Business in the Digital Age: The Secret of Successful Start-ups
4 September 2021
Successful startups quickly enter the market and take advantage of all available opportunities
A startup is not primarily an idea <...> It is a rapid start <...> and rapid success. For that you need a good team, not necessarily located in a certain city or place <…> That's first. Second is advising, mentorship. That is, everyone tends to think that there is simply an investor, a person that provides funding and that's it, but there is such a thing as a ‘smart investor,’ a ‘smart person’, who does not simply provide funding, but can also provide contacts, leverage connections, and participate in brainstorming — Dmitry Afanasyev, Founder, First IT Alliance.
The most successful startups are those that can be integrated into business products
We are at the stage when existing projects are starting to reach certain collaborative forms. If, in the past, there were a significant number of self-sufficient projects, <…> then now I see a future for those projects that were initially created either as an addition or for integration into some other product — Maxim Borzov, Chief Executive Officer, RUVENTS.
Investors value the startup members' creativity and ability to adapt over the concept and contents of the project
At the pre-seed funding stage, seed investors primarily look at the founders, the teams, and whether they are ready to react to changing conditions, adapt, and find unique creative solutions, rather than paying attention to the project’s concept and contents. The outlook is strengthened by the presence of expertise, not just when it comes to technical skills, but in communication. Investors look at all of this, as it is a key factor that affects the success of any impressive team — Ivan Shumilov, Co-founder, ABIVEE.
Developers often act slowly due to a lack of confidence in oneself and one's projects
When it comes to the unique aspects of regional startups, people often don't know what they want and they are afraid to say something. A lot of time is spent on saying that they don't know what they want, how much they want to earn, what they want to achieve – they have no idea of what their next step is. They try to determine this next step by long periods of thinking — Dmitry Afanasyev, Founder, First IT Alliance.
Many startups do not survive due to market fluctuation
As a rule, information security startups don't tend to survive. This is the result of the market itself, as it is very volatile. <…> If a startup does something for a business, then it often has a lot of trouble releasing a pilot of the project, and as a rule, they only have one chance to do so. If anything goes wrong, you're out of chances and the product fails — Bogdan Odarchenko, Head, South IT Park Accelerator.
A competent team and support are essential to a successful startup
It is crucial to create a closed loop cycle and not just initiate, say, registration for individual events. There needs to be follow through, until the team is ready to enter the market, and then provide them with trackers or a mentor to help them through various stages, in gathering a team, gathering solutions, presenting them properly, then working with potential investors, clients – making sure they don’t lose their footing, especially after a success — Anton Alekseev, Advisor to the Governor of the Rostov Region; member of the Russian Historical Society; Chairman of the Expert Council of the Center for Space Technologies "Arcturus"; winner of the first stream of the Leaders of Russia competition.
Work needs to be organized around the long-term perspective and each success should be considered a step to a greater success
When you first present your grant results, when you get your first investments, if you look at it like this is just the first step in a larger project and you are focused on further development, scaling, integration – that's when you're heading towards success — Anton Alekseev, Advisor to the Governor of the Rostov Region; member of the Russian Historical Society; Chairman of the Expert Council of the Center for Space Technologies "Arcturus"; winner of the first stream of the Leaders of Russia competition.
Businesses can increase the number of surviving startups by offering their own projects to ‘polish’ startups
Startups in accelerators and incubators within a company are far more likely to survive — Bogdan Odarchenko, Head, South IT Park Accelerator.