HOW IMPORTANT IS INNOVATION IN TECH STARTUPS?

Posted by: Gunjan Singh, Technical Head

Technology is vital to startups, levelling the playing field and making more things than ever before accessible to new businesses. However, technology can also feel daunting, especially if you're launching a startup - it's tempting to stick to the tools and techniques you know.

Innovation is often thought of as embracing the latest, coolest, most disruptive technologies. Almost by definition, hungry new startups – particularly in the tech space – are businesses that are making use of technology in some way, shape or form.

In popular perception, startups are typically synonymous with innovation. Getting the balance right between familiar technology and wanting to labelled as innovative is a big challenge for any startup.

One of the most important things that entrepreneurs should focus on is deploying trusted platforms and services which your customers recognise, which won't crash. At the end of the day, the key lies in creating a brilliant user experience that customers want to return too.

And that's it – concentrating on creating a simpler, easier experience for users to enjoy is a more important strategy than blindly applying the latest tech just to prove your company is 'innovative'.

Innovate it allows an advantage over the competition and helps companies to become and, consequently, remain, market leaders in which they operate. Many companies manage to go through the demanding path that is to conquer a new market through their product. However, they then find it extremely difficult to keep pace with the competition. This is because, generally, a good idea leads to a thousand followers. It is essential that an entrepreneur keeps up to date and considering the next steps to take.

Another advantage of innovation is that you can put your business at the same level in which they are major companies and well established in the market. It only takes one innovative idea to shake with the market and consequently cause some tension with big name companies.

An innovative idea is essential to creating a successful startup. This allows offering value to potential customers through a solution to a need like this, be it an improved version or a totally new one. In addition, it is identified as one of the main selection criteria startups aid programs. Thus, once again it is possible to identify the importance of innovation in a company's success. As important as the idea and its degree of innovation it is the ability of the entrepreneur to execute it in the best possible way. In other words, the first determinant steps for success are in fact the idea and understanding the importance of innovation. However, it must be accompanied by a business model, strategic planning, setting goals and deadlines, tools, without ever forgetting commitment and determination.