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Key lessons for start-ups

Recently, I have attended a start-up skills meet up organised by Scottish enterprise. One of the presenter is Kelvin, who has more than 20 years of experience as an inventor. The synopsis of his lecture are:

  • Start-ups should always advertise the benefits to the customers rather than the features of the product.
  • It is best to talk to relevant trade associations as they can introduce inventors to potential customers. This is a completely new perspective for me.
  • It is good to call the relevant people directly on telephone. People are willing to help most of the time.
  • We should do as many chicken gun tests (aka failure case studies) on the product before going big.
  • Asking right questions to customers for feedback, which gives invaluable insights for the product.
  • Knowing your business model is very important. One should know whether it is good to sell/rent/license their product.

In the next session, we leaned that there are more than one way of doing marketing. One of the best ways is third party referrals. So getting introduced by some known person would bring us many customers in less time. And it is especially true for start-ups which usually don’t have enough resources for marketing. Knowing the fears of potential customers is also important. It is winning over their fears that makes customers to buy our products. Mr. Kelvin emphasised that sending the demo product to potential customers and taking their testimonials would be one of the best strategy.

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