have something in common A story that repeats itself in the tech industry. A fast-growing startup emerges with a breakthrough concept, succeeds in raising incredible VC funding, and rockets to unicorn status. The company then fails to achieve sustainable profits and falls from glory within a few years (or even months). Despite a relative slowdown in VC activity, that story has continued over the last year, and usually reaches the same conclusion.
90% of startups fail 10% of them die within a year.
The numbers paint a grim picture, but one thing we know as innovators is that every challenge has a unique solution. Often, what holds entrepreneurs back is not money, but rather rapid growth and an over-obsession with flashy technology. This leads to neglecting to solve core business challenges and ultimately leads to a lack of stability and long-term profitability. Before investing in an attractive technology product, it is important to change this approach and prioritize providing reproducible solutions to relevant problems.
Suppose your objective is to introduce an innovative solution to a new niche problem in a way never seen before in the market. In that case, you don’t have to be bold. You need to be bold enough to believe in the company’s clairvoyance, and know enough about your field to maintain that level of confidence even to your face. A strong headwind.
Here’s how to start your own category to solve a niche problem
Identify your unique value proposition
When faced with seemingly insurmountable challenges or unexpected investments, the most important thing is to remain true to the company’s mission.
The most loved and valued companies have built categories that didn’t exist because they offer solutions that other companies can’t even imagine. There’s a reason Apple remains the most valuable company on the planet. The advent of iPhone happened when the user had to carry her iPod, mobile phone, laptop and planner separately. For the first time, a device has appeared that allows him to achieve all these items in one device.
Compare this to products like Threads. Threads is a simple modification of existing products. Unable to retain users. A sales pitch that says, “We’re offering the same product that’s already on the market, but with a few changes,” is much weaker than, “This is a solution that didn’t exist before.” In my career helping brands connect with their communities on platforms, I’ve seen this strategy yield greater benefits than copying existing solutions.
In 2018-2019, I began a journey to take on traditional social giants and provide an alternative way for brands to develop brand-centric communities online. At the time, Facebook had some notorious scandals regarding the misuse of personal data. Amity has set out on a mission to improve and democratize social networks, with the goal of building better social networks that foster active user interaction while respecting the privacy of user data.
Source: techcrunch.com
