Did you realise that when an invention becomes a product it has entered into the realm of business? Of course you did, because that was the invention’s raison d’être.
Well, the realm of business has a number of generalities that apply to it and in all likelihood, your tech product is going to be heavily influenced by them so don’t fall into the pits that have claimed so many other tech startups, and become aware.
Here now, are seven common myths that you should avoid believing in.
1. Patents are a waste of time.
Wrong. Whilst the rare occasion exists when a patent offers poor protection against a market leader, it is more important to remember that in the immediate world of your startup, a patent can attract investment. Furthermore, it is just as likely to attract acquisitions as copycats, so take the time to patent your work as is appropriate.
2. The tech comes first
No. It is important to remember that your technology is a product. In the startup realm, it needs to be accounted for within a business model that has many other factors to consider, such as budgeting. Don’t fall into a trap of believing everything else falls behind the technology. After all, the measure of business is profit and not whose toys look nicest.
3. There’s no business risk with a perfect tech product
There is always business risk with every product, tech or otherwise. Customers are a fickle bunch with altering tastes. Do not presume to sell them something they might not need or desire.
4. The product advises the business
It would be foolish to believe that the business is on hold until the product is fully developed. Instead the two should be intertwined, with development of one alongside the other. For example, beta testing the product with potential customers to obtain valuable feedback about the technology and its appeal, in turn influencing financing and investment, market research, supply chain development and so on.
5. Marketing is needed by those who disguise a poor product
Quite the opposite is often true. The global market place is so saturated that even many great products will fall by the wayside. It is critical to get your product and solutions to those people it is intended for.
6. The technology has a long way to go
That might be the case, but if it works on startup, don’t try to fix it. Investors are interested in a return on their investment over and above how great your product or solution is or could be initially. So if it isn’t necessary to produce a Rolls Royce version in order for the customer to buy it, don’t waste your time and money! Investors want a quick return and do not want their money channelled away into product development if it isn’t needed.
7. Customers care about technology
Sadly not often. It is more likely that customers are excited by the benefit it brings in to their lives. Such as the ‘pinch’ gesture on smart phones, enabling people to zoom in on maps. They rarely care about the technology behind it; what is important is that it works!
In summary, don’t fall foul to the myths which could hinder your tech start up. Remember, this is business, and certain things apply whether we appreciate them or not.