As we all know, just putting a new start-up idea into motion can be a challenge. There are the typical obstacles of finding the money, time and suitable space to work and concentrate. To fending off uncertainty over the statistically high failure rates for start-ups. Though daunting, these obstacles typically have less difficult solutions, and usually work themselves out.
After having been in the technology field for over 30 years, from engineering to sales and marketing, I have seen a far greater pitfall that tends to befall both startups and large corporations alike, relying on the strategy that “Technology will sell itself”. Inmy experience this kind of risky thinking has proven very harmful with large consequences costing large dollars and unrecoverable amounts of time. Personally, I have seen amounts starting in the thousands, and going well into the millions all lost on that perfect tech product.
I have listed some important components to prevent such pitfalls:
Identifying the “right customer” – not all perceived customers, may actually be the right customer for the technology that you are building – finding your early adopters.
Acquiring a Tech Navigator: Having the right technology expert on your team could determine the life or death of your business. Many startups dive into a tech idea without having a qualified CTO or tech expert on their team. The right CTO will help you with navigating through the challenges of building, launching and maintaining a successful tech product.
Planning for budget mishaps – Running way past your proposed budget is bound to happen, learning how to minimize it can save your startup from early failure. Following a proven process will help ensure success – hear about “the journey of an idea” our Fruition’s 5 Steps Process.
Researching the history behind your technology, and the potential future lifespan that you have chosen. Realize it is very important to know and not guess what the future holds for what you are developing, from both a competitive standpoint and tech component view. Performing a feasibility study on your idea will prove very valuable.
Avoiding the manufacturing Dilemma – Preparing for the manufacturing phase – Underestimating the complexity of going into manufacturing is very common. Not only are costs, quality, shipping, inventory and certification frequently underestimated situations, but can be disastrous if not properly prepared and planned for. – Contact us for Tips on preparing for the manufacturing process.
At Fruition Tech Labs we provide our proprietary 5 Step process, “the journey of an idea” in the development of Tech Startups or the re-launching of any type new technology initiative regardless of the age of the business.#feasibilitystudy #journeyofanidea #fruitiontechlabs #trueinnovation