What the 3 greatest technology companies all have in common – and how to develop a startup strategy to copy them
Every startup and early stage company is different. Your product, team, and customers are unique from every other brand on the market.
However, as a startup or early stage tech company, you still share some commonalities with other businesses in your arena.
In fact, as you develop your startup strategy and prepare to scale your business, there’s no harm in looking to the tech giants for inspiration. One of the best ways to scale efficiently is to learn from those who came before you.
America’s hottest technology companies
Even in today’s rapidly changing market, there’s still much we can learn from the greatest technology companies of our time.
eCommerce titan Amazon is one of the most diverse, innovative tech companies on the market today. They rose to fame thanks to their two-day Prime shipping, but have also excelled through innovation.
Thanks to mergers with companies like Whole Foods and their research into drone delivery, Amazon is quickly becoming the go-to company for all things convenience.
Bootstrapped in its early days by the resourceful Mark Zuckerberg, Facebook has been one of the most successful social networks on the web. Utilized by both businesses and consumers, Facebook earned nearly $56 billion in 2018 alone.
Google’s parent company, Alphabet, includes the search engine as well as other subsidiaries, like Google Fiber, Waymo, and Loon.
Famous because of its fanatical obsession with user experience, Alphabet aims to improve the world without “being evil.” The company is known for innovation and creativity, which is likely why Alphabet earned $136 billion in 2018.
A blueprint for your success
What do these tech giants all have in common? When we break down their history, it comes to five essential components.
Amazon, Facebook, and Alphabet hire only the best. While these multi-billion dollar companies have the budget to bring in high-dollar talent, early stage companies can’t afford that luxury.
How do you attract and retain talent as a small, early stage and scaling business?
It’s about having a mission. Salary is important, but your tech company also needs to have a clarified mission with short and long term goals.
To achieve your mission, remember that you can’t do everything alone. There’s a time for bootstrapping, but if you want to scale your business, you must hire a reliable team.
Acknowledge your weaknesses as a founder. Emulate these famous technology companies by hiring people who complement your weaknesses.
2. Product-market fit (PMF)
You can have a great corporate structure and product. But if no one is buying your product, your company can’t be successful.
That’s why product-market fit is so important. Companies like Amazon took the time to gather consumer data and understand their audience. Facebook and Alphabet do extensive testing to understand their audience before rolling out a product.
You need to do the same. Understand who you’re selling to before you even develop a product. Address audience pain points to make selling and scaling easier for your business. Lastly, validate why a consumer purchases your product or service.
3. Industry knowledge
Some people, like Mark Zuckerberg, created a product without necessarily being inside the tech industry.
When it comes to industry knowledge, you can do one of two things: hire people with the experience to help you or take the riskier DIY approach.
When it comes to growing your early stage technology company, knowledge is power. But don’t worry . . . if you don’t have the experience yet, you can always bring someone on your team who has the knowledge.
Use their wisdom to your advantage. Know what your competitors are doing, understand user buying habits, and how your business can stand out.
Funding is both the lifeblood and a persistent problem for early stage tech companies.
These giant technology companies are very successful in raising capital. Why? Because they didn’t just look for a simple cash cow.
Instead, they sought out investors who could be a business partner. They used investments as an opportunity to grow a brand and build connections. You need to do the same.
Technology is a changing market. You can’t scrape by, hoping that what you’ve done in the past will continue to work. That’s why most people use Google instead of Yahoo! . . . one company adapted, while the other remained in the past.
Your business needs to adapt to the market and consumer behavior. Think strategically. Know where you need to pivot your business to scale efficiently.
The bottom line
Early stage technology companies have so much promise. You want to grow your business in a way that’s sustainable and successful.
You can learn through secondhand knowledge by emulating popular companies. However, this approach is rife with trial and error. When you’re growing a business and have employees on the payroll, you can’t afford errors.
Partner with someone who’s invested in your success. Choose an experienced advisor to grow your early stage startup. Partner with Hollines Group.