What Can We Learn From Startups?

What Can We Learn From Startups?
June 20, 2016 Lilly J Adams

Established corporations feel so ahead of the curve that they neglect the lessons that can be learned from those who are still struggling to get the operations of the ground. It is a small wonder that due to the complacency of big fish, newcomers manage to catch them off guard. Well, there are some invaluable insights to be gained from small businesses, and complex business machineries must become aware of all the factors influencing the customer satisfaction, financial performance and the sharpness of their competitive edge.

Forwards and backwards

Running a company on a shoestring budget is an experience that calls for some forward thinking. It is also a process of perpetual trial and error, and a bulk of startups never makes it to the phase of steady growth. Still, it is from the ashes of the failure that these enterprises are fashioned into business champions. They hold something appealing and auspicious, attracting both top talent and attention of adept managers, marketers and entrepreneurs.

Hitting the mark

Kaltura, for example, demonstrates the benefits of targeting and catering to several niches, something many startups are afraid to do. This open-source platform has earned thousands of clients in the area of enterprise, media and education, with solutions tailored to the specific requirements of each sector. Having raised millions of dollars, Kaltura proves that small players can avoid spreading themselves too thin while reaching for more than one industry.

Reaching for the stars

Now, why stop there when the tremendous global business landscape teeming with opportunities awaits? Gett, a ride-ordering app, has enabled customers from cities throughout the world to get taxis and black cars. The driving force behind the dazzling success is not in the global reach, but the fact that Gett adjusted the offerings to each market (country). It is transforming the way people navigate cities, and even enterprise clients like Google have realized its potential.

In the club

However, bear in mind that keeping a sharp focus on just one niche can also be the ticket to an elite business club. On the even more fundamental level, customers are becoming increasingly picky about products and services. Pandora has taken advantage of this, forging a personalized music-recommendation service which gathers data on the listener’s taste in order to improve featured lists. This unique user experience is something that gives the people an impression they are important, and instills a sense of brand loyalty.

User empowerment

Some other startups have taken notice, and are developing video content platforms that put end-users in charge. They are democratizing the content consumption and tailoring recommendations to match videos the viewers are currently interested in. In the tech industry, one can find numerous similar examples of startups nailing the product and service palette, organizational structure or business connections.  They are creating cutting-edge technologies, forming advanced teamwork capacities, or fostering strong ties with leading enterprises.

Branding and trending

Startups are also showing skills in the brand building process, most often by exploiting online resources. They are getting innovative with domain names, thus utilizing the domain hacking trend. By concatenating the multiple levels of the domain, an organization can secure a killer name with the great commercial and branding potential. A .me domain allows for some interesting combinations, the same as .ly, .is, .gy, .it, .am, etc. This is only the first step in consolidating the online presence, but one that makes or breaks your branding efforts.

No pain no gain

So, it is clear that large organizations must never abandon the quest for producing a space for incubation of new ideas. Playing it safe often leads to missing out opportunities that promise bigger rewards. A good businessman knows how to take calculated risks. Only through the principles of the learning organization can one hope to thrive in the information age, and survive in the competitive market of today. Hence, we are witnessing more companies investing in multiple areas and trying to operate more like startups.

The big idea

It may sound like a pretentious claim, but corporate giants are trying to keep up with startups. They are striving to become more flexible when it comes to office planning, talent acquisition, employee motivation, and other crucial aspects.  Startups’ success stories are an epitome of how one is supposed to grow business, endorse ideas, and shape company’s image. It takes much more that a great idea to achieve stellar success, but many startups have managed to display the incredible execution that puts many corporations to shame.

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