The
emergence of a new age phenomenon is swiftly catching the imagination of
entrepreneurs. What began as a new method of running new companies has now
taken the shape of a movement. It didn’t happen overnight. Without valid
reasons that can’t happen as well. That’s true. Is it a force to reckon with???
Yeap, that’ absolutely right.
Conventional Methods have been a
Disaster for Startups
Research and
development on the new enterprises brings forth shocking statistics. Not many
of you will digest that research. Irony is it’s a fact, can’t be undermined.
A research
by leading business school, Harvard Business School throws painful data
pertaining to new businesses. The research shows 75% of all startups fail to
survive the crowded market’s challenging competition, forcing closure of the
business.
This clearly
reflects unless new businesses have a flawless plan, they can’t think of
overcoming the market pressure, including product or service rollout, customer
feedback, and operational cost among others. Industry insiders are also of the
view that conventional rules of the game are no more effective in the current
market landscape.
Industry Abuzz with the New Formula
Leveraging the
contemporary formula, many startups are defining their course for future. Do
you know how??? The contemporary business mechanism renders emphasis on an
amalgamation of business-hypothesis driven experimentation, result of a comprehensive
research and development on startups, their mechanism, challenges, management, and
operational cost among others.
Innovation Accounting
Here I would
like to highlight the importance of innovation accounting. Lean startup comprises a
set of pertinent rules integral to the success of new businesses. Innovation
accounting is one such rule. According to this step:
- New enterprises should build a model of customer behavior over a period of time.
- Leverage the first step to alter the product or service and alter the behavior of customers, prospective customers.
- Establish facts, focusing on validity of the mission and vision of the company.
- Ensure sustainability.
That clearly
reflects the soul of lean startup. For new businesses, it
is clearly a game changer, enabling many new companies in scaling up.
The beauty
of lean startup is right from the sowing of seed of a new business till the business
starts delivering desired results, it keeps virtual monitoring. What does it
mean??? Such a move enables in plugging the bottleneck then and there, leading
to growth.
Bank on Innovify
Innovify is
driven by vision to enable startup companies realize their strategic growth,
full potential. We are passionate about what we do-to help new businesses establish
as a brand. In fact it’s our niche!!! In a short span of time, we have been
instrumental in pushing up the growth of many new businesses.
For further
information, feel free to contact at: E-mail ID: info@innovify.com, Website: www.innovify.com