March 13, 2018 10:05
5 min read371 views so far!
Looking at the array of innovations amongst entrepreneurs, everyone has wished being one at some point. You maybe that ‘goto’ person who your friends come looking for when their computers don’t work right, or their network security has been compromised. But how do you enter the world of startups? Where do you start? Don’t let the thought of not having the Next Big Idea discourage you!
“The biggest barrier to starting a company isn’t ideas, funding or experiences. It’s excuses.”
– Sarah Lacy, PandoDaily
This is possible through the rearward approach. When you don’t have the idea to develop and deliver in order to solve a problem, look for the problems and work on finding a solutions for it. This method should be really easy for anyone to make it big because as you start from the customer and work backwards, you will know how the product will work to its best. Our innovation experts at Digiryte are happy to share this process here with you.
Identify a problem
Look out for problems that are commonly faced around you and mainly focus on problems which are in need of attention. Chances of success increase when you are facing the problem yourself, because that affirms the actual existence of a problem. One of the main reasons for the downfall of many startups is that they build a product upon a problem which doesn’t even actually exist or maybe faced by a negligible mass.
Reach out to the people facing the problem and get to know the magnitude of its effects over the people. This step matters the most because only by knowing this can you develop the USP (Unique Selling proposition) of your product. While discovering your target customers ‘to-be’, everyone will fall into the following 3 categories.
Big fish can be found only where less go fishing
1. Those who don’t know that they have a problem
People who lie within this category don’t even know that they have a problem. You have to work out a lot in educating them about the solution for the problem which they don’t even know existing.
2. Those who know they have a problem but don’t realize the need for solution
You have to invest a lot of time and effort in making these people know how bad the problem is. According to our experts, it is always better to avoid concentrating on these people as they may eventually get over the problem or get to you while at the verge of bottlenecks caused by the problem.
3. Those who are looking for solution
These are the people you should go for with no second thoughts because they have already realised what their problem is and are probably looking out for a solution. While they are educating themselves about the ways to overcome it, all you have to do is to pitch them with your product. Remember, speed is critical in bringing your idea to market.
Craft a solution around the problem
Now that you have narrowed down the problem to address and the customer to focus on, all you have to do is build the right solution upon the problem by discussing and ideating it through numerous brainstorming sessions. Know the tech you will need to develop the product. All well and good if you are already up to date with the necessary knowledge else you can get the job done via staff augmentation at Digiryte.
Develop the prototype
Develop your product prototype as a minimum viable product with the most important features that you think should serve the need. Let a confined group of consumers use it and collect data because usage is like oxygen for any idea. Working on something without it being thoroughly tested through real users is suicide. Use the data to iterate your product and refine it to the best.
“If you are not embarrassed by the first version of the product, you’ve launched it too late.”
-Reid Hoffman, Founder, LinkedIn
Now it’s all done and you are ready to buckle up to pitch at the investors’ desk. Funding is mandatory in order to scale up your product to cater wider audience. We at Digiryte, have built the first of its kind framework for scaling up a product either before or after the pre-revenue stage. Send us your contact details and expect the call back from +44 (0) 1772 439 437 to see if we can help you with your next big startup