There could be as many reasons behind people's desire to be entrepreneurs as there are new businesses rolling out. And even if your experience will be essentially unique to you, it can be helpful to understand what made the others successful. Best of all, anything you need to know is learnable and attainable.
Product to Market Need
It is a must to sell a product or service that customers will actually want to buy. They should have the willingness and ability to pay for It. This may seem too obvious, yet a lot of startups have difficulty defining their product-market need. Nearly half of unsuccessful startups pinpoint poor market fit as the reason behind their failure. A wise tech international speaker will first ensure that their innovation satisfies a concrete market need and is something that people would actually want to purchase.
Truth is, just a little passion can make a huge difference in terms of the success or failure of any tech entreprenuer. Passion for your innovation will make it much easier for you to motivate not only your team but also your customers. Moreover, if you can prove to an investor that you have that specific quality they want, and that you are keen on becoming successful, then you have a higher chance of landing an attracting investment.
A Solid Team
Investors are looking for the next BIG THING - powerful innovations that can develop into giant companies. But they are not likely to bank on ideas alone. They want a solid and well-balanced team that is is fully capable of handling both the challenges and victories of running a startup. It is just as important to make sure that proper agreements among the founders are in place regarding issues that are crucial to the success of new business and its technology. These agreements must cover roles and responsibilities of founders, equity ownership and vesting, and other key issues. In the end, things can only work when the right people are behind them.
Growth is the common want of all tech entrepreneurs, investors and markets. Quick growth - or traction - signifies a great idea in a hot market. If a tech entrepreneur effectively demonstrates traction, he becomes very attractive to investors and likely to continue growth. And, a growing startup is can better deal with the initial difficulties on the path to success (for examples, losing personnel).
An unprotected innovation will not be attractive to investors no matter how great your team, pitch and business concept are. With patents, all areas of invention and innovation are protected. A strong patent portfolio is vital to attract investors to rising tech companies.
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