Timing is the most important success factor. At least according to the statistics…
Is the timing of your startup right? Are you too late, too early or… just on time?
Bill Gross, a serial entrepreneur and the founder of Idealab – a startup incubator, researched hundreds of startups and their failures and successes. In his findings, the “Idea” was not the most important factor of a startups successes! It definitely matters, but is not enough! Timing seems to be even more important. (Check out his full presentation at TED below.)
Too early and your idea is either not accepted by your customers or the technology is just not there yet. Too late and the competition is too big or the problem you are trying to solve already has other solutions. But how do you know, if your timing is right? How can you be sure, that the solution you’re offering is needed and accepted now? Or better yet – in a few moments from now.
You don’t! Not until you try it out. Of course, before you start trying, you should do some research. Talk to people! Is the problem really there? Does your solution make sense for them. See what similar solutions (if any) are out there and how are they doing. Check their pros and cons. How would you be better?
But keep an eye on the overall development as well! Perhaps there will be a big leap in technology, which would make the problem you are trying to solve obsolete?
If everything still seems good, test the timing with just trying it out! Test your solution on real customers. And that’s where it gets really exciting – exactly where we are now!
We have talked to people, thought of a solution, developed our first version of the app and now we can start testing our concept, our timing and our solution as a whole!
About 97% of the people, we have talked to so far, have seen our idea as “very useful”! True, many of them were our friends, but many also random people without any previous personal connection. (The comments of your family should be listened to as well, but they usually just want to support you, so don’t base your “market research” only on the members of your family).
The first comment usually was: “Doesn’t it already exist?” So it seems to us, that the world is ready for our solution. But we have to hurry! Wait any longer – and its too late.
The true test of timing and concept starts now. People, in general, are nice – they don’t want to tell you up front, that your solution sucks or is totally pointless! But we have a good feeling, that most of the people we talked to were genuine. Now, however, our testing gets anonymous and the truth will show itself. Hopefully the result is just as positive as our preliminary research!
The author, Annabel, is a co-founder at SnippetGuide. Together, with the technical founders Roberts and Arvi, they do their best to be part of the startup success stories.
The aim of this blog is to record our journey in the Startup scene. We will be sharing our thoughts on the ups and downs in our startup, on big startup subjects like venture capital and angel investors and on anything profound that shapes our journey. Transparent and sincere!