The seemingly insane billion-dollar valuations of companies in 2014 that didn’t even exist 10 years ago appears to make one thing certain: tech startups are experiencing astronomical growth and they’re experiencing it fast.
So what can traditionally non-tech-startup companies learn from these consumer brand titans? It turns out, a whole lot, and it’s probably easier than you think.. Join us as we take a peak at 4 things that your company (whether you’re leading or are a part of a team of 5 or 5,000) needs to learn from the tech startup world, now.
“Tech startups” are a vast and diverse bunch and they aren’t just restricted to the nerdtastic Facebook or Google office type settings you may think of. Many tech entrepreneurs are moms working out of a home office with childcare in the next room. Or, in the case of BWD, entire agencies and teams of experts work remotely across the United States to produce award winning work for their clients.
Needless to say, these diverse environments cultivate a lot of and creative and innovative thinking that leads to their companies’ astronomical growth. Here’s how:
Bootstrap & “hack” your work environment
In the entrepreneurial world, bootstrapping essentially means stretching your existing resources as far as they can go so that you’re building your company as efficiently as possible.
In the tech startup world, bootstrapping doesn’t always mean living out of your parent’s garage, too. What bootstrapping really means is not living beyond your means.
If you can’t afford to rent out office space, build a home office network with your team and use some of the great and super affordable remote working alternatives such as Basecamp to take advantage of what you already have. Instead of hiring an expensive part time bookkeeper or accountant, get your own hands dirty with the numbers and become your company’s in house king of cash flow optimization.
Innovate, innovate, innovative
Never stop pushing for innovative, game-changing ideas in your industry, no matter how far fetched they may appear at first. Entrepreneurs are driven by a passion to fill a void in the industry by creating a groundbreaking product or service. This ensures that their hard work always keeps their company at the cutting edge in their industry.
Don’t get too hung up on new ideas, however, and remain realistic. Keep an “idea” sticky note on your laptop or mobile device where you can jot down new ideas for growth at your company so that they don’t derail your current plans and projects. Remember, it’s a finished product that counts.
For example, Apple became the most valuable brand in the world not by settling on their past success with the Mac or the iPod, but by expanding them and improving them into the MacBook and the iPhone/iPad. To that end, never be afraid to blow up your existing products to create a more innovative replacement.
Going “viral”
Startups are great at going viral. Why is that? It’s because the best companies are well marketed, and demonstrate the value of their product as a part of a story or greater narrative. This allows consumers to feel a sense of belonging and brand engagement, building not only long term loyalty but of course revenue as a result, too.
There definitely isn’t a secret formula to viral success, but as long as your marketing remains completely authentic and relatable in media and content heavy marketing like the most successful tech startups today, you’ll be well on your way to reaching the viral tipping point in the near future.
By using these standard start-up behaviors for your established business, you won’t believe how rapidly you are able to build your brand. The lesson is that just because you can afford to act differently doesn’t mean that the entrepreneurial ways of doing things aren’t still the best business models to have. So do yourself a favor and act like a start-up, be it for a day, a month, a year, or for as long as you decide to run your business. Chances are you will be glad you did.
The post Want to act like a tech startup with a multibillion dollar valuation? This is how you do it. appeared first on BWD inc..
