True Space is a Denver business incubator which has been instrumental in the success of so many startups and it is thanks to them that many who have come through their workspace have found great levels of success. Business incubators are a great way for startups to get their businesses off the ground, they are able to provide workspaces, experience and sometimes even investment into new businesses, and the model is one which is very much mutually beneficial. We caught up with the team from this wonderful incubator to offer some tips to any startups out there, on how to find success.
During the early years of an innovative startup, it is money which dictates everything and looking for funds occupies a great amount of time. Whilst it is absolutely essential to find the VC, loans or private investment which is required to get the business off the ground, it is essential that the integrity of the company is never compromised. Startups, far more than any other new businesses, are often built from a place of endeavor and character and it is this that makes it so special, even once they find success, losing integrity by accepting money from certain sources or allowing the business’ character to be changed, will cause long term damage.
Reaching out to fellow startups is the perfect idea in order to create healthy and mutually beneficial relationships across the business world. Not only will using startups within the same eco-system help to reduce funds but it will also create a great community of businesses working to the same end. Once a business becomes established there is a lot more weight required in order to forge partnerships, when you are at the beginning of a journey however, there are many in the same boat who are also looking for partnerships. Buying materials or sourcing ideas from fellow startups is a great way to build a solid foundation for the business.
Planning It Out
Often we are told to remember our place in the market, who the big fish are and what we can honestly expect from our business dealings. When it comes to a startup however things are slightly different, and this is because we have seen multiple examples of small fish getting very big, very quickly. The key to startup success is to have a 5 and 10 year plan, and don’t move away from it. In many cases there are startups who cannot really measure themselves against another business or against the market, because they are doing things which haven’t been done before. Set realistic goals such as trading in X amount of countries, reaching X amount of sales or whatever makes sense for your business. These plans will help you to stay on track, and give you something tangible to aim for.
These are some great tips which the guys gave us for a successful startup, what additional tips would you add to this list?