Is there a recipe for a successful startup?
Y Combinator (YC) make mention that roughly 90% of startups end in failure.
Over the last 8 years, I've worked with over 100 startups, and more than 85% of these are still going. 🚀 Now that I'm scaling Baseline, I've been looking at what they have in common...
💡 Idea: A good idea is obviously important. But it is more important that this idea a) solves a problem, and b) has the ability to be monetized. We also add in, monetization from your official launch. This way you're quickly generating revenue to fund future features.
🤓 People: most successful startup founders I've encountered have a good combination of hard and soft skills. They bring relevant industry knowledge, but can also articulate clearly, are driven, discipled and resilient; qualities that are essential for navigating the ups and downs of the startup journey.
💻 Technology: Assuming all of the above is taken care of, only robust technology products will be able to support a scaling user base. I might be biased, but over 60 startups have trusted Baseline for their technology framework 😝 Ensure your tech stack is modern, cloud native, and scalable. You don't want to create tech debt before you even launch. Consider the benefits of a bespoke application vs. a drag and drop tool (as well as the impacts this may have on raising capital).
What other qualities have you noticed in successful startups or founders? Do you agree with my recipe for a successful startup?
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