The word ‘startup’ has made its way into our consciousness recently. With the rise of tech giants and technopreneurs today, it has become a common word in the industry along with often used terms such as business and companies.
However, startups are commonly mistaken for a another concept. While it is no longer a fairly new word, a lot still confuse it as just ‘a newly established company.’ There may be some truths to that definition, but it must be noted that not all new companies can be called startup. Here are some things that make today’s startups:
1. New Idea
What drives startups to create their own company is when they uncover new ideas that will be a new source of value for their potential customers. After they discover this fresh concept for a company, they then turn to their customers, look at their take on the service or product, and see if this will cater and create an actual impact to its target audience.
2. Innovative Minds
These companies begin with a novel idea, one that is fresh and at the same time attracts people to use it or vie for its service. However, since there are already innovations developed through time, entrepreneurs may find it hard to conceive a new idea. This is where innovation comes in. When an existing product is already in use, a few tweaks can be made and be brought to a new target market. This is why most entrepreneurs find technology essential to its growth. Technology opens the window to novel ideas as it changes rapidly, bringing in good solutions from a previous bad condition.
3. Wider Scope of Audience
Startups build their companies to acquire a bigger audience. They think that their product or service is what people want, therefore their goal is to reach and serve people of various locations as much as possible. Whether they conceive a new idea or they create an innovative take on a previously conceived product, startups will always aim to exceed the accomplishment of its predecessor.
4. Driven by Growth
Unlike established companies, startups have room for growth and improvement. Being a small business entity at present, it still has the courage to risk, based on the company’s growth rate. It has an ability to make changes within its business plan by using its growth as a gauge whether the startup is doing good or bad. This can also be used to make new decisions as they move forward to the venture’s future. It makes the company adapt to growth changes, while it poses a challenge of constantly improving its services or products.
As startups move forward with their ideas to reach their intended market, organizations made up of successful entrepreneurs are ready to lend a hand. Organizations like Shetu is willing to share their expertise to startup companies as they make themselves available to their wider audience. Aiming to bridge the gap between technopreneurs from Bangladesh to their wider target markets, Shetu is making its members – CEOs, founders, and technology innovators, available to impart knowledge, guidance, and mentorship to companies on startup stage. Startups will not be forever be known as startups. Eventually, they will move on and become big companies they always aim to be.
Author bio: Sajid Islam is the Founder & CEO of Shetu- an organization dedicated to building a tech startup ecosystem in Bangladesh and bridging the gap between talent and its prospective scope (thereby bringing Silicon Valley knowledge to Bangladesh).