Today, we want to focus on the misunderstanding of what a startup really is.
#Mistake 2
#Treating startups as technology projects
While technology plays a critical role in the success of startups, shaping how they operate and compete in the marketplace from concept to execution, it’s important to remember that technology is a means to an end.
But beware!
Common Mistake Alert: Startups are not technology projects!
What to look out for when evaluating a startup? A common mistake is to make the success of a startup solely dependent on advanced technology and to treat startups as technology projects.
Startups are not technology projects. Technology is just a tool for startups. Startups do not create technology, they just use it to create breakthroughs.
In reality:
1- Startups are companies that use technology to solve market problems and achieve rapid growth.
2 – Technology is a tool to solve problems and scale quickly.
3 – The most successful startups focus on using technology to create projects that efficiently solve market problems. Not on building highly patented technology.
Startups are drivers of innovation, powered by a vision and passion to solve real-world challenges. The best startups first identify a market problem and then build the technology to solve it. Not the other way around.
The best globally successful startups don’t use cutting-edge technology at all. That’s because the essence of the app, service or other digital solution they offer lies in the mission and value they provide to customers, as Vikas Malhotra, CEO of Maverick Nation, points out.
Therefore, it is a misconception to see startups only as technology projects that should be based on high-tech development. The innovation ecosystem and entrepreneurial environment are shaped by startups that not only excel in technological innovation, but also have innovative business models to solve market problems. It is impossible to grow without market demand, no matter how innovative the underlying technology.
For Maverick Nation, it is the potential of the solution created by a startup and its fit with the chosen market that matters most, not the technology used to create it.
