Rapid iterative learning or your die!
Starting a new tech startup is very difficult. I have been recently analyzing (more than I usually do) all the key aspects that need to be in place in order to improve the probability of success. Traditionally you evaluate the viability of a startup by looking at the following factors: market, technology, people, and what I describe as: “Is your target market spending a lot of money to ease that pain today”.
Usually, the business idea is not worth much, but it directly relates to Market and the Pain factors. Lets assume you have a decent idea in a big market where customers are spending money to solve a pain.
The question wether you can actually build a peg for the hole (pain) is the technology factor. For most web startups this factor is not a risk, therefore I am not going to ellaborate on this one.
This leaves me with PEOPLE. Most VCs and Angels I have met, state people is at the top of the list. The more time I spend in startups, the more critical I find this factor to be.
The ability for a startup to get off the ground lies in its ability to learn as much as possible in the shortest amount of time. This means being able to execute at lightning speed developing MVPs, putting the MVPs in front of potential customers, and incorporating their feedback into the next iteration of the product. I believe most startups fail due to their people limitations in iterating rapidly.
Most incubators and startup assistance centers like the ATDC in Atlanta provide a wealth of knowledge and information, but this does not add much value when you cannot apply that into your own startup efficiently and effectively. Why don’t we stop providing advice and learning, and facilitate the ability for ideas to be brought to life, marketed, and evaluated by customers at lightning speeds.
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mariomontag posted this
