New Tech Success Cycle

GETTING THE BAWL ROLLING

BUILDING a new technology startup company takes a lot of bawls, one way or another. Even if failure is not an OPTION, someone’s blood, sweat and tears is mandatory.

When CREATING the outline for this article, I quickly realized that there could be 1000 words just in HEADINGS for the many possible tasks needed to succeed. I also realized I could probably then write a further 1000 words for each of the HEADING TOPICS presented. This steps to success bit is a daunting, endless subject. No crying was involved, but I did sweat the details a lot; perhaps that was from the heat dome.

This article will thus drop many balls from ROTATION, and briefly focus on a few key traits and PRACTICES stumbled through on my early digital transmogrification; painted with personal observation. By no means a comprehensive LIST, some of these seed topics may well GERMINATE into proper articles on their own in future.

WHOSE LUNCH DO WE EAT?

The first business problem is always to find a problem that needs a fixing. Your practical and/or creative market solution(s) will then define your business. Unless a new business category emerges in your wake, one company’s new source of revenue likely means another company will lose steam. They won’t be going down without protecting their old turf.

New buyers of your stuff need an obvious reason to shift their attention and resources. It takes more energy to change mass already in motion. How do you harness inertia to improve their lot in life?

There are many measurements to show goods improvement – usually resolved down to two understandable points:

1) BETTER {includes faster} 

2) CHEAPER {includes free} 

Solutions are largely subject to market DISCOVERY and acceptance, requiring much groundwork effort and many interconnected activities. Once off the ground and ACTIVITY are in the air, the juggling act begins.

SUCCESS realistically requires concurrent semi-focus on everything TOUCHED - keep your eyes on the prize. FAILURE has no minimum requirements – keep that fact in full focus.

DO YOUR HOMEWORK

How do you even know you have a new product or service ready to market? Selling new technology is not like flogging new sunglasses or car mufflers; you always can’t see or hear your CUSTOMERS coming. Doing extra legwork upfront help determine at least two things:

1) is there is a real OPPORTUNITY here, or

2) should you RECONSIDER sunglasses or mufflers instead

Ask your target customers what they really need before you try to sell them something. What are the pain points in their path? At any chance, ask industry patrons and experts; at all times bounce your ideas off family and friends.

You will hear many naysayers and doomsday artists dismiss your ideas – this feedback shall become your blueprint for navigating obstacles and overcoming objections. If you hear rare support, take heart and take a number.

FOLLOW THE NEWS

NEWS is a rather nebulous, circus-act category to suggest, but traditional and online media can be used very effectively to keep on top of INDUSTRY trends and events. Let us define it as NEW(information)S; most sources are revenue generating propaganda opportunity institutions.

JOURNALISTS get paid to discover and expose the world by MEDIA ORGANIZATIONS that get paid by ADVERTISERS that get paid by CONSUMERS that get sucked into buying NEW products. The cycle is self-feeding and self-serving, and can easily be bought for private feeding and serving.

In pre-internet days, printed paper and personal OBSERVATION was about the only method to access most market information. Today a mountain of free and instant resources springs from URL connected fingertips.

Abuse it, notwithstanding the fact that several large cooperations {Google, Facebook, Microsoft, Yahoo etc.} have co-opted and abused the formerly paid NEWS for their own profit. You can still hold your knows and PROFIT from the PROPHETS.

KNOWLEDGE is power - the more you know the more you can sow. All other ACTIVITIES following can likely be helped along by paying ATTENTION to the NEWS.

The next stage is to get in the news yourself. Contact business and tech writers and provide them stories and angles they can use to sell your technology for you.

FOLLOW THE MONEY

There is no sense starting any business if you have not already spotted a RAINBOW off on the horizon. In the same way a story needs a CONFLICT, each business rainbow needs a POT OF GOLD (on one or both ends) that reflects the TREASURE in chase.

Everything after capture depends on whether it is someone else’s gold or whether you have to dig up your own.

A few startup questions to ask:

Who are the current buyers of a product or service?

What are the market projections for your industry?

What is the competition doing to great advantage?

Who is underserved in the market?

How are you going to reach your target market?

What do your financial numbers realistically demonstrate?

Past startup, keep asking the same perpetual questions.

ASK WHAT YOUR GOVERMENT CAN DO FOR YOU

Your regional GOVERNMENT should be consulted for grants, subsidies, and program assistance. Such programs are often run with local UNIVERSITIES and educational institutions, providing a two-way CONDUIT of information and labor resources for business and technology.

This is no Socialist manifesto – this is an actual case of potential HELP that is directed where it is needed, and it works well in many cases. Governments have a vested interest in how their CITIZENS and corporations fare in this world. If the citizens and companies do well upon their own and/or benefiting with a boost, government coffers fill with doubloons and d’votes.

Feel no shame or humility at seeking communal help; the biggest, fattest corporationists are the first ham-elbowed pigsters at the trough when it comes to handouts – deserved or not. Your NEW business and downstream dollar knock-ons will always BENEFIT from the help.

Also, you never know – the GOVERMENT might become your biggest customer.

FIND COMPLEMENTARY PARTNERS

Forget LIKES and COMPLIMENTS from folks that don’t really influence your fate. Acquire COMPLEMENTS – an arm’s length line-up of other like minds and like-minded organizations that bolster the levels of your organization. Keep them in the loop.

What business PROCESSES occur before and after your product, and which companies lead those areas? What revenue streams can you bundle your SERVICES with? What other territories have similar companies to collaborate with?

Sometimes even a competitor might be a good fit. A company needing a work offload PARTNER today might be a merger partner tomorrow.

PRODUCE A WHITE PAPER

If warranted, a technical WHITE PAPER can go long ways to help the market and your customers visually and contextually understand the PROBLEM at hand, and the SOLUTION you are handing them.

Assume there will be RESISTANCE to whatever it is you are starting out to do. Work with your entire team to craft a message that portrays a deliverable win for all. Explain technical terms in layman words, so all can understand.

PRACTICE & PERFECT THE PITCH

Any brand or service should be able to be summarized adequately in a couple of sentences. Brainstorm with your teakm and study this part hard; not hardly. Make sure that everyone in the company can enunciate the reason for being.

Put some creative effort into promotional materials. Physical swag is a waste for most technology plays – put money into print and video, and combine with online campaigns. Polish the show to a shine – make everyone look good.

NETWORKING NETS WORK

Your network helps for the skeleton structure of your business. Getting your backside out into the real world will always be a favored method for exposing your business.

Key executives, sales and technical teams all need to rub shoulders with other smart people – spark off some positive electricity.

If there is a relevant gathering of industry personnel, calculate the long term benefits from such short term activities, and go for it. Get your brand off the couch:

ATTEND TRADE SHOWS, EXHIBITIONS, CONVENTIONS 

JOIN INDUSTRY ASSOCIATIONS & WORKING GROUPS

VOLUNTEER YOUR EXPERIENCE 

HOLD OFFICE OPEN HOUSES 

SPONSOR ACTIVITIES & EVENTS

BE ON THE HUNT FOR TOMORROW’S LUNCH

At every stage of business, you can bet someone out there is building a better mousetrap or bigger circus tent – and coming for your pieces of cheese. Being successful in business requires constant efforts to keep things moving and spinning revenue.

Keep your senses aware, with the mission to never drop the ball(s). How to keep a clean track record?:

LATHER.

RINSE.

REPEAT...

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Randy Berg

xyz digital inc.

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