I have been connecting with start-ups and starting up my own ventures and wondering; what is the secret sauce that turns an idea into success?
I have written about this before and now add to that some new thinking.
My starting position is that most businesses I connect with have a dependancy on technology, either they are selling it or relying on it as the enabler for what they have to sell.
For the business that is out to develop tech and then sell it, one of the failings is too much attention on the product and not enough attention on the customer. What use is a product if you have not established who will buy it and why and how you will attract that customer audience?
And if you are relying on tech to get your product to market then you have to understand the customer experience and know how they want to search for, select and buy, rather than how you prefer to sell to them.
It’s complicated, which is why so many startup businesses fail.
From Project to Product, learnings from my work with the EU Horizon 20:20 CloudWatch2 program.
Between the two there is need to know science about turning an idea into a business, because it rarely happens just like that.