Every year, thousands of startups come up but only 10% of these are successful in the long run. The layoffs in 2023 highlighted that a big percentage of startups, even the most glorious ones, are bound to fail. Enter technology development.
That’s mainly because the ideas are not rock-solid and they tend to excite the audience only for a short while. So, what’s the secret behind successful startups, and what makes them become big brands in the long run?
One of the top reasons is the use of technology to their advantage. With so much innovation in the tech sector, startups can’t ignore the impact of technology on business.
With it, they lose the competitive advantage as they fall behind in the race to acquire more customers and take the fancy of new investors. Here are the biggest advancement technology development that are fueling the growth of successful startups.
Data
After the recent meltdown in the startups and a possible economic slowdown, starting a business is tough. Many startups focus on making a product, getting customers, getting funding, and making money.
The idea is big but it cannot work if you do not make data-based decision making (DDM). Ignoring data to make decisions is often ignored or thought of as something that can be introduced later once the business is bigger.
You always have enough data to start using it for decisions. You don’t need a lot of data and complicated tools to collect it. Even small amounts of data prove to be useful for making smart growth-oriented decisions.
The key here is to focus on the quality of the data and not on the quantity. As your startup grows, you will have plenty of data to work on. Start with a few simple metrics, like how many customers you're losing or how much money you're making every week.
These small data-based things will help you get used to using data. Once the quantity increases, start using tools that can help you collect and interpret data more comprehensively.
Working around with data also means you need to check CPU usage. It’s with these simple tech hacks that you move ahead to larger things. The CPU usage Mac gets overwhelmed when using multiple tools and apps.
So to check resource usage, read this guide in the link. Once you know how Mac performance monitor works, you will be able to work productively and your machine will remain in top shape.
Automation
One of the latest advances in technology development is automation. Startups that succeed focus on planning their resources well. Since you lack the capabilities of larger companies in the beginning, you need to make use of your resources in the best way.
Automation serves as one of the top business startup tools for success. It will help you overcome the limitations that you would otherwise face in the areas of human and financial capital. Some of the benefits that automation brings in include:
1. Time savings – Automation streamlines tasks. This means you can simply 2x or 3x your output in various functions.
2. Centralized communication – Automation enhances communication by centralizing information.
3. Standardized processes – Automation enables standardized processes by reducing errors common in the early stages of growth.
4. Enhanced visibility: Automation provides multi-departmental visibility with which you get a holistic understanding of company performance and individual employee contributions.
5. Better manpower utilization: Contrary to concerns, automation helps companies utilize human capital more effectively. It enables employees to focus on engaging responsibilities rather than slogging with repetitive tasks.
6. Superior data and insights: Automation gives you access to a higher level of data.
Cloud
More than 87% of Fortune 500 companies today use at least one cloud platform. And that’s for a reason. For your startup, it could be the best strategic decision. It will solve key problems like infrastructure and funding.
Cloud technology completely eliminates the need for significant capital investments in expensive IT storage infrastructure. Cloud services provide essential resources and tools at minimal or almost zero costs.
So this means, your startups can launch without a heavy financial investment and with time leverage economies of scale. Cloud hosting providers, such as AWS by Amazon and Microsoft Azure, offer immediate deployment and scalability which is in sync with your business growth.
And with the increase in cybersecurity costs due to ever-increasing cyber-attacks and potential online threats, it is wise to choose to cloud over on-premise storage.
AI and ML
The entire world is talking about AI and to the extent that it was the main reason behind the layoffs in 2022-23. How true it is is unknown but one thing is for sure AI is truly disruptive and is set to play a big role in startup success.
Implementing AI and machine learning (ML) offers your startup a substantial advantage in gaining a competitive edge and disrupting industries. Automation of repetitive tasks by AI and ML algorithms will enhance your startup’s efficiency.
This is highly beneficial as your employees will be able to focus on tasks that need creativity and smart decision-making. AI and ML-powered chatbots provide continuous and multilingual customer support. This improves your customer service which is an essential part of building a new customer base for any startup.
Mobile Apps
5.25 billion people across the world use a smartphone. 85% of Americans own a smartphone and use it regularly. The data speaks for itself – how important building mobile apps is if you want your startup to succeed.
People increasingly favor using mobile apps over websites due to their easy accessibility and better security. Mobile apps streamline browsing and purchasing. This eliminates the need to remember URLs and input account details every time a user has to access a service or buy something online. The apps offer 24/7 customer support – a must-have in today’s world.
Mobile apps have a faster responsiveness compared to websites, which improves the overall user experience. Mobile apps help in comprehensive data collection which will help you to understand customer behaviors and make strategic decisions based on that.
Secure payment options that include integrating UPI, credit cards, and digital wallets mean a smoother transaction. They also reduce the risk of unauthorized use through features like Fingerprint Sensor Technology.
Last Words on Technology Development
With technology having an impact on every business function and the already established companies possessing large market shares, you cannot get your moves wrong. As a startup owner, it is important to understand the online business resources for success.
You need to be proactive and introduce technology development in every aspect of your business. From using CRM tools to aligning functions with AI-based software, there are endless things that you can do with a small investment. Technology makes it possible and it helps you scale your business in the long run. So start planning now.
Technology Development FAQs
Why should I be interested in technology development for my startup?
That’s because the startup failure rate is high. You have to compete with established brands and you function on a small budget so you must use technology to remain in the race and surge ahead.
Is implementing technology in a startup expensive?
No, it is not. For startups, every SaaS and other software provider offers basic plans. For example, cloud implementation has become inexpensive with the entry of new players. For every tech, you can choose what suits you the best in terms of prices.
What are the best technologies to introduce in a startup?
As mentioned above, the best are AI and ML, data analytics, cloud computing, mobile apps, and automation. You could also go for IoT as it has a rapidly increasing growth rate.
Can these technologies help me compete with big companies?
Yes. Most of the Fortune 500 companies use technology in their processes. Competing with them and grabbing a good enough market share from them is a mighty task, which can be made highly easier by using technology in your startup.
