How tech startups can sustain growth and profit
In technology industry, the reality is that it is no longer good enough to innovate and put in all your energies into the business. In this highly competitive industry, no tech company can claim to be alone in the business. Immediately you announce a product, you will either have to redefine the goalposts or set out specific standards. Failure to achieve such fetes means there will be a lack of clarity and the end result will be dilution of your product. To accomplish the set standards, innovators have to work smarter and create value in a constantly shifting market place, formulate world class customer engagement standards that would drive sales and ensure there’s future profits. Start up companies that have failed to apply the said method have end up finding new kid on the block swooping in with a new approach to the market and taking over the share. My uncle, a retired military scientist was my computer teacher during the holiday seasons while at high school, and he used to have a saying, “Get a little angry at me in your blood veins but I will not allow you to fail in mastering the programming languages.” Perhaps that is what made me who I am today.
It may not be the coolest computer programming quote, but it helped drive the point across to a young Contador Harrison. In tech startup world, investor pitches are the order of the day and the most coveted process is the chance to “wow” would be investors. Failure to be transparent has failed thousands of brilliant ideas. My mother taught me that in life, the more you go after opportunities and keep going, the more I will learn, the more I will fail, and ultimately, the more I will eventually succeed. Young tech companies have failed to identify staff within who hold their identical values and ethics as founders. Where they have been identifies, egocentric founders have failed to put them in positions of seniority as exponents of their ethics and values. That tells you why more than three quarter of them dies barely two years in existence. A company is nothing without its clients and research shows that nothing is more important than understanding the woes of a client, relating with them, and trying to help them out if anything goes wrong. Building a technology startup isn’t just about the fancy idea, the expected millions or client conversion, it’s about being human and building a community around the products you are passionate about and the values the company holds true.
Those companies like Google and Facebook adjusted to changes in the marketplace to stay relevant and that’s why we saw the latter spending more than $19b to buy Whatsapp, a free messaging service. Google has constantly been coming up with new ideas with “internet of things” being the most notable and Google glass. Successful companies make change rather than wait around to be affected by economic and technology trends. American technology startups spend billions of dollars every year and despite more than 80% of the investments yielding nothing, innovators are unafraid to try new things and possibly fail. In my business dealings, I always give myself time to reflect how to sustain it, functionalities of the type of business am engaged in, connect with their clients. If a business is going to be in the right place to improve profits right and ride the wave of their innovation, then investing in developing themselves and their teams is probably one of the most important investments they can make. Contador Harrison believes that “Hope creates meaning, and people with meaning are powerful and focused and that’s what drives real business results”. Having spent the last one and half decade in tech business, I can only say that motivation is based on a sense of hope.