Technology Start-Ups

Technology Start-Ups

Disrupting an established business model, in today’s digital age, is most popular within the technology market. It is therefore advisable to investigate what kind of opportunities are available in the world of technology and how starting a technology business differs from other industries. ‘Disrupt 2013 San Francisco‘ was a recent series of conferences in which several tech start-ups presented their new business models. One company introduced an app for social disruption called Hot Mess, a programme that sends a discrete text message to other people letting them know if they have anything embarrassing on their body such as a bogie or food stuck in their teeth. Another Start-Up named Kovert have created a GPS Tracking system that allows user to get from A to B without taking their phones from their pockets. This is to prevent would-be-muggers and uses vibrations to tell the user which routes to take. Both these companies, like the majority of disruptive tech start-ups, are trying to solve a common problem we face in every day life and disrupt the way we view these issues.

But how do these people find these ideas and make them into tech businesses? When thinking about creating a tech Start-Up, the advice from How to Be an Entrepreneur is very useful. Having said this, slightly different rules apply in the technology world. Charlie Pool, founder of UK tech start-up Hit Me Up, advises that when creating a tech company, ask yourself what a Venture Capitalist firm might ask. In other words, prepare for a Dragons’ Den type interview for your new business idea. Below is a list of the key questions that Mr. Pool highlights:

What a VC might ask

  • What is the problem you are solving?
  • And why is that a problem? (try and ask 2 or 3 more times, that might reveal the real problem)
  • How are you solving the problem?
  • Who has the problem? Describe them.
  • Why hasn’t anyone done this before?
  • How does it make money?
  • Is there a precedent for this model?
  • How would you charge? (Business model)

So if you are thinking about starting a technology business, then remember to take into account the tips above!

 

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