Over the past 5 years there has been 1 very clear trend in business, and that’s = Tech businesses are becoming hugely popular and successful! Not just for the owners of the business, but also the venture capital firms that invest in these start-ups. The funny thing is that the Tech industry is still so open, there are so many examples and ideas on the market that can literally be brought for a few thousand dollars. These are the next Uber or Airbnb, but instead these are just sitting at the same investment level. Below are the 3 reasons I think tech businesses are becoming more and more successful and why we are on the eve of a huge technology explosion, that will result in a lot of money for a lot of people.
1.) Raise Funding as early as possible
The tech market is booming, its not quite the .com bubble level but its growing by the month and its hugely profitable for the venture capital firms, especially the ones down in San Fran!
VC’s are particularly interested in the tech industry and advancements which can be controlled through mobile devices, before you would need a degree just to work a computer, these days you can do everything almost naturally. The same will be the case with hugely advanced tech. For example, the old drones that were produced used to need thousands of hours of practice to use. The smaller drones and quad copters on the market nowadays only need a few hours and then you are ready to get started! It’s crazy but its true!
2.) Don’t Re-invent the Wheel, just re-invent the way it works or is interpreted.
My next piece of advice is something I see people trying to do all the time. They are trying to reinvent the wheel. Please stop. All you need to do is improve something above the next most valuable metric. For example, did Uber or Airbnb think they were better than every hotel or taxi service? Of course not! They simply made it easier for people to use the services, and in many cases cheaper for these same individuals, which led to hugely profitable results for the tech giants. But also the individuals associated with the companies, for example the people listing their house on the sites or the individual driving tourists around, it benefits everyone, which leads me to my final point nicely.
3.) Help External Sources / People
For example if you build a business with the sole goal to make money, sure you might make some money but it is likely you won’t change the world and you won’t build these hugely profitable billion dollar businesses. Instead you have to have a larger goal, something that people will flock to and think wow this is really cool, or has an overwhelming help to society.
3 Examples of this that I have seen in the last year – 1.) A motorbike helmet that makes people safer through using rear view cameras, sensors and other gadgets. 2.) Drones that help transport medication to 3rd world countries suffering from wars or in extremely dangerous locations. 3.) Solar Panels – I know these are not anything new but it is only recently that solar has exploded, this helps the planet, individuals and everyone in the solar loop! But anything that helps individuals and the environment in the process is a +1 from me and a +1 for business generally.