In the great universe of business ideas, there is less than 1 tenth of a percent which will become eventually large, profitable businesses. Based upon my experience and others, there are (at least) 4 reasons which make those ideas stand out from the crowd.
Intersection of two (big) existing value propositions
A great idea is very rarely something completely new to the world. It s very often the bundling of two existing needs. An intersection. There are countless examples of how start up have bundled mobile apps with something else and became the next digital legend. Think #Uber (App+taxi reservation), or #Instacart (groceries delivery+social network).
Most corporations are good in setting objectives. Very few plan to manage risks related to shortage of resources (cash, skillsets, critical raw materials or equipment) or market evolutions. If you can list your risks, and define how you could manage them if they occur, then you are on top of the “start-up” game.
Passion+ Experience = Dream Team
Investors know it. A great team will deliver. Mostly no one is able to predict exactly what is going to happen when your idea will be launched. But it is easier to see what your team members did when they faced similar situations. Experience matters in this case. Passion matters too, as the first months and years will be extremely demanding. The better your idea, the bigger your growth potential, the more robust and resilient your people will have to be.
A single voice to speak with the first large customers
As long as the company is small and the idea still fragile, it has to be only one voice speaking with the customers. Below $5 million in revenue, the CEO is the main sales person. (S)he can delegate some back office tasks such as inside sales or preparing presentations, or ask for technical support, but (s)he is ultimately in charge of the sales cycles of the first large accounts. And make sure the message is loud and clear.
written by Georges Le Nigen Chief Revenue Officer Global Accounts. PowaTag
Georges Le Nigen is Chief Revenue Officer for #Powa, a global technology company listed in the Wall Street Journal “Billion Dollar Start Up Club”. During his 20 year career, mostly with successful US and UK startups, Georges has sold services and software to hundreds of large accounts in Europe and America, managing international teams of customer facing executives. He is also an active writer on LinkedIn.