One of the ways the technology startups can maximize their social impact and achieve success is by learning from the mistakes and successes of other organizations. Below are a few pieces of advice, opportunities, and lessons learned that startups should keep in mind.
“An Inside Look At Running a Cleantech Startup in India” by Rupesh Shah on GreenBiz
In order to ensure that a startup is moving in the correct direction, it is important for the leadership to agree and align on four areas:
1. What is the mission and why do you exist?
2. What are your values?
3. What are your core capabilities?
4. What will success look like?
By aligning on these four core beliefs, management can easily prioritize and build their company, while still remaining true to their mission. Rupesh Shah, Vice President of customer experience, product, and marketing at our portfolio company Simpa Networks, emphasizes the importance of balancing short-term objectives with strategic longer-term objectives in order to build a sustainable business.
“Pivot East 2014: Calling For Applications” by Sheilah Birgen on iHub blog
The Pivot East mobile startup competition will be held in June in Nairobi, Kenya. The series of conferences, as well as the competition, aim to “facilitate discovery of the next wave of high potential mobile startups in the region.” Startups will be judged on their effectiveness in describing customer pain, the startups solution, revenue streams, team composition and commitment, market traction, short-term projections and milestones among other aspects. These are all important aspects in building a successful technology startup and will help to streamline the business’s effectiveness.
“Hip Gadgets For The Developing World Won’t Solve Global Poverty: Stop Making Them” by Hugh Whalan on Fast Co.Exist
When developing a product, it is important to emphasize the usability and accessibility to the desired market. While new high-tech products are interesting and “sexy” to U.S. investors, it is not worthwhile if there is no way for it to reach consumers in impoverished rural villages. Many products developed in the U.S. have received positive press, however, their failure to address the supply chain and distribution needs to the target market have led them to an be unsuccessful. Conversely, organizations that do incorporate these components into their business models are much more likely to be successful, as well as address true social needs.
P.S. Did you catch our post on the nitrogen paradox this week?