It doesn’t matter in which market your company is operating, if there are successful startups in the same domain you most probably have felt their impact.
Startups are a force to be reckoned with. They face harsh constraints on financial, material and human resources, they begin with no name for themselves. And yet those very constraints propels them. Their products evolve faster, they generate more buzz than anyone else and they gain market shares at an amazing speed. They call it “disruption” and if they can sustain it long enough, they will hurt you.
To be clear, I’m not talking about those startups with a focus on pure growth rather than profits in order to be bought off. Those will hurt you too, but they will disappear at some point. No, I’m talking about financially viable startups. Those are the ones that will be the mainstream companies of tomorrow. But the very way they operate means that tomorrow’s way of doing business will be very different from today’s.
It is crucial for any company to understand how those successful startups operate, regardless if you are a giant multinational, an established local company or even a startup yourself.
So, what makes successful startups so special?