Here are the top five factors that matter the most for startup success.
It’s an all-too common story. You’ve got a great idea and you’ve got your business plan in place. You need to turn that idea into reality and build a prototype or a minimum viable product (MVP). As you look to launch, grow and scale your company, you’re not quite sure what steps you need to take to ensure success.
Bill Gross, founder of Idealab, says the top five factors that matter the most for startup success are:
- the idea or ‘aha’ moment,
- the team that executes,
- the business model and clear path,
- the funding and strategic capital, and
- the timing.
At Benjamin’s Desk, we are very intentional in understanding where every company is in their startup journey to address these five factors. Additionally, we believe that “soft incubation” skills (at the right time) can be the most important. Soft incubation can be described as simply providing an inspirational work environment that drives productivity, or the proven ability to make valuable introductions and connections, or providing the right type of guidance at the right time (coaching, mentorship, or advisory roles), and also recognizing what resources to leverage to give a startup entrepreneur the greatest access. A new business that chooses to be thoughtful around soft incubation will build a foundation that goes beyond a product and will eventually become a resource to the overall mission.
Anthony Maher is the CEO and co-founder of Benjamin’s Desk, a Philadelphia coworking community of mobile professionals, entrepreneurs and startups.