A successful technology start-up as well as growth happens only in a situation where there is a healthy marriage of strong business management and resources.

The primary objective is to identify high-potential business opportunities that are technology-incentive and ensure all the resources are well-organized. An attractive opportunity is one that has a valuable and technically feasible product, a large potential market, competitive advantage sustainability and also a proven business model. It can either be based on an incredible breakthrough in technology or even an advancement of an existing technology; and it can either create a totally new market or target an already existing market.

This requires the right vision, compelling strategies and most importantly perfect execution, which makes all the difference between a good company and a great company. A good leadership, putting together a good team to get it going and working towards achieving the goal can guide the venture to success. Good technology startups provide immense value to the users and bring huge returns to their creators and investors.

In a technology start-up, some of the founders should be technical people. There have been instances in several start-ups, where the founders had to even look for hackers to help them create their product as they did not have the required technical skills. In fact, it is said that technical people are more important than business people.

The main element of a startup is to create a product or provide a service that customers need, spending as little money as possible.

The three factors to be taken into consideration are:

• Who are the customers?
• What does the product/service deliver?
• How is the product/service better than the competitors?

Once the resources are in place, then it is time for a formal well-made business plan that details everything, right from the needs of the customers, the technological solution, the goals, raising capital for the venture, setting objectives and milestones as well as target markets etc. This plan also takes into consideration any unforeseen challenges that may lie ahead, rather than a perfect hurdle-less roadmap to success, such as a contingency plan for either cash or personnel. This gives a broad view of the future of the business and more importantly how successfully one can bring the company to see that visualized future. (more…)