In spite of how brilliant your idea might seem, it is very likely that someone else will have covered similar –if not the same- steps before.
Therefore, it will be an essential part of the start-up journey to scrutiny companies within one’s landscape, both the antilogs (companies you want to differentiate from) and your analogs (companies you resemble to) to set up your business role model and philosophy.
On The Collider’s keynote over the Reactable’s tech-transfer project, Pep Viladomat stressed the importance of sharing a common vision within the team because “a product doesn’t make a company”. Team alignment is known as one of the key causes of startup failure, along with lack of product market fit or scaling too early. So knowing what went wrong, even in apparent golden eggs, will be key to save efforts –and money.
Together with the above-mentioned, CBInsights published recently an overall of 20 major reasons for failure in startups. You’ll find that managing a flexible mindset is a common thread to most of the cases, especially when it comes embracing feedback and pivoting. Knowing there are such common drivers, can only be taken as an advantage to build and, more importantly, keep a proactive and open-minded approach.
Our teams are currently in the phase of exploring competition while diverging/converging ideas. As they narrow down the options and straighten bonds as a team, we can already tell there are some promising opportunities to be validated soon.