Technology startups are known to be one of the most potentially profitable endeavours an individual can pursue if they are looking to maximise financial gain. However, making one that will become a money making machine (we’re looking at you, Google) is no easy feat. In many cases, years and years of hard work and determination are needed to make it go places while some never even have the chance to launch an IPO, let alone become profitable. Fortunately, there is one way to launch a startup that if done right, might blow the other ones straight out of the water. It is pretty simple - make sure that you come up with a good idea.
This tip may seem to many individuals so simple that is is in itself completely redundant. However, getting the core ideology of the startup wrong in the first place is actually one of the most prominent reasons why many of these startups fail. Determining what the startup wants to achieve is actually one of the most difficult steps that needs to be made, usually in a very short time frame, if you want to pitch your ideas to venture capitalists and tech startup incubators like Y Combinator. One of the initial steps to trying to find the idea is to firstly identify a problem that requires a solution and that you are passionate about. Once you have found that, work on how the issue can be addressed and successfully navigated through the use of technology. Since we are now in the age of ‘software revolution’, the product should come in the form of software / apps that a user can download instead of hardware that in most cases are ineffective.
Once you get to this point, another barrier that many tech entrepreneurs fail to take into account is - is the building of the software plausible in the first place with existing technologies? This is of the utmost importance since if there aren’t any existing programs with which one can make the software, one may have to create a new programming language for it, which would not only be extremely cumbersome but also eliminate any chance of profits in the future due to vast expenditure required to make the idea a reality.
Therefore, it is evident that with solid foundations for the core idea of the start up, coupled with effective marketing strategies and pitches, it can make any technology start up not only go from zero to hero to change the world, but also bring in exuberantly large profits along the way.