The art of building a successful technology startup
Google and early-stage investor Accel Partners recently unveiled a report highlighting that SaaS companies in India are expected to witness tremendous growth and reach the U$50 billion value over the next ten years.
This data lends credence to the vision of a multitude of entrepreneurs who saw the potential of SaaS and built companies around it. For up and coming technology companies, the best advice that I can give is to look around and identify what will make your product grow. It is important to understand how to drive this growth sustainably. As Jim Collins advocated in "Good To Great", the ability to be humble enough to confront brutal facts is essential. That single trait will have a bearing on the business in the long term. It will be one of the first steps towards shifting gears from being "good" to becoming a "great" organisation.
Nothing speaks louder than performance
In our start-up ecosystem, life is all about getting our act together; moving past mortality and then working towards growth. Investors know. CEOs know. Executives know. Bankers know. Employees know. Everyone knows. If you and your company aren't learning and growing, your competitors most likely are. It will only be a matter of time before you are eclipsed by someone else that prioritizes growth more than you.
Create a Team of winners
A winning team and a growing company are much more fun for the beholders. Make each moment count. Celebrate the small victories. They are the building blocks to making it big in the world at large. Aim at building a passionate team of employees, who have truly believed in the cause. This positivity will help in winning customers; scaling the business. This will also help to keep the positive spirit and euphoria going across the team members over the years.
Challenge the status quo
SaaS Products by their very construct set new standards. They need to be built for specific customer needs - with data-driven insights and market validated enhancements and learnings. Ensure that the team constantly works to figure out and implement the key parameters that can move the needle; and growth levers that can make a strategic impact.
The momentum needs to be maintained among the team across segments and customers. Pilots and experiments are to be done with a view to build insights and a deeper perspective of the target customer and even to fine tune the business model.
Hips don't lie. Market metrics too don't lie.
The market is the judge. Over the years, the market has stood testimony to the fact that the best of ideas don't always meet with success. Data and actual results are the ultimate leveller. The metrics don't care if you truly believe your idea will make the cut or even measure up.
It is important for a start-up in the SaaS product space to be passionate. But it is also critically important for not fall in blind love with the product.
In conclusion, there isn't a better time to jump on the technology entrepreneurship bandwagon than right now. With the recent estimation that the global SaaS industry is set to become a $132 billion revenue industry by 2020 - it is safe to say that the verdict is in. Yes, there is a large slice of the technology pie for all of us to share and enjoy.
(The writer is CMO & Cofounder at Gift card solutions provider Qwikcilver)
