Xconomy is becoming one of my favorite web sites. Here is a short post about three things every startup should do
—Focus on one thing. Whether you make a location-based tracking device, an energy-efficient motor, or a social network for job-seekers, carve out the specific market you’re going after. And then make your product a must-have for that market, using every possible competitive advantage you have. Do what you do better than anyone else, but don’t try to do it all.
—Work on what you’re passionate about. Every successful startup has a story about why it does what it does. That story should ring true with the founders’ backgrounds and expertise. Investors (and customers) can tell right away if a company representative is going through the motions.
—Cut to the chase. What is your company doing that’s special? How is it different from your competitors? People will decide whether your company sounds promising in the first 30 seconds of your pitch, so make sure you answer those questions upfront.
I will be in Stockholm next week delivering 2 talks on start-ups, one being about success and failure (Stockholm Innovation), the other one about what we still have to learn from the USA (Avslutningskonferens 2009). I certainly could have used these 3 points.