How to reach clarity and accelerate growth of your tech company?
The market will always search for something new — and you must be the one to give it to them – first, if possible. Innovation is the cornerstone of market survival and when you underpin it with smart business model, you can accelerate growth of your tech company at unseen velocity. In ideal world you, the tech entrepreneur, would become famous and billionaire. But it happens so rarely.
Do you know what is the main reason for companies not growing as fast as they would want to?
- Majority of CEOs claim they lack capital.
- Many of CEOs say it is due to small team.
- Some CEOs say that due to product is not finished yet, they can’t achieve that – yet.
All above mentioned reasons significantly impacting company development. But, at the same time, all those reasons, are usually a consequence of even a bigger problem. The problem in the domain of company management, owners and founders.
Few days ago I had a talk with CEO of innovative sensor device producing company. He told me all about their plans and where they want to be in 5 years and that they are pitching VC’s and Business angels. They had their pitch deck ready and they were looking for seed funding, so it shouldn’t be that hard. From high level, it all sounded nice but then I asked him a question: “If you would get 500.000 EUR investment, what will you do with the money?”
What he replied (didn’t) surprise me. He said: “Honestly, I don’t know exactly. I am technician by my origin. I hate finances but as a CEO I need to bring capital in. But such investment is not hard to spend and we need it for product development and marketing.” To make a long story short – he couldn’t specify.
And we happen to find ourselves in similar situation quite often.
- Some CEO’s can’t tell how their product development timeline looks like.
- Other CEO’s are not sure what kind of expertise they need to bring in-house.
- Many of CEO’s know they want to do business globally but go-to market strategy isn’t defined.
- In most cases, CEOs have no up to date information on their IP status.
We are mentoring senior executives in tech companies daily. Through hundred of talks we learned that to majority main problem is lack of clarity. This is more true for early stage companies but also fairly common to ones that reached stage where they want to scale. If you want to accelerate growth you need to sharpen your vision. The only way to achieve that is specify where you want to be, when and how.
Best strategies to accelerate growth
- You can bring EU or private funding in-house for further product development.
- Re-think how to raise brand awareness and sell more to existing customers.
- Can you create partnerships to extend your business internationally?
- Protect your IP and build scalable business model around it.
- Create culture that will attract committed talents in your firm.
You can get payed to reach clarity
We have a good news. You can get even payed to develop growth strategies. Yes, that is possible. In fact, we encourage tech companies to take a challenge. In such challenge they build complete business and growth strategy framework around their disruptive innovation. We advise them to prepare 1-2 year project that includes:
- Product development plan with timeline,
- According economics,
- Proof of product-market fit,
- Business and revenue model outline,
- Go-to market strategy,
- Communication strategy,
- Financial forecasts,
- Convincing descriptions why they are better then competition,
- Team growth plan,
- IP protection strategy,
- Knowledge management strategy.
After work is completed, such team KNOWS exactly where, when and how they will reach their ambitious goals. They know they will make millions. And the best part?
- For such plan they can sign grant for up to 2.5 million EUR funding. Read more on that here >> MORE
- They can pitch investors with high certainty of success.
- It is much more likely they will find strategic partners.
- They know exactly how their commercial engine will accelerate growth of their business.
Try our novel High Performing SME Platform and see the results?
All you need to do is sign up for our learning platform. It is of no cost and contains over 50 video sessions on growing your tech business. You will immediately access to our SME Instrument Accelerator. This training helped our clients win millions euros funding for product development and commercialization. And if you will want more, you can enrol into Deep Dive consulting program to transform set your business for fast growth.