Welcome to my Opportunities, Solutions & Innovations blog! After taking Seth Godin’s altMBA course and getting in the habit of writing, I finally decided to write a blog about opportunities, solutions and suggestions for startups and small businesses to establish offerings that meet market needs and show how to apply design thinking to lead innovation. Apart from my passion to design user centric product & service & experiences, here’s why I care:
9 out of 10 startups fail (and you probably knew that). Unfortunately, a majority of the ones that survive don’t last more than 6 years either. New establishments with 500 or fewer employees show an average survival rate of 39.8% after 6 years. But WHY?
Fortune reported the “top reason” that startups fail is
“They make products no one wants.”
Have a small core and large periphery, introduce an advantage that makes routine tasks easier, don’t disrupt or offer too much risk, reach the mass’ ability and motivation barrier and stretch it over time… These are some lessons we can learn from Roger’s diffusion of innovations theory and various innovation theories put forward that are pretty similar to each other. I’m interested in putting these theories into practice. How can startups decrease the 39.8% survival rate after 6 years of launch, when their product/service doesn’t meet market needs, or no longer generates excitement? On my blog posts, you will find my creative insight to grow businesses through new products, services and experiences that people want. How? Design.
Neil Patel writes on Forbes “Startup teams must possess the ability to change products, adjust to different compensation plans, take up a new marketing approach, shift industries, rebrand the business, or even tear down a business and start all over again.”
Do you have a startup in mind?
image by: Tanja Föhr