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3 things successful Tech Startups do right.


The Norwegian startup ecosystem has been evolving massively in the past few years, and more tech entrepreneurs drive growth in this space. Startups are lean, including their budget, which makes even a tiny mistake more expensive for them. Most of the startups have a perfect pitch and the right vision, but proper execution plays a crucial role in the success of the startups. I wanted to present to you three critical things that successful tech startups do right.

1. Right Team

We want people who are energized, hard-working and excited to make our dream come true. While that is absolutely correct, there is so much more to it.

People wrongly think that having the right team is all about finding a talented workforce. But actually, just a set of excellent software developers and product designers doesn’t make up a team of product developers if they lack a product development mindset.

Many software developers typically work on projects, pieces of the bigger picture, without knowing what that picture is. That’s exactly why many miss the key essence of the product; “solving customer problems.”

It is essential to look at the bigger picture and figure out how the product positively impacts the customers’ lives. This is a significant success factor for tech startups.

It might be beneficial to engage external consultants and companies with a quality product development mindset, especially when the founders don’t have a technical background.

But how would you select one?

Validating the maturity in their product development approach will tell you everything. The best approach will bring more clarity to the product and its uniqueness.

Getting this right will mean you can land in the right technology stack for your product and know what approach and strategy best suits you to actualize your product vision.

2. Spinning ideas into MVP

Minimum Viable Product (MVP) helps in getting customer feedback faster and cheaper. The feedback enables your product development team, in a short cycle, to identify what needs to be enhanced, changed, or removed by validating your assumptions and risks.

However, before starting to work on your MVP, there are some things you should gain clarity on, such as:

  • What exactly does your target customer want

  • What features would keep them engaged

  • What is your product’s position in the market

  • What your competitors are doing

  • What makes your product unique

On gaining this level of clarity, it’s now time to get to the details and unearth the hidden landmines. Trust me; these landmines can even destroy the entire project when they explode in the middle of it. Getting to the details and elaborating on the features to be built will bring to light the complexities involved and validate the feasibility. By the time you have finished this, your technology choices, project timeline, and budget would be more on-point than when you started.

MVP also enables you as a startup to reach your customers quickly and make them feel comfortable using the product before the final version arrives. And having the right team plays a crucial role in delivering this phase efficiently.

3. Tradeoffs

Who wouldn’t want to build everything under the sun if they have unlimited funds to do so? Unfortunately for startups, the resources and time are not always immediately available to actualize the big dreams. Choices must be made for the good of the product and the customers, sometimes keeping budget and time on track. It means you have to let go of one thing to get something more substantial.

You should therefore be able to discern what’s more critical and pull more resources into that. It is one of the vital skills to position your business for success.

Trade-off decisions are mostly made based on:

  • Feature priority

  • Budget

  • Technical limitations

  • Time to market

By better planning and prioritizing product features, it becomes easier to make trade-off decisions with confidence.


WRITTEN BY

Dhenesh Jayabal, Director - Delivery & Client Partner at ObjectFrontier Software, one of THEIA's vetted companies.

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