There is a lot of innovation happening outside of company R&D labs. In startups. And the only way companies can get early access to that innovation is if they engage with startups meaningfully.
Engaging with the startups eco-system can give corporates to get early access to innovation in several aspects of their business – from disruptive products to disruptive solutions in marketing, finance, supply chain, operations and indeed any aspect of business.
Meaningfully designed startup engagement programs can also help companies attract talent, and enhance their brand appeal with the younger generation of entrepreneurially minded, innovation driven, consumers.
Often large companies feel that startup engagement programs will be complicated for them to design, and challenging to implement. But there are several easy-to-do models in which large companies can initiate their interactions with startups, and gradually deepen the engagement. Some of the models of engagement will be simpler to decide on and implement, while some may need deep thinking, and some may even need board level approvals to execute.
Continue reading “How corporates can find innovation and disruptive ideas by engaging with the startup eco-system”
A good mentor-mentee relationship can be game-changing for a startup, and therefore it is important that both – mentor and mentee – understand how they can make the engagement meaningful, productive, rewarding and fulfilling.
A good mentor can make significant contribution in not just the success of a startup, but also in the personal and professional growth of an entrepreneur. And therefore, I advise entrepreneurs to not give the tag of a ‘mentor’ loosely to anyone whose advice you seek regularly.
Mentoring is way beyond business advice and expertise sharing, and hence entrepreneurs and experts should be very, very careful when initiating a mentor-mentee relationship.
Who is a good mentor for your venture? Continue reading “What makes a good mentor-mentee relationship”
In my view, easier availability of early-stage capital than ever before, public celebration & adulation of entrepreneurial heroes, a well-deserved respect for entrepreneurism and also society’s willingness to accept failures in entrepreneurial ventures make it easier for younger people to consider entrepreneurship as a career.
I share below some observations that will hopefully provide some food for thought before you embark on your entrepreneurial journey.
A great idea of concept is not the same thing as a great business. Once you identify a concept that has a meaningful value proposition to your potential customers, you have to think of how you can build a strong, sustainable business around that concept. Think hard about concepts like revenue streams, business model, go-to-market strategy, resource requirements, etc. Continue reading “Starting your entrepreneurial journey – some food for thought”
A lot has been written in the industry about leadership traits and whether it maps to good management skills or not.
In my perspective, leadership and good management are two different skills and an organisation needs both of them. Also, it is very rare to find both the characteristics in the same person and it is imperative for CEO’s to realise this.
The quintessential trait of a leader is to ‘make sense of it all’ in this highly unstructured and dynamic world. Leaders get a good handle on what is happening, and how it will/may transition the industry (or society at large) in the next couple of years.
Leaders don’t believe in status quo and know that change is the only constant in life. What sets them apart is the courage and self-confidence with which they embrace change. While most of us prefer to sit on the fence and see changes happen and try our best to protect our turf from them, leaders actually make changes happen and drive them in the direction they believe is best for organisation (or mankind at large).
So what does it take to drive change or to shape the future of an industry? It starts from having a vision. A vision of where do you want to be in next few years, as an individual, organization, society or mankind itself. While each of us has plans for our future, our vision rarely goes beyond the immediate self and family. A leader’s vision typically starts from the other end, i.e. industry or society in general. A leader wants to see the desired change at a much larger level and his only goal is to make that change happen.
Continue reading “Guest Article – Do good leaders make good managers?”
Ask any investor who has engaged with 100s of companies, and they will tell you that the plans they begin with, are almost always never the exact plans that they eventually build their successful businesses on.
Failure is not a negative in the ‘Startup scenario.’ It merely means that some of the assumptions did not hold true in the marketplace, and hence we dumped it and we did something else. In that sense, the earlier conceived model failed, and we pivoted to a different concept; product; value proposition; customer segment; price-point; marketing plan; business model; sales plan; team or whatever it is that failed.
I therefore advice entrepreneurs to not fall in love with ideas but to fall in love with a problem. When you look at ‘owning the problem’ to solve, you can think of many different ways of solving it and try what seems to be the most suitable way, given your circumstances and the market. Then it doesn’t matter if a few ideas don’t work and you eventually have to try a different approach to solve the problem. Since the goal was defined as ‘solving the problem’, it is still a victory even if a few initial ideas fail.
Because 99 out of 100 folks who try to do more than one thing fail.
(For those who do not know the relevance of this picture in this post, click here to read the story of Arjun and the fish eye).
Focus helps startups concentrate their efforts and resources on doing one thing well. Even if that does not work, because of the focus and attention, they are able to smell the failure earlier, and can then plan the pivot and refocus.
If you do more than one thing, your resources and bandwidth is shared. Your efforts do not carry the same weight that a focused effort can. And, in the midst of the chaos you tend to ignore (or miss) the signals that things are not going as you intended them to.
That a concept/product/service can get copied is a real risk. You cannot wish it away by assuming that your passion and enthusiasm will help you win the war. You have to manage that risk well.
There are two ways of dealing with the risk of getting copied or someone else doing something similar.
If your idea patentable, go ahead and protect it. As you will know, many large companies create a forest of patents around their core product patent. Hence, when you do a patent search you will also know if your concept is infringing on someone else’s patent. And if it is not, go ahead and protect yourself by patenting your product.
2) Build a value proposition that helps you win
As a startup, you have several advantages over a larger company. The ability to be nimble and respond quicker. The ability to devote much more attention to that client than a larger company possible can (the larger company can thrown more professionals at the client… but that cannot match the passion & commitment of a founder).
Other way to differentiate, and thereby create a preference even if there is competition, are pricing, brand personality, service levels, business models, etc.
Remember, in most markets, especially if the opportunity is large, there are likely to be many others who will take a shot at that market.
Go ahead. Be confident. But not over confident. Plan well. Plan thoroughly. Implement well. Be patient. Be creative (in everything expect in legal and accounting). Go win.