Bure Valley Group is an investment brokerage business which links successful investors with exciting, innovative UK startups seeking funding. This content is for information purposes only and should not be taken as financial or investment advice.
Technology is moving at such a fast in the 2020s, it’s hard to keep track of the innovation being put forward by tech startups. With the demand and opportunity available in the markets today, it’s little surprise that entrepreneurs are exploring disruptive technologies which could not only lead to great profits and growth, but potentially also transform society.
Here at Bure Valley Group, this is what we do; day in and day out – helping investors find promising tech startups to invest in, and helping the business owners of such companies find the funding they need to grow. As such, we’re well-positioned to offer some thoughts on how to grow a tech startup, as we’ve seen and helped many startups do this very thing.
Here, we offer 8 tips on how to grow your tech startup. To find out more about our startup solutions and investment opportunities, please see our portfolio page. To enquire about our latest projects and funding, you can reach us via:
+44 160 334 0827
#1 Establish your purpose
Simon Sinek is a world-renowned author who posed a great principle to startup business owners: “Start with why.” In other words, think carefully about why you want to start a tech company. Do you truly have an idea which could improve lives, make things better/easier and solve problems for people? Or, do you just have a clever software product which is too hard for newcomers to understand, or which is unsustainable if you were to take it to market?
#2 Scope the competition
One of the great things about being a tech startup is that there might be no-one else doing what you’re hoping to do. Perhaps no one has yet effectively solved the problem faced by your target market. Be careful, however, not to simply assume the way is clear and open to you.
For instance, are there companies in other industries which could pivot, and develop something similar to your idea in a relatively short period of time? How easy would it be for new entrants to penetrate the market space you hope to occupy?
#3 Be open to suggestions
You obviously need to be careful who you share your ideas with. After all, you don’t want it to be stolen! Moreover, there is something to be said against getting too much advice from too many different people. However, one of the best things you can do as a would-be startup business owner is to be open to advice from others. Feedback from customers is especially important, as they’re the ones who will ultimately b fuelling the growth of your startup via their purchases.
#4 Don’t wait for perfection
One of the death knells of a tech startup is constant tinkering with the product, seeking to make it the “best it can be” before releasing it to market. If you do this, you risk never getting things off the ground. Instead, determine your minimum viable product (MVP) and communicate that fact to your customer base as you put it to the marketplace. Most people will appreciate that it is a “beta” version of the ultimate product they will get, and the feedback will be invaluable.
#5 Understand the business process
Of course, you might have a great idea and product. However, if you don’t know how to handle a business, then you’re going to struggle. Education in business can help; as can time you’ve spent “in business”. Yet beginning a tech startup is a highly unique experience that few people are 100% ready for. The potential for growth (should your idea work) is staggering. At the very least, therefore, try to have at least a basic grasp of workflows. In other words, know how to identify which task need doing, by whom and in order of urgency. After all, you will not carry the business alone. Others will work for you, and it’s crucial to be able to manage your team well.
#6 Market research
How big is the market that you are targeting with your idea/product, and how much growth potential is there for your tech startup? In the future, is there scope to develop the idea further or generate new ones, to penetrate the market even further? Does your startup have the potential to move into new markets, should you ever reach a point of domination in your first one?
#7 Exit plan
It’s not necessarily pleasant to think about what could go wrong. Yet, any wise tech startup owner should do so. Do you have something to fall back on, should the worst happen? Do you have a viable exit strategy in place?
#8 Manage risks
When you’re a small tech startup in its infancy, there are many headwinds that can arrive and throw your boat off course. It’s crucial, therefore, to have at least one person on your team who is competent at identifying risks and addressing/minimising them. For instance, what happens if a competitor tries to scoop up your best talent? What about potential legal issues that could derail you, or funding problems which stall your growth? Always have a backup plan ready.
If you are a successful investor looking for tech startup opportunities, or if you are a business owner looking for funding, then we’d love to hear from you.
Get in touch today to start a conversation with our team, and discuss some of the great investment memorandums we have available:
+44 160 334 0827