These days, the world without innovative solutions would seem like a nightmare. Breakthrough products and services, as well as seeking new and better ways to apply already existing solutions or technologies has been and will always remain the key to success.
Large enterprises are the source of innovations, thanks to their extensive R&D departments, as well as cooperation with universities and technology parks. Of course, this requires significant financial outlays, talent acquisition, as well as building the required infrastructure – however, these things do not always lead to sure-fire success in the search of new and unique ideas. In recent years, more and more companies are looking toward start-ups as an alternative source of innovation. Young, fast-growing companies with a bleeding-edge idea, product or service are increasingly bringing in more and more to the enterprise world.
Ideas and competencies
When thinking of a start-up, people usually picture a group of young people, exploring ideas and starting a new venture in a garage. Those days, however, are long gone. In this day and age, start-ups are founded by people with a sound business idea, as well as with proper management skills, experience and a vision for growth. What is more, these days they have tools that allow them to get from the market what they lack at the current stage of development, from missing skills and competencies, up to funding and financing.
As of now, the start-up market in Poland is growing at an unprecedented rate, as evidenced by the large number of incubators and accelerators, as well as the presence of international leaders, who make their forays into Poland. Regardless of the sector, in which they operate, international success is usually achieved by ICT start-ups; however, gaming – which is also growing at a particularly good pace in Poland – is also a noteworthy sector. The Polish market offers a good number of investment funds, mostly Early Stage ones, but the funding in subsequent rounds is still scarce.
Faith in success – the key to growth
Besides the capital scarcity, other well-defined resources determine the growth of a start-up. The team’s belief in the success of the idea is the foundation, which ensures growth, as long as it is supported by creativity and entrepreneurship. The success of a start-up is often also determined by its strong leader, often the originator of the idea, who has a significant impact on its growth thanks to their drive and the ability to quickly make key decisions. The advantage of start-ups lies not only in being agile, but also the relatively small consequences of a failure, which allow them to take risks where a mature company would not.
One might ask a key question – with all of this, why only a negligible percentage of start-ups succeed? There may be several reasons for this, and they can include a lack of understanding of customer needs. Other reasons for failure include too little charisma and an inability of the team to convince others to back their vision, which often comes with a lack of sales skills. What is more, some start-ups fail not due to the lack of resources, but due to insufficient management skills as the business grows – this can be the final nail in the coffin for many young companies. That is why networking and stable funding increase the chances of success.
Working with a company that is open to innovation can be an added value.
