I have often found myself saying, “Being a product leader is hard, building a startup is harder; but consulting product leaders on how to build and grow their startup is still the hardest”.
Failory reports that 90% of the startups end up failing with 70% doing so in the first two to five years. Even those that manage to sustain themselves, only 2 in 5 are profitable, with the rest either breaking even or continuing to lose money. Clearly, there’s a missing piece that needs to be fixed. That’s what we aim to do with our startup programs.
However, this is easier said than done. The question is: What can we find that founders can’t? This requires a well-thought-out process to narrow down the exact areas, which can be examined.
The foundation of this lies in three key pillars:
Pillar 1: Domain Understanding and Market Research
To effectively consult a product startup, the first crucial aspect is in-depth domain knowledge. This is not merely knowing the technology that is being used but having a comprehensive understanding of how business is conducted within that industry. Essentially, we understand the market landscape through detailed market research that includes being familiar with the common challenges faced by businesses in the sector, staying updated on regulatory changes, and understanding geography-specific needs and issues.
Additionally, we also conduct analyses of the latest industry trends and compare them with the existing innovation in the startup to check whether it’s aligned with where the industry is headed. Further, we look into the challenges that the founder and product leaders face and aim to understand how established players in the sector address them.
Pillar 2: Primary Research and Surveys
The second pillar focuses on primary research. After analysing secondary market data, we engage in primary research through surveys, conversations and networking. The first step involves conducting individual, group and team discussions with startup leaders, members and stakeholders. This enables a deep understanding of the existing processes and innovation being used. But our primary research doesn’t end there. We go beyond and reach out to individuals in our network who can offer different perspectives or validate our clients’ understanding. Through this process, we gain firsthand knowledge and unique insights that can enrich our understanding of the product that’s being built.
Pillar 3: Expert Data Analysis
Once the primary and secondary research have been completed, we bring all the data and findings together and employ qualitative analysis and commentary, backed by field research and numerical analysis, to make informed recommendations. Our insights are not based on instinct but a culmination of data acquired from the startup, which is tallied with data from industry benchmarks. These insights are further evaluated by our team of process and domain experts. Although the analysis phase can be tedious and often involves working with incomplete information, we have developed strategies and creative approaches to fill the gaps to generate valuable insights.
It’s Quite Gratifying When It All Comes Together
Every startup that we help is a puzzle waiting to be solved. That’s why we offer a no-obligation audit in the form of our Startup Health Checkup Program wherein we diagnose the missing pieces of growth for startups based on these key pillars. Helping companies – both big and small – solve problems and accelerate their growth is a challenging yet gratifying endeavour. By applying our domain expertise, conducting research and analysing data, we offer recommendations that have a meaningful impact on the startup’s success. By understanding the impact our research and recommendations can bring, we can provide sound products and business strategies. The process of learning new things every day with every startup and every product is an exciting and enjoyable aspect of our work. As we continue to build our knowledge and refine our approach, we contribute to the growth and success of the teams we serve.