Welcome to another episode of the Podcast today we break down what is a start-up.

Start-ups

• Eric Ries defines a startup as an organization dedicated to creating something new under conditions of extreme uncertainty

"A startup is a human institution designed to create a new product or service under conditions of extreme uncertainty."

Other looks at it as something like:

Startups.co Co-Founder and CEO Wil Schroter have his own definition of what a startup is.

“A startup is the living embodiment of a founder’s dream,” Wil says. “It represents the journey from concept to reality. It is one of the few times when you can take something that is only a dream and make it a reality, not just for yourself, but for the entire world.”

• Relies heavily on Validated Learning

In order to get your startup off the ground, most startups, and according to Startups.com over 66% are funded through investors/VCs or take out a loan to help fund their dreams.

“A startup is a modern version of an inventor. It experiences a problem and then tries to solve it with ingenuity. A successful start-up typically wants to solve a problem and make the world a better place.”- Jochem Wijnands

The best startups generally come from somebody needing to scratch an itch.

– Michael Arrington, TechCrunch founder

"We must learn what customers really want, not what they say they want or what we think they should want."

Fundamental focuses of Start-up

• Growth

Growth in the sense they want to expand in some shape or form

• In most capacities, they want to grow using some form of technology. In order to scale, start-ups tend to do this in a quick learning fashion

Startups have a unique environment in which you are able to iterate and innovate. Long term you need to preserve this infrastructure to remain lean and keep moving.

At its very core, it is trying to solve a long-term issue and fill a gap not only in a local market but in markets across the globe.

What is it like to work inside a startup?

• Depending on when in the lifecycle of the company you are joining the company there can be some structure and processes but in the same breath there could also be nothing
• You could be working in your expected competence area but if it is smaller you can be dipping your toes in various departments

Challenges facing startups

• Unorganized
• Lack of funding or resources
• Lack of experience
• Lack of priority or drive

Examples of Startups I am really excited about

• Whereby - a challenger to Zoom founded in Norway. A lot more functionality that allows people to work together without boundaries or borders
• Topia focuses on bringing people together remotely in a more human way. Think for the future of remotely working software like this will really drive connection and productivity
• Gymshark - well now it is not a startup but the fitness brand has had an incredible lifecycle and I truly look forward to watching the progression of the company

As always thanks for listening. Please rate, review us wherever you listen to podcasts, and share to help us continue to grow the show. 

*Please note I do not own the quotes nor some of the substance mentioned it all belongs to their true owner

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Music: Epidemic Sound 

Art: Emma Crimaldi 

Thanks, 

Valerie