminate the issue of finding talent for certain positions that might not be available in a small town in Iowa. Finding the right employees takes a good talent pool, an extensive hiring process, and a bit of luck. Luck comes into play as some people are incredible interviewers but always seem to fall short when they start the actual job. Location can make or break a business so make sure to select wisely.
The chances are that you have built up quite a professional network over the years. Starting to build a list of people that you have worked with in the past at different companies is important. A simple introduction by the right person can be the advantage in winning a large contract that a startup so desperately needs. LinkedIn is a great tool to see where former colleagues and clients are currently. This contact information can be gathered and inputted by a virtual assistant. Other things that can be done is to target a company and hire a freelancer to pull all contact information from a specific business. Being able to call or email a few thousand people will surely yield sales if the product/service solves a recurring problem.
Artificial intelligence is developing by leaps and bounds so assess whether your startup could be rendered irrelevant by this technology. Things like that of data translation into actionable business plans is already in the wheelhouse of machine learning with machines being able to translate thousands of sets of data in one night. This does not mean that you cannot use AI or automation to help with your business. Just have a plan in case a partial part of the business is overtaken by AI. A few streams of revenue is wise for any business to create but especially important in tech where one innovation could put a company out of business.
Digital marketing needs to be done at the highest level as many tech companies have large budgets to put towards it. The one thing that needs to be stressed is to create high quality content whether it is written, video, or a podcast. Today’s consumer is swamped with content due to smartphones so they have become more discriminating in terms of what they will spend their time reading or viewing. Outsourcing this is an option but understand that some digital marketing companies hide behind confusing terms instead of delivering results.
Launching a tech startup is dependent on taking care of the above as they are of utmost importance. Work hard and be adaptable as the tech world is constantly evolving!
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