In previous posts, I have discussed data, strategy, CRM, WPP experience and I touched elements of digital tech. Today, I am going expand on digital tech experience and how you can spot the next "big thing" tech.
I’ve been advising venture capitalists, start-ups and established companies on product development and go-to-market strategies since the 2008.
During my time at WPP and a consulting practice I founded in 2013 (Digital Business Partners), I have reviewed and analysed over + 1000 digital technology companies to ascertain their opportunity to be the next "big thing".
IMPORTANT: To be successful you need to solve an existing market problem
I've had more than my fair share of experience identifying technologies that are just right for current and future market conditions, turning around products with potential to products with market value or re-vamping go-to-market strategies.
Now that you have identified the problem, you need to a have plan
Majority of cases, start-up success or failure is all about strategy thinking and planning. Over 90% of start-ups fail but a few make it.
There are plenty of characteristics of successful startups
All it takes is a great idea that solves a market problem, investment, robust strategy, operational speed and talented team to make that dream become a reality. If you're ready to go from employee to a CEO of your own start-up but you're not sure what kind of business you should start, please see below a few potential areas to explore.
42% of start-ups fail because they don't investigate the market needs (Fortune, 2014). The start-up to be successful should address an unmet need in the market.
This is something that personally experience, founders develop a product and believe their product is the "next big thing" but they fail to continuously track the market needs and adapt to new needs. Majority of the time, they are too late to go market or there are cheaper comparable options available.
The other problem that I regularly encounter, is the inability to convey the benefits to an audience that knowledgeable in this space - they want the "special ingredient". The offering should be presented by someone with strategy background and supported by an operational employee.
Sales should open doors and start the conversation, strategy employee role is to bring the product to life (problem solving solution plus business benefits), operational employee to reassure that implementation is easy and stress free, and the sales should re-engage to discuss the financial side. Conversion rate will increase, if more start-ups follow this process.
IMPORTANT: To be successful you need to solve an existing market problem.
Please share your thoughts in the comments section below as I learn just as much from you as you do from me.
Ivan Fernandes provides Strategic Thinking and Planning (insight, data, media, technology, content and ecommerce), has 10+ years strategic marketing experience and data leardership.
New business growth, comes from new strategic thinking.
Open to a new challenge...
Ivan Fernandes, Founder and Managing Director at Digital Business Partners